bobcathy, thanks for the idea does this need to be done with futures (NQ - ER2) or could it be done with corresponding ETFS, QQQ & ? Any thoughts on that one way or the other?
I have only really tracked this on the Emini Futures since that is what I trade everyday. I use ER2 because of the leverage. But in theory, I think it would work.
Great idea! I gave my 3 year old nephew an old laptop with REFCO installed on it. So far, He is 3 for 3 on his pics. He is only trading YM for now, but next week he wants to get involved with ES. I limit his buying power to 2 contracts for now and set automatic exits and stops, so nobody gets hurt. I am letting him keep all the profit for his education.
We had no bias today to work with.....so I took one trade to the Overnight High and then all out to be on the safe side. Tomorrow the chart will show a bias and the trades that go with it. I use pivots for scaling out points in my personal trades. And only take positions with the bias. I tend to quit by 11. I take one or two solid trades. On this chart.... The Support and Resistance Pivots are in Red. The Mid-Point Pivots are Red dotted lines. The Overnight High and Low are in Purple. The Open is in Black. The High of the Day is Blue. The Low of the Day is Green. All my charts are set at 500 tick on ER2. My entry is Bob's Bias at 9:35. My exits are scaled out on the pivot lines by 11am. I exit all but one contract by 11.....set a stop at break even and ignore the charts until 4.
Today was a bad day for Bob's Bias. I went Short 2 contracts at 9:35 and out all at 11:00 since it was a loss I did not carry the other contract all afternoon. On 2 contracts that is a loss of -$280.