How does that strategy work for you? I think it is unwise to be so inflexible in your thinking... "Day trader should" do this or that. Trading is situational.
I haven't been able to anticipate and profit from the larger moves yet due to the distraction of always looking for around 6 ticks on ES trades or just not looking at price action from a higher time frame. I usually end up taking a short position as the new trend starts, resulting in losses of the 6 ticks I earned on the previous scalp AND 6-20 ticks lost off the new trend, in addition to commissions and fees.
And we could all win Powerball if we just buy "low risk" tickets - if we have a couple of million spare ticket money laying around. Define low risk as it pertains to scalping?
That's when I scalp with a swing stop. When I scalp with a scalping stop of 6 ticks or less the results are even worse after expenses are deducted.
Obviously you are not talking about the meanest mean reverting futures market in the world - ES. Right? Which will tear a trader a new ahole trying to bet on a breakout continuing "this time". And the next, and ...
SJL, How did you perform on Thursday and Friday during the unusual volatility on those particular two trading days ? Also, did you see any difference in the price action as a scalper on those two trading days versus the prior trading days of Monday, Tuesday and Wednesday ? Do you still plan on posting a screenshot ? Why did you choose the S&P 500 Emini ES futures versus any other futures trading instrument ?
Good question. Why not the Nasdaq 100 ? What about the Dow futures (YM) ? Finally, has EMD replaced the old Russell 2000 index futures ? I remember the Russell 2000 would really "rock 'n roll" at times.