I have been attempting to find systems that can get me a few points(3-6 pts) in the ES in first 1.5 hours of trading. I don't have to trade every day. I can take up to $500 loss a day, ideally only $300. I do not scalp well so at most 2 trades to achieve the goal in the given time frame. If the system has high odds then I am willing to put more contracts. Over all if system can get me $1000 a week I will be happy.
I have read studies on opening range breakouts on the ES (5,15,30,60min) based on price alone, but their statistics are not good. Before I go buy all the few hundred bucks vendor products out there that gives me such promise, I thought I would start a discussion here for some fun.
Here is an article to get juice starting:
Of course gap strategies can be one of them.
But the thing is NR4/NR7/Gaps don't happen so often. Well ok I take it back. These days, gaps do happen quite often ;)
Perhaps the "system" i am looking for isn't simply one system. It has to adjust to conditions.
Looking for ideas and what other people have tried or read. I will start with sharing one of my own observations that has worked well since April this year (at most two losses), but down to maybe only 60% if I looked back one year. Just that it does not happen every day!
Upon a gap "over" the 50 MA on the 15 min chart, enter in the direction of the gap. The first move of the day is likely a great one. In fact, that is likely to be a trend day ;)