When ES is ranging, what alternative instruments do you recommend?
I started trading the ES, but on some days it's just ranging and not producing any setups for my system. What non-correlated instruments do you recommend for those days instead? Goal would be that I can trade every day. And since I subscribed to Kinetick's CME data, preferrably CME instruments. Decent volume would be nice too.
Btw: I day-/swingtrade mostly using a supply/demand zones, vsa and volume profiles, if that's important.
I have a basket of 24 US Futures contracts that I continuously watch and trade using the same technical analysis and strategy all across.
They are all trading on CME exchanges, so it shouldn't be a problem.
You can try your take on my watchlist:
Successful people will do what unsuccessful people won't or can't do!
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I'd trade the ranges, but would try getting up for the European open and trading the EU indices. Of course its a big difference in hours if you're in the US, but worth it for the potential setups if they match your needs.
If you take a look at Soybeans ZS at 3/31/15 12:00 P.M. That one bar, for ever more should tell you how dangerous Soybeans are. Are Soybeans that illiquid a commodity to produce that one bar? That one bar alone.
I think the above quoted gentleman is playing with dangerous by diversifying so far with his futures.
As to narrowing down safe trade able instruments, I only see Oil, Gold, and the E-mini.
That makes the field a bit simpler.
If anyone can clue me into any other futures instruments to look to that are highly liquid, let me know.
Perhaps, just three are enough.
I have not yet explored the charts on natural gas enough to have an opinion on that.
When /ES ranges, it's generally 8-12 ticks. Not exciting but there is money to be made. Precise entries help.
I don't mind trading in a range, but during a trend with very little momentum that goes on for a while, I will generally go trade oil. Would not recommend trading oil as a foray out of boredom. It can slap you hard. Harder than the spoos will. I track both markets closely. And avoid anything that isn't liquid.
I traded NQ for a while, didn't lose any but didn't really like it. Felt like a thinner market.