Can ES be traded from SPY chart?

E

EMini-Player

My current charting pkg does not chart futures. I'll be ordering eSignal in a day or so. Today, I just paper-traded the ES off the SPY chart. Made over 10 pts in the morning. Was this just a fluke since it was a down-trend day and I was shorting the ES?

-FastTrader :cool:
 
Surely the answer depends on your trading strategy. If you're a big trend follower then it would probably work, but if you're trying to scalp or trade for a couple points here and there, then you could find slippage is huge. I'm sure that sometimes the SPY chart leads the ES, but I would bet that more times than not the ES leads the SPY.

ES data is only $10 a month, so I wouldn't see any reason not to get it, specially if you are already signing up with someone like eSignal.

Cheer,

kp
 
From my observation and experience, the SPY will tend to wiggle quite a bit even while the ES is static...I am sure you could get ballpark estimates on the price of the ES, etc, or you could just get ur quotes off of the IB TWS, if ur concerned with spending the money...
 
Price is not the problem...as I mentioned in my original post, I'm ordering eSignal and will use it to chart the e-mini futures. I get quotes through IB TWS. This morning, I was getting my buy/sell signals from my SPY chart and jotting down my paper-trades based on the quotes displayed in TWS.

I was just curious if SPY chart could be used to get buy/sell signals for ES, or if it was a sure-fire way to lose $.

-FastTrader
 
Btw, here are the trades I took on ES:

Short ES @ 989.00 Cover ES @ 982.00

This was in the morning. I had to leave for work at that time. Made another trade over lunch. Shorted ES at 979.00 and covered at 977.00. Both trades were based off of 1/5/10' SPY charts.

eSignal should be up and running this week so I'll have a better idea on how the ES relates to the SPY.

-FastTrader :)
 
Quote from Fast_Trader:

Btw, here are the trades I took on ES:

Short ES @ 989.00 Cover ES @ 982.00

This was in the morning. I had to leave for work at that time. Made another trade over lunch. Shorted ES at 979.00 and covered at 977.00. Both trades were based off of 1/5/10' SPY charts.

eSignal should be up and running this week so I'll have a better idea on how the ES relates to the SPY.

-FastTrader :)
More...

Look forward to your results. I've read mixed reviews on whether or not ES is a reliable leading indicator. :)
 
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