Quote from R. Raskolnikov:
To give you a few more details, I look at multiple time frames. The larger frame is the one that provides the signal, the faster one(s) is/are used for entries. I've been trading since '98 and in that time I have worked on and developed a method to catch pivotal moments in the trading day, either through a directional play or from a reverse after being stopped out for a (usually) small loss. Essentially looking for when the mkt has people learning one way, then propels the other way. The short/long covering of that move, coupled with the buying/selling of others on top of that, usually leads to large moves (when volatility isn't flat-lining).
I don't mess with the wicks up or down or a lot of the noise that transpires. I only trade when I have alignment of the factors that generate a trade via my system. I usually also trade the ES when volatility starts to expand. I like the SPY overall because tick size is more favorable when ranges and volatility are small/low.