Since I've only been playing with it for a week and a half, I'm still kind of flying by the seat of my pants. Trying to play it conservative until I learn more what I'm doing. I'll settle for 1/2 point, but I try for at least 3/4-1. If the trade looks like it might go bad on me I try and get at least 1/4 to cover commissions, but flat is better than a loss. Round trip for me is only $4.80 a contract, so trading two contracts at a time, and getting 1/2 point is $40.40. Do that every half hour, that's a little over $500 for the day. That's enough to put $100,000 in your pocket a year. So it can be traded very profitable even for just 1/2 point at time if you do it often enough.
I'm using the TRIN to decide whether I should be leaning long or short. I'm using the TICK for that too, but also for when we might be making a move. I need to make a list of the biggest stocks in the S&P so I can watch them. Right now I'm just using my regulars, MSFT, INTC, CSCO, QCOM, YHOO and a few others. If they start making a move, ES is going to. If they're jamming the ES, but the stocks aren't going any where, then the ES isn't.
Can you get Level II for the ES? IB has a thing called market depth that is like Level II if you don't want to play for Level II. Not sure what all data is included it in. But it appears to be the complete book for the ES. I've never much found Level II to be of much use in a fast moving or heavily traded stock since all you are getting is the best bid/ask from each broker and not the complete book. This market depth at least for the ES appears to be ALL orders for the best 5 bid/ask prices. I know when you use it for a stock it's not, but maybe the way globex works it is for the ES. But it's excellent for seeing what the action is.
As for entries, right now I'm sort of sticking a finger in the air. And if you've got which way to lean right, go along for the ride when it moves. Other wise, get out quick. I probably should use hard stops, since when it starts moving, it can move fast. I would think no more than a point from your entry if you are daytrading it. I might go as little as half a point. I'll have to work on that. Keeping track of the time of day when moves tend to happen is important. Like 10:00, 10:30, 12:00, 2:00, 2:22, and 3:00ish. And depending on the day, maybe 9:45, 11:00 or 11:30, 1:30, 2:30 or 2:45 and 3:30ish.
Right now I'm working more on collecting points then how many trades it takes me. I'm looking for 4-5 points per contract a day, and will work up to 5 contracts at time as I get more confident.
Market Data 
Markets 
AI
