Sometimes you get this gnawing feeling while watching the markets in 2 minute bars that there must be an easier way. I've also noticed while fiddling with the Cheaphooker settings that Fridays haven't shown a lot of green for the past year so I ran this little test to confirm my suspicions. This data is for the last 50 weeks, since I was really only interested in seeing how market risk has been managed from the 2007 Fall highs (little play on words there).
Turns out Fridays are a great day to be short, at least in the Qs and the IWM.
I like this risk/reward and the # of consecutive losers for both examples, but the Qs model is the more attractive of the 2 for my money.
Feel free to scan a larger universe of indices and ETFs, or your trading favorites and post results as comment, if so inclined.
The code couldn't be much simpler. Here it is in TS2000i, but you don't even need a computer to trade this system . . just call in the order.
If DayofWeek(Date) = 4 Then Sell Next Bar at Market;
If BarsSinceEntry = 1 Then ExitShort This Bar at Close;
The comment keeps coming up, how do you accomplish "This Bar at Close" executions. With Schwab StreetSmart Pro I just set an Alert to place the trade at any designated time . . in this case 12:50 pst. Platforms without MOC orders (market on close) or a timed trading execution feature may require you to monitor the trade into the close and execute manually.