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Day Trading The /GC

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Day Trading The /GC

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  #1 (permalink)
Manchester NH
Experience: Advanced
Platform: Thinkorswim
Broker: TD Ameritrade
Trading: /NQ
Posts: 89 since Feb 2014
Thanks: 31 given, 55 received

Hey every one, I have been working on a system to trade the /ES futures contract over the past year or so. Heres the link

But with the substantial market change in the past month or so it has kinda rendered my trading plan useless until the market comes back in to its normal volume range. With that being said I have been looking at many other futures markets to see if I can just switch contracts instead of switching up my trading plan all together. Yesterday I came across the /GC and it seemed to have very favorable swings that seemed to match up with my plan quite nicely. MY only concern is the low volume compared to what I am used to trading in the /ES. I trade off of 3 minute timed bars and 5 tic range bars. I see that in certain 3 minute periods the volume will only get to around 250-300 contracts traded.

So for any of you that day trade this or even intra day trade it, is that amount of volume the norm, and is that enough to still get good fills with out a lot of slippage?? Because from the small amount of time I have watched it it seems to be very calm but still has some big moves. I will continue to watch it but I appreciate any help you guys can give me!

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  #3 (permalink)
Durham, NC
Posts: 48 since Oct 2014
Thanks: 0 given, 21 received

I trade the GC on 15min timeframe.
Most of the time no slippage, though at times it can 2-3 ticks in a fast market.

Have you looked at trading oil (CL)?
That's an active market.

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  #4 (permalink)
Manchester NH
Experience: Advanced
Platform: Thinkorswim
Broker: TD Ameritrade
Trading: /NQ
Posts: 89 since Feb 2014
Thanks: 31 given, 55 received

I hadnt looked at the /CL till today but that looks like a good option and something else ill watch for and see how the volume works. But from watching again today the /GC looks like its pretty good if you say there is usually minimal slippage.

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  #5 (permalink)
Providence, Rhode Island
Experience: Intermediate
Platform: TradeStation execution, some Thinkorswim charting
Trading: CL
Posts: 56 since Apr 2014
Thanks: 137 given, 97 received

Hey eclipsemf,

I've never traded gold (OK, maybe a trade here or there...), but from watching it for a few years, it strikes me as the sort of future that will give you tons of slippage when you're stopped out. In my mind that's a key characteristic of that instrument, it's jumpiness, and it's sort of known for that if you read up.

This is not to dissuade you, but to paint perhaps a more realistic picture. To think you'll get minimal slippage in an instrument that routinely moves 20 to 30 ticks in a minute doesn't really follow. Just a quick glance at the 1-minute chart from Wednesday shows a move of 86 ticks in one minute, and I'm pretty sure if you were long with a stop that you'd be a little unhappy by the end of that minute!

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