M6E Session Changeover - Currency Futures | futures io social day trading
futures io futures trading


M6E Session Changeover
Updated: Views / Replies:3,776 / 20
Created: by tderrick Attachments:3

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 3  
 
Thread Tools Search this Thread
 

M6E Session Changeover

  #1 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

M6E Session Changeover

Are you supposed to close your positions before the end of the session? 4pm cdt...

Markets are down for an hour, then fire up at 5pm cdt.

I believe my position was closed automatically. I just want to make sure what the correct
thing to do is....

It seemed to close my atm, but leave my position... is this possible ?

Does the 6E have this down hour also?

tia


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary



tderrick View Post
Are you supposed to close your positions before the end of the session? 4pm cdt...

Markets are down for an hour, then fire up at 5pm cdt.

I believe my position was closed automatically. I just want to make sure what the correct
thing to do is....

It seemed to close my atm, but leave my position... is this possible ?

Does the 6E have this down hour also?

tia


All currency futures have a technical break of 1 hour from 4:00 PM to 5:00 PM CT. If you trade any instrument you should first look up the contract specifications, which include trading times.

E-micro EUR/USD

It is your choice, whether you close your position prior to the close at 4:00 PM. If you do not close out your position

-> overnight margins apply
-> margin requirements will be recalculated by using the settlement price

In case that you have an insufficient margin, your position may be closed out by your broker prior to the close.

This has nothing to do with ATM. During the technical break the DOM simply freezes, because there are no incoming ticks prior to 5:00 PM CT. Then it should unfreeze again.


Last edited by Fat Tails; February 9th, 2012 at 01:19 PM.
Reply With Quote
The following 4 users say Thank You to Fat Tails for this post:
 
  #4 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

Thanks, brother... Helpful, as always


Aj

Sent from my iPhone using Tapatalk


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Reply With Quote
 
  #5 (permalink)
Elite Member
Czech Republic
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: E7, M6E
 
petrmac's Avatar
 
Posts: 174 since Jun 2011
Thanks: 275 given, 206 received


Fat Tails View Post
All currency futures have a technical break of 1 hour from 4:00 PM to 5:00 PM CT. If you trade any instrument you should first look up the contract specifications, which include trading times.

E-micro EUR/USD

It is your choice, whether you close your position prior to the close at 4:00 PM. If you do not close out your position

-> overnight margins apply
-> margin requirements will be recalculated by using the settlement price

In case that you have an insufficient margin, your position may be closed out by your broker prior to the close.

This has nothing to do with ATM. During the technical break the DOM simply freezes, because there are no incoming ticks prior to 5:00 PM CT. Then it should unfreeze again.

@Fat Tails, do you know why DOM on M6E freezes also in during the trading hours? I have no idea. I have seen that last week. There were just a couple of orders with big spread in between and no activity (bid , ask constant). After a couple of minutes the price begun shooting upwards and immediately down again. News event...? 6E was moving a bit at that time with the regular amount of orders in DOM.
Thanks for answer

Reply With Quote
 
  #6 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary


petrmac View Post
@Fat Tails, do you know why DOM on M6E freezes also in during the trading hours? I have no idea. I have seen that last week. There were just a couple of orders with big spread in between and no activity (bid , ask constant). After a couple of minutes the price begun shooting upwards and immediately down again. News event...? 6E was moving a bit at that time with the regular amount of orders in DOM.
Thanks for answer

I have never traded M6E. The contract is not very liquid and the commissions are too high. There is no reason to touch it.

If the spread is too large and nobody wants to trade, because you lose the spread when you enter a position. This is not a DOM freeze, but simply no activity.

When $EURUSD makes a fast move up or down, some arbitrageurs take off the best bid or best ask, and M6E moves again to follow the real markets.

Reply With Quote
 
  #7 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NinjaTrader, MT4
Broker/Data: Amp/CQG, Citibank
Favorite Futures: CL, GC, 6E, ES, TF, EURUSD, GBPJPY, AUDUSD
 
Beljevina's Avatar
 
Posts: 349 since Sep 2010
Thanks: 379 given, 564 received

The minis aren't all they're cracked up to be, or advertised

FT said it all. I noticed you're also with Amp Futures; they do list all the overnight (and day) margin needs here: AMP Margins . But, the list is notorious for not getting updated if margin changes, so do be cautious, although one really should not be keeping positions past the close if the account is that small.

I have found the liquidity on any of the mini currency instruments to be downright atrocious. When I did study it, it did not follow 6E around terribly well. And these days, currencies are seeing little action (movement or volume) past 11am NY time, which will add to M6E's trading issues.

Unless one is sure of a move, and is looking for 'candy' to hold a few days or something, trading these is not really recommended. Not to mention, in NinjaTrader, there is some sort of Amp settlement bug that they don't confess to, but between 10pm-11pm EST when they square off with the exchange, many open positions go wonky and seem to "change" entry levels (if one traded in and out of those same instruments during the day.) The helpdesk admits it, but no one else seems to. Weird.

Reply With Quote
The following user says Thank You to Beljevina for this post:
 
  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


Fat Tails View Post
I have never traded M6E. The contract is not very liquid and the commissions are too high. There is no reason to touch it.

There are plenty of reasons to trade M6E, almost all of which would have to do with account size and risk. Spreads are fine, and commissions are low. So I disagree with everything Fat Tails said above.

If you have 25k + in your account, then you don't need or want to trade M6E. But for those trying to trade with less money, as I outlined in my last webinar, M6E is an ideal instrument to trade with.

From roughly 2am to 10am eastern, the spread is 1 tick or less for the most part. Forget what is advertised on the DOM, as I've said before - usually the order will get filled regardless of what is advertised, if you use a limit order at the real 6E bid or ask.

It is plenty liquid enough to trade for anyone with a smaller account trading up to 10 lots or so.

You most certainly do not want to chart M6E. Chart 6E instead.

One of my brokers is charging $4.64 per round turn for 6E. They charge $1.66 round turn for M6E. I think that is mostly fair, as if you go to a forex dealer and trade a mini lot @ $1.00/pip, you will likely pay a 1 pip spread both entering and exiting, or in other words roughly the exact same you pay on the CME FX micro product.

Again, if you are well funded so you can trade the full sized 6E with 1% risk per, then there is no need to even be reading this thread. But unfortunately, many people are trying to trade with 10% risk per on the real 6E. Those people would be far, far better served to trade the M6E.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
  #9 (permalink)
Trading Apprentice
New York, NY
 
Futures Experience: Intermediate
Platform: Mult . .
Favorite Futures: Futures
 
Posts: 47 since Oct 2011
Thanks: 49 given, 65 received


tderrick View Post
It seemed to close my atm, but leave my position... is this possible ?

By 'atm' I assume you mean 'automated trade management,' or basically exit-orders (held in Ninja or in the market as stops).

Unless you have specifically requested GTC's (good-till-canceled), and verified with your broker that they allow them (not all do), the default is going to be a day-order, all of which are cleared out at market close. ATM's (auto-trade-mgmt) also clear automatically like this - they are just deleted from your platform.

So, yes, your atm was probably deleted, but your position left open.

If you don't want this to happen, you have to make sure your platform/broker support GTC's, so that your stop-orders are held overnight along with your position (which is not the default).



Beljevina View Post
between 10pm-11pm EST when they square off with the exchange, many open positions go wonky and seem to "change" entry levels (if one traded in and out of those same instruments during the day.) The helpdesk admits it, but no one else seems to. Weird.

Correct me if I'm wrong, but this just sounds like the mark-to-market process. If you hold a position a few days, your daily statement and your platform will not show your entry price from 10 days ago. It will show your entry price for today as yesterday's market-close settlement price.

You take the difference between your entry and that day's settlement (or settlement-to-settlement in the days following) as realized profit or loss, which is then immediately transferred between you/your counterparty's account at the end of each day.

The info that your trading service sends to your platform shows your "new" entry price as yesterday's settlement, and marks your entry price as such on the chart (if you have your charts set to display your positions).

Again, forgive me if I'm misinterpreting this, but it sounds totally normal to me.

Reply With Quote
The following 2 users say Thank You to ddouglas for this post:
 
  #10 (permalink)
Trading Apprentice
New York, NY
 
Futures Experience: Intermediate
Platform: Mult . .
Favorite Futures: Futures
 
Posts: 47 since Oct 2011
Thanks: 49 given, 65 received



Beljevina View Post
(Re: M6E) it did not follow 6E around terribly well.

You're either having data-feed problems, or only looking at the LAST price. The bid/ask on M6E is NEVER more than 1-2 ticks away from 6E.

Again, as I said in a different thread on this topic, I wish it lagged the 6E by as much as everybody says. If so, I'd be retired by now . .

Reply With Quote
The following user says Thank You to ddouglas for this post:

Reply



futures io > > > > M6E Session Changeover

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading mini euro ( E7) or micro euro (M6E) currency futures ??? rw48gmx Currency Futures 115 November 14th, 2017 04:58 PM
M6E tderrick Currency Futures 13 September 25th, 2011 01:56 PM
Get Session Name? MXASJ NinjaTrader Programming 2 May 12th, 2011 01:28 AM
Incompatible session Big Mike Investor/RT 8 May 6th, 2011 06:00 PM
CL contract changeover DarrenH Commodities Futures Trading 14 October 20th, 2010 10:37 AM


All times are GMT -4. The time now is 01:37 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-16 in 0.19 seconds with 20 queries on phoenix via your IP 23.22.136.56