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M6E Session Changeover


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M6E Session Changeover

  #1 (permalink)
 
tderrick's Avatar
 tderrick 
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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
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  #3 (permalink)
 
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 Fat Tails 
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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.

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  #4 (permalink)
 
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 tderrick 
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Thanks, brother... Helpful, as always


Aj

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AJ
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  #5 (permalink)
 
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 petrmac 
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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

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  #6 (permalink)
 
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 Fat Tails 
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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.

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  #7 (permalink)
 
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 Beljevina 
Toronto, Canada
 
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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.

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  #8 (permalink)
 
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 Big Mike 
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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

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  #9 (permalink)
ddouglas
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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.

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  #10 (permalink)
ddouglas
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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 . .

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Last Updated on October 2, 2012


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