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Trading mini euro ( E7) or micro euro (M6E) currency futures ???
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Trading mini euro ( E7) or micro euro (M6E) currency futures ???

  #91 (permalink)
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I started with spot, tried M6E and eventually "graduated" to 6E.

There are very obvious advantages to trading with an exchange as opposed to the spot forex market. However the mini's and micro's do have thin liquidity during off hours - that is other than the London And New York trading session. After all, who is in the market buying these contracts?

If you look at the CME website under FX, you can see the open interest in the contracts you mentioned. M6E OI is usually less than 1% of the 6E OI, and each 6E contract is worth 10x the M6E. The thin liquidity at times means the auction process is not "efficient".

What does this mean to you? It means that sometimes a buyer can be several pips (or ticks, whatever you want to call it) away from a seller. The displayed price is the last traded price, but their may not be a trader there at this point in time.
Thus when you are asking yourself why is my trade not going through, my entry is at the displayed price, the answer is simply their is no counter-party to your trade at this price, at this point in time.

You can successfully trade the M6E as long as you understand the market.

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  #92 (permalink)
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When are the best times CST to trade M6E? Also I have been using the 6E chart to look for patterns and execute the orders on M6E, seems to work pretty well. Anyone have any experience with that?

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  #93 (permalink)
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tturner86 View Post
When are the best times CST to trade M6E? Also I have been using the 6E chart to look for patterns and execute the orders on M6E, seems to work pretty well. Anyone have any experience with that?

Towards the end of the master homework and statistics thread:

https://futures.io/elite-circle/20164-master-homework-statistics-thread.html

I posted an hourly breakdown of volume and spreads for a bunch of different instruments.

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  #94 (permalink)
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Usually the saying is "Cash is King". When dealing with choosing between contracts to trade, "Liquidity is King".

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  #95 (permalink)
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I've traded M6E before and found that the buyers will "come to you", meaning place a limit order @ the current bid or ask (offer price in direction of entry) and you will often get filled within a second, as these bots determine if they can profit from the spread or not.

So even if there is no liquidity advertised on the DOM, it will "come to you".

This was my limited experience.

Mike

Have you traded M6E lately?

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  #96 (permalink)
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Fun to trade the Micros

I'm a newbie to Futures, so I've been playing with the M6A and M6B for a week.
No trouble getting fills. The arb bots jump on any real order.
Charts are pretty thin, but Time&Sales display gives more information. I'm using my spot forex charts as well.
Costing me around 2.5 ticks in costs per round trip, but still OK for practice.
It's good to get the "feel" of the platform and futures market without mistakes costing too much.


Last edited by mystic; July 16th, 2015 at 05:07 AM.
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  #97 (permalink)
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sledmt View Post
Have you traded M6E lately?

Not in many years.

Mike

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

Need help?
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  #98 (permalink)
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sledmt View Post
Have you traded M6E lately?

I have been and actually started a new journal to show 6E/E7/M6E trades. I like the combination of all three because I can use the micros to 'break up' a 6E trade into multiple orders. Usually I treat 1 6E car as a full package. 1 E7 would be half a pack, and then M6E for even smaller packages. Sometimes I might place an E7 and 2 M6E to get 0.75 of a package on. Different stuff like that.

I only look at the 6E chart and then will have them 3 DOMs up that I place the orders through. Trading M6E has really allowed me to take longer and longer trades. Days and weeks now instead of 5 mins.

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  #99 (permalink)
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mystic View Post
I'm a newbie to Futures, so I've been playing with the M6A and M6B for a week.
No trouble getting fills. The arb bots jump on any real order.
Charts are pretty thin, but Time&Sales display gives more information. I'm using my spot forex charts as well.
Costing me around 2.5 ticks in costs per round trip, but still OK for practice.
It's good to get the "feel" of the platform and futures market without mistakes costing too much.

Curious, what times are you trading these futures at? Have you tried trading M6E? I had the impression that M6E has more volume when compared to M6A and M6B.

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  #100 (permalink)
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tturner86 View Post
I have been and actually started a new journal to show 6E/E7/M6E trades. I like the combination of all three because I can use the micros to 'break up' a 6E trade into multiple orders. Usually I treat 1 6E car as a full package. 1 E7 would be half a pack, and then M6E for even smaller packages. Sometimes I might place an E7 and 2 M6E to get 0.75 of a package on. Different stuff like that.

I only look at the 6E chart and then will have them 3 DOMs up that I place the orders through. Trading M6E has really allowed me to take longer and longer trades. Days and weeks now instead of 5 mins.


Thanks for your insight.

So I can assume that based on your trading system, the lower volume of E7 and M6E is not a problem?

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