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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 ???

  #81 (permalink)
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CST times?


kareem40 View Post
Sorry I don't use Mirus, but pay about the same with infinity. They all should be similar. I am swing trading the micros now, and they are liquid enough to day trade late London, early NY.

@kareem40,

Could you please provide specific times (CST) for "late London, early NY"?
I would like to check out the action during the times you speak of.

Thanks,
gulabv

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  #82 (permalink)
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ideal training ground

I find the M6E to be fantastic training ground for a would be 6E trader.
Between the slippage of 2-5 pips and commission coverage which is another 4 pips...
It forces you to have more faith in your floor and camarilla pivots...
It forces you to focus on your channel bounces and let your profits run....
If you can make money with the M6E then, jitters aside, you'll KILL IT in the 6E.


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  #83 (permalink)
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BarefootHank View Post
I find the M6E to be fantastic training ground for a would be 6E trader.
Between the slippage of 2-5 pips and commission coverage which is another 4 pips...
It forces you to have more faith in your floor and camarilla pivots...
It forces you to focus on your channel bounces and let your profits run....
If you can make money with the M6E then, jitters aside, you'll KILL IT in the 6E.


Actually 95% of the time on the forward contract is less than 3 ticks on M6E. here is a histogram for the last 14 days, I have been recording the bid ask spread to determine if this was a viable option for me. 89% of the time is 2 ticks or less, which i believe to be an acceptable amount of spread.

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  #84 (permalink)
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treydog999 View Post
Actually 95% of the time on the forward contract is less than 3 ticks on M6E. here is a histogram for the last 14 days, I have been recording the bid ask spread to determine if this was a viable option for me. 89% of the time is 2 ticks or less, which i believe to be an acceptable amount of spread.

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Good morning treydog999,

Could you please better explain the significance of your chart?

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  #85 (permalink)
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paulg View Post
Good morning treydog999,

Could you please better explain the significance of your chart?

It means the spreads aren't too wide. I have been trading the M6E London open since october. Spreads aren't what kills you, its the volume traded which results in no-fills on limit or stop orders. The spread could be 3 ticks past your stop, because no one has traded it your stop still hasn't been triggered. Like others have siad though, trading the M6E is a great training ground. It won't drain your account too fast, and the cards are stacked against you like a mofo (stop slippage, no fills on limits, 6X commision rate/tick of 6E)...if you can make it on the M6E and follow the same rules on the 6E you will kill it.

London Calling
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  #86 (permalink)
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paulg View Post
Good morning treydog999,

Could you please better explain the significance of your chart?


Xav1029 View Post
It means the spreads aren't too wide. I have been trading the M6E London open since october. Spreads aren't what kills you, its the volume traded which results in no-fills on limit or stop orders. The spread could be 3 ticks past your stop, because no one has traded it your stop still hasn't been triggered. Like others have siad though, trading the M6E is a great training ground. It won't drain your account too fast, and the cards are stacked against you like a mofo (stop slippage, no fills on limits, 6X commision rate/tick of 6E)...if you can make it on the M6E and follow the same rules on the 6E you will kill it.

Yep Xav got it dead on. Its the frequency at which certain spreads occur every tick recorded for the last 14 days. on a side note I also measured the inside bid and ask volume at the same time turns out there on average about 10 contracts sitting there on bid/ask. So there's plenty of liquidity if your trading probably up to 3 lots, I don't think this is bad as some people make it sound. So about 5X tick to commissions ratio vs the 6e contract according to what my commissions are with my broker. Which is the only downside.

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  #87 (permalink)
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Xav1029 View Post
It means the spreads aren't too wide. I have been trading the M6E London open since october. Spreads aren't what kills you, its the volume traded which results in no-fills on limit or stop orders. The spread could be 3 ticks past your stop, because no one has traded it your stop still hasn't been triggered. Like others have siad though, trading the M6E is a great training ground. It won't drain your account too fast, and the cards are stacked against you like a mofo (stop slippage, no fills on limits, 6X commision rate/tick of 6E)...if you can make it on the M6E and follow the same rules on the 6E you will kill it.

If there are no trades at your stop price, will the stop order be executed eventually at the next traded level, or the stop will be skipped fully with no stop filled?

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  #88 (permalink)
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paulg View Post
If there are no trades at your stop price, will the stop order be executed eventually at the next traded level, or the stop will be skipped fully with no stop filled?

@paulg your stop will be executed at the next traded level.

Here's a couple tips for the M6E:
1) Chart the 6E, and trade the M6E. I put the 6E and M6E on the same panel with a black background, and set the M6E plot to a black line so I can't see it
2) Enter with market orders, or adjust your limit 1-2 ticks from where it would be on the 6E.
3) If the spread is past your stop, DO NOT click the "Close" button. Your "Close" order will trigger your own stop, and you will end up with an open position. A better idea would be accept the slippage, or have and emergency stop far away, and close your trades when the 6E trades at your mental stop.

London Calling
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  #89 (permalink)
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gulabv View Post
@kareem40,

Could you please provide specific times (CST) for "late London, early NY"?
I would like to check out the action during the times you speak of.

Thanks,
gulabv

Hi
Sorry I just saw this. I start trading at 5:30 AM central until about 10AM. They seem to pick up more volume now, worth trying.
Kareem

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  #90 (permalink)
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The confusion arises because people think low volume=high spread=low activity.

What people need to understand is the market is completely seeded by automated bots/hft (whatever you want to call it!). The market activity is high it is just that orders are simply pulled instead of traded (this is the important point please read again!). The price follows the 6E pretty much exactly so as long as you use market orders and the price gos through your target price you will always get filled on the m6E.....during standard european trading hours anyway! I can't comment on out of hours.

PS-thats my first post so go easy on me!!

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