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Trading mini euro ( E7) or micro euro (M6E) currency futures ???
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.
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?
I often think of trade ideas, but seldom have time to perform analysis on them. I have even thought of hiring an "intern" type of person that could crunch numbers all day, but I thought I would try this thread first.
If I provide the raw formatted …
I posted an hourly breakdown of volume and spreads for a bunch of different instruments.
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.
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.
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.
