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Tape reading currency futures
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Tape reading currency futures

  #1 (permalink)
Normal Wizard
Sydney, NSW, Australia
 
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Tape reading currency futures

Hi guys, I am learning to tape read and I am having difficulty doing this with currency futures, I focus on the yen and euro. Would I be correct in saying these markets are quite thin? Usually 100-300 contracts per level and price can move through pretty fast and I cant keep up, again I am quite inexperienced with tape reading so this is probably due to my inability, I have heard fixed income is a bit easier to read. Anyone out there trading currency futures who finds the tape useful? Should I start out with fixed income?

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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Both markets have decent liquidity but they are probably somewhere between thick & thin.

Thin markets would be Dax, Dow, Crude, Gold

Thick markets would be US Interest rates, Eurostoxx, S&P 500

In the middle - Euro, Yen, Nasdaq

Question isn't really whether a market is thin but whether it's too thin for you.

Can you say specifically what you are having trouble with there?

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  #4 (permalink)
Trading Apprentice
Durham, NC
 
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Hey Ticked

If you think the Yen & Euro are slow, then the 30yr bond (zb) will absolutely make you want to slit your wrist.
There's a lot of volume there, it just doesn't move much, at least my experience for day trading.

Oil is considered a thin market, but it is very fluid.

Of course, any market depends on what time of day you are watching.

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  #5 (permalink)
Market Wizard
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Futures Liquidity

If you subscribe to Stocks and Commodities mag they have a section each month with the title "Futures Liquidity" and it compares the instruments.

The chart shows each instrument and the volume / liquidity of many of the futures instruments.
Forex is not traded on a 'central' exchange so the volume numbers on your data provider may not match the true volume.

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  #6 (permalink)
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i dont think volume is really that helpful in trading currencies.

The currency futures are small compare to the spot and there are many crosses that are not traded as futures

The buying might occurs in those pairs eg EUR/CHF and there is no way you can see it in the future contracts.

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  #7 (permalink)
Normal Wizard
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Would you say thinner, fast moving markets are harder to tape read or just different?

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