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6E day trading - RTH or Globex charts?
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6E day trading - RTH or Globex charts?

  #1 (permalink)
Trading for Fun
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6E day trading - RTH or Globex charts?

Hi,

Just wanted to know what you 6E traders out there are using for your chart trading hours for day trading. RTH or Globex?

I would assume that globex is often the preferred chart, but I'd be interested in hearing any arguments from traders who prefer showing only the RTH data on their charts.

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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mangolassi View Post
Hi,

Just wanted to know what you 6E traders out there are using for your chart trading hours for day trading. RTH or Globex?

I would assume that globex is often the preferred chart, but I'd be interested in hearing any arguments from traders who prefer showing only the RTH data on their charts.

Personally, I just use the globex but here is a good link that addresses this topic.
https://futures.io/elite-circle/6055-correct-sessions-your-charts.html#post69337

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  #4 (permalink)
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JohnS View Post
Personally, I just use the globex but here is a good link that addresses this topic.
https://futures.io/elite-circle/6055-correct-sessions-your-charts.html#post69337


Hi,

Thanks for the reply. However, I don't have an elite membership, so I can't access that thread. What's the general argument being made by people who use RTH only?

Thanks.

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  #5 (permalink)
Market Wizard
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mangolassi View Post
Hi,

Thanks for the reply. However, I don't have an elite membership, so I can't access that thread. What's the general argument being made by people who use RTH only?

Thanks.

The thread is about 11 pages long so its a bit much to summarize!

try this one:
https://futures.io/trading-journals/15779-trading-6e-euro-eur-usd-futures-contract-old-school-twist-2.html#post174906

you need to break the 23 hour trading day up in the different markets: asian, european, new york and consider them as separate, and master one.

Elite membership will be the best $100 you ever spent on trading, the quantity of quality information makes $100 a bargain.

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  #6 (permalink)
Trading for Fun
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JohnS View Post
The thread is about 11 pages long so its a bit much to summarize!

try this one:
https://futures.io/trading-journals/15779-trading-6e-euro-eur-usd-futures-contract-old-school-twist-2.html#post174906

you need to break the 23 hour trading day up in the different markets: asian, european, new york and consider them as separate, and master one.

Elite membership will be the best $100 you ever spent on trading, the quantity of quality information makes $100 a bargain.



Thanks for the links. I will definitely look into buying a membership!

Anyway, the reason I am asking about RTH on the 6E vs. globex is this: When I was day trading the EUR/USD, I was trading the New York session. However, I was unsure about how important the data from the previous session (London) was charting purposes. I was trading price action setups, and didn't know if I should be drawing trend lines and determining levels of support/resistance using the previous session's bars. I then thought - what if I eliminated the other sessions entirely and just used the data from the CME RTH hours for the 6E... sure, I'd be losing possibly important data, but my logic said that if there are traders using only RTH charts for day trading the 6E, then it should be entirely valid to use those exact hours on a EUR/USD chart (since they are almost identical).

I did a lot of searching, but couldn't find a specific discussion on that idea.

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  #7 (permalink)
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mangolassi View Post
Thanks for the links. I will definitely look into buying a membership!

Anyway, the reason I am asking about RTH on the 6E vs. globex is this: When I was day trading the EUR/USD, I was trading the New York session. However, I was unsure about how important the data from the previous session (London) was charting purposes. I was trading price action setups, and didn't know if I should be drawing trend lines and determining levels of support/resistance using the previous session's bars. I then thought - what if I eliminated the other sessions entirely and just used the data from the CME RTH hours for the 6E... sure, I'd be losing possibly important data, but my logic said that if there are traders using only RTH charts for day trading the 6E, then it should be entirely valid to use those exact hours on a EUR/USD chart (since they are almost identical).

I did a lot of searching, but couldn't find a specific discussion on that idea.

I'm new at trading the m6e and I trade mainly the European session and I look at the entire day.

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  #8 (permalink)
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100% of the time, make sure your chart has the full 23 hours for each day. Remember, this is Euro Dollar, who needs to make a settlement? Probably a European company like VW or BMW, so you need to track the flow of money that occurred during their normal business hours.

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  #9 (permalink)
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Thanks.

Another question:

Why is the 6E RTH start time 8:20 EST? I find it odd that the New York forex session is said to start at 8:00 AM (not sure whether or not this is simply a judgment/opinion based on liquidity changes between the London and NY sessions, or if this is actually a "real" start time for this trading session), yet the 6E RTH time is 20 minutes later. Is there a reason for this?

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  #10 (permalink)
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MacroNinja View Post
100% of the time, make sure your chart has the full 23 hours for each day. Remember, this is Euro Dollar, who needs to make a settlement? Probably a European company like VW or BMW, so you need to track the flow of money that occurred during their normal business hours.


What about ignoring the Asian session during non-overlap hours, and eliminating this data from the chart entirely for intraday trading purposes? Do you think the dip in volatility in the Asian session makes it OK to ignore support/resistance during that session? I mean, the volume between 18:00 EST and 2:00 EST is essentially nothing most of the time.

I am really just trying to figure out the best way to look at the EUR/USD and 6E with regard to support/resistance/trend lines. Seems like the same effect that happens when you ignore the ETH with ES (ignoring even the volume increase during the Euro session) is in play when you ignore the non-Euro/US hours with the 6E. You get a better perspective for price action. I understand that the ES follows closely with the US stock market open/close... but still, VOLUME is the main factor in this argument for eliminating the globex chart in favor of the RTH chart. Volume DOES increase during the Euro session, and we often ignore the globex charts in favor of the RTH, despite often intense fluctuations in price during the European trading hours. Compared to the price and volume fluctuations during the Euro session with regard to ES, the Asian session 6E volatility is absolutely nothing.

Looking at it from another perspective... the 500 tick chart on the 6E has very few data points between the hours of 18:00 and 2:00.


So if we can trade intraday the RTH for the ES and completely ignore the non-RTH data on the chart, then for the 6E and EUR/USD we should be able to view just the hours between 02:00 EST and 17:00 EST (2:00 AM - 5:00 PM EST) and consider that to be significant and relevant for support/resistance. The logic makes perfect sense to me. In fact, so much sense that I will actually try this out on my EUR/USD charts and trade it.

I'd like to hear thoughts on this from people active on the EUR/USD and 6E during the Euro/US session. Do you even consider the Asian session significant in terms of activity? Seems like it does nothing on the chart but dilute the important price action and confuse people trying to trade from 2:00 AM and on.


Last edited by mangolassi; May 12th, 2015 at 10:32 AM.
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