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I find it interesting to compare both the ES versus the 6E at times when out of ordinary movement occurs. I don't remember having seen the ES leaving the initial balance IB upper 3 in the dust as the 6E did today. Quite impressive.
imho an initial balance for 6e is not very useful. if, then you would need 2 of them. because the european opening is as important as the us opening. many times you even got more volume in the european session.
Currency pairs can be separated into two types, direct and indirect. In a direct quote the domestic currency is the base currency, while the foreign currency is the [COLOR=darkgreen]quote[/COLOR] currency. An indirect quote is just the opposite: the foreign currency is the base currency and the domestic currency is the quote currency. For an American trader, the EUR/USD quote is an indirect one. So, for example, a quote of 0.80 EUR/USD would mean that it takes 0.80 euros to purchase US$1.
Although nearly 89% of the currency trades made around the world involve the U.S. dollar, the EUR/USD currency pair is always quoted indirectly. The reason for this is mostly convention. A EUR/USD quote could easily be shown as USD/EUR by making a simple calculation, but there are no strict rules that determine whether a currency pair is shown directly or indirectly. The way currency pairs are quoted can also vary depending on the country in which the trader lives - most countries use direct [COLOR=darkgreen]quotes[/COLOR], while the U.K., Australia, New Zealand and Canada prefer indirect quotes.
RTH - Opening(range) and the IB (first hour of trade) are extremely important, as is the close. In fact ,there was a positive correlation between the IB and the next 5 and 1/2 hours of trade in the past. Not sure if the correlation is prevalent to date.
if you look at es, you can clearly see that the main focus is the us session. now if you look at 6e, you can see it's about even between european and us session.
my point is, the european opening is as important as the us opening.
let's try it another way. most european traders wait till us opening to trade es (for obvious reasons). now for 6e there's no need to wait for us opening.
probably doesn't make sense. well at least I tried.
