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Who trades futures in the "wee" hours?
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Who trades futures in the "wee" hours?

  #1 (permalink)
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Who trades futures in the "wee" hours?

Because of my semi nocturnal work schedule, I am learning to trade (sim) on a session from 2:30am to 5am. I trade CL, GC, and 6J using auction theory hypotheses (similar to FT71) and price action set ups. I have heard that the overnight session is very much like the regular hours except that it moves slower. In my experience so far, this seems to be true for the most part. However, I get the feeling there are some tricks to the trade for this time of the morning.

Is there anyone on this forum (who maybe keeps a journal) who specializes in the overnight session?
Who has experience with this session and can tell me what they have learned?

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  #3 (permalink)
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Omer עומר / Israel י
 
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What you mean is, that you are trading the London session ?

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  #4 (permalink)
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rleplae View Post
What you mean is, that you are trading the London session ?

yes, effectively. Although, in my particular markets, I am convinced that sometime the movement is being driven by new information in sympathy with Europe and other times the movement is just a random walk which revisits levels of the previous day session and later prepares for next. With that in mind, I prep for the session by locating points of interest from the day session while using volume profile to form an opinion about where price may start heading by the end of my session and into the next day.

That being said, it is frustrating because it is such an in between session. Especially with CL and GC, price will get stuck in a wide consolidation (usually based on levels from the regular session). I will wake up the next day to find my hypothesis was correct!..... but did not play out until 10:30. Using volume profile in micro composites is still helpful in looking for trade set ups. It is the context that can be tricky to determine.

I don't want to make excuses though. This is the session I have, and I am going to figure it out!

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KatieD View Post
yes, effectively. Although, in my particular markets, I am convinced that sometime the movement is being driven by new information in sympathy with Europe and other times the movement is just a random walk which revisits levels of the previous day session and later prepares for next. With that in mind, I prep for the session by locating points of interest from the day session while using volume profile to form an opinion about where price may start heading by the end of my session and into the next day.

That being said, it is frustrating because it is such an in between session. Especially with CL and GC, price will get stuck in a wide consolidation (usually based on levels from the regular session). I will wake up the next day to find my hypothesis was correct!..... but did not play out until 10:30. Using volume profile in micro composites is still helpful in looking for trade set ups. It is the context that can be tricky to determine.

I don't want to make excuses though. This is the session I have, and I am going to figure it out!

I think this sessions is sometimes liquid
and may be sometimes less liquid, that might be a track to work on...
depending on the liquidity..

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  #6 (permalink)
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I'm trading around the clock, more often than not the best opportunities present out of hours, even with the wider spread.

Cheers John

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Johno1 View Post
I'm trading around the clock, more often than not the best opportunities present out of hours, even with the wider spread.

Cheers John

If it works for you, that is all that counts

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  #8 (permalink)
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KatieD View Post
yes, effectively. Although, in my particular markets, I am convinced that sometime the movement is being driven by new information in sympathy with Europe and other times the movement is just a random walk which revisits levels of the previous day session and later prepares for next. With that in mind, I prep for the session by locating points of interest from the day session while using volume profile to form an opinion about where price may start heading by the end of my session and into the next day.

That being said, it is frustrating because it is such an in between session. Especially with CL and GC, price will get stuck in a wide consolidation (usually based on levels from the regular session). I will wake up the next day to find my hypothesis was correct!..... but did not play out until 10:30. Using volume profile in micro composites is still helpful in looking for trade set ups. It is the context that can be tricky to determine.

I don't want to make excuses though. This is the session I have, and I am going to figure it out!

I trade the Asia session and at times the Europe session, although the latter messes up my sleep schedule being in the US, EST.

You are for the most part correct about price levels and how things move. The pace is much slower than the the US RTH session and that's a good thing.

I look at it this way, @ 2000HRS (All times EST) another major market opens (Japan) and the US (/ES specifically) will follow that market typically within levels that have been set during the day, RTH session.

In addition the /ES will follow our (US RTH) prevailing trend. The /ES trend can reverse, at least temporarily, if the Asia markets show to much weakness, but for the most part the support/resistance levels during the day will hold. At 2115-2130HRS the next set of major markets open (HK / China) and the same holds true. Often after the Japan move, the /ES will consolidate and then move again with the HK and CNY market open.

Same is for the most part true for the Eurozone session, @ 0200HRS, EST another market opens and @ 0300HRS, EST, the "Big Dog" of Europe opens (Dax) and again we follow their movement. If you follow the global markets closely, you'll see patterns and rhythms within the /ES that form, retrace and oscillate around the S/R levels.

Many people discount the ETH session, but there's plenty of opportunity there to make $$. One word of caution is due to lower liquidity news events can trigger big down moves (think Brexit, Trump election, Syria bombing, etc.).

I occasionally trade /CL and /GC in the overnight, but typically do this in the 1800-2100HRS time frame and mainly if the /ES isn't moving or I missed the /ES move.

You miss 100% of the shots you don't take. - Wayne Gretsky
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  #9 (permalink)
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Try trading DAX or 6E

I don't trade those hours, but you should look for the contracts that have the most volatility during those times. Since that is the London session, I would look at trading 6E (EURUSD), 6B (GBPUSD), or DAX futures. ES (and to a lesser extent CL) can move in sympathy with Europe, but why not cut out the middleman and directly trade what's most active? Most futures brokers can get you Eurex and LIFFE access, and currency futures are on CME Globex.

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  #10 (permalink)
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I haven't been actively trading during ETH for a while outside of managing my swing positions, but there's definitely some juicy trades out there for the short term order-flow trader. I'd be looking at Copper, Sugar, and scalping the aftermath of economic releases on some currency futures. There's also the Aussie index futures (ASX SPI 200) that get some good volume overnight.

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