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Trading the 6E Old School, With a Twist
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Trading the 6E Old School, With a Twist

  #401 (permalink)
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Adamus View Post
The problem with the M6E that I can see is that you pay a huge spread - I'm seeing a 20 tick spread on it at the moment,

That is not normal. You are outside RTH and holiday, this is why.

Mike

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  #402 (permalink)
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Adamus View Post
The problem with the M6E that I can see is that you pay a huge spread - I'm seeing a 20 tick spread on it at the moment, compared to 2 ticks on the 6E.

Are you sure you saw 20? I'm on there practically 24/7 (including all of this Holiday weekend) and the widest I saw was 5, and that's a rare event for the times I've been on it.

Cheers!

(perhaps you were on the M6A?)

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  #403 (permalink)
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Big Mike View Post
That is not normal. You are outside RTH and holiday, this is why.

Mike

Oh right, forgot about that. Just got back from holiday myself, hadn't looked at the calendar.


lifeguardsteve88 View Post
Are you sure you saw 20? I'm on there practically 24/7 (including all of this Holiday weekend) and the widest I saw was 5, and that's a rare event for the times I've been on it.

Cheers!

(perhaps you were on the M6A?)

5? That's great. Must be the difference between Stage5 and Interactive Brokers. I just checked again (time of this message) and the spread is 45. I'll check after the CME open. There might be something funny going on with it at IB, it's obviously not tradeable with a spread like that.

And it's definitely the Euro/$ - at least I can trust IB to tell me the symbol correctly.

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  #404 (permalink)
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I think @Cashish 's point was to get the head in the game. I've a DOM up on 6E and M6E, and whilst M6E lags 6E it generally keeps up w/ 6E (has to.) When M6E gets more attention/ liquidity (which it will) it will/ should go hand in hand.

I use Infinity for sim trading which is actually more difficult than live because w/ Infinity in order to get filled on sim it has to trade through it vs other sim accounts (TOS) it just has to touch it.

In my very humble opinion regardless of trading live or sim, if we don't treat sim as skin in the game then we are wasting our time

#my2cents

-Bill

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  #405 (permalink)
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Adamus View Post
5? That's great. Must be the difference between Stage5 and Interactive Brokers. I just checked again (time of this message) and the spread is 45. I'll check after the CME open. There might be something funny going on with it at IB, it's obviously not tradeable with a spread like that.

And it's definitely the Euro/$ - at least I can trust IB to tell me the symbol correctly.

I'm new to all this, but I think there is something wrong here. When dealing with a CME futures product, the spread for everyone, regardless of broker, is going to be the same (unlike spot fx). So if you are looking at the M6E (CME micro future for EUR/$), it will be the same for everyone. And I can assure you that I have never seen a bid/ask tick spread of more than 5 ticks on the M6E (and during the Euro/US RTH combined sessions it's 4 or less- and normally a 1 to 3 tick spread).

Cheers!

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  #406 (permalink)
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Adamus View Post
5? That's great. Must be the difference between Stage5 and Interactive Brokers. I just checked again (time of this message) and the spread is 45. I'll check after the CME open. There might be something funny going on with it at IB, it's obviously not tradeable with a spread like that.

And it's definitely the Euro/$ - at least I can trust IB to tell me the symbol correctly.

Broker does not matter with this--it sounds like you are looking at the wrong month.

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  #407 (permalink)
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Adamus View Post
5? That's great. Must be the difference between Stage5 and Interactive Brokers. I just checked again (time of this message) and the spread is 45.

If you are quoting Spot Forex on IB it will be a different price than M6E CME FX Futures. All forex banks have their own spot price. Each month the variance will change depending on all kinds of conditions, the point is you cannot compare Spot Forex price to Futures price.

Other than that, you are most likely looking at the wrong front month as someone else mentioned.

I also am unsure why you are factoring two brokers into this equation. The bid/ask spread should be calculated using a single broker and looking at the difference in price from the bid and ask. For the M6E, it will almost always be 1 or 2 ticks. Anything else and I think you are looking at the wrong thing.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #408 (permalink)
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You're right, I'm confusing forex and futures - I know the M6E is exchange-traded, so I should have realised the bid-ask spread should be the same whoever your broker is. Plus I was looking at December, not Sept. Thought Sept would be expiring soon. The spread on M6E U3 is currently '74 - '76. So I take it back, ignore my comment. Sorry for interrupting your thread with my ignorance, Cashish. I was just superimposing my bad experience of trading $25K forex order size on what you said - another thing with that is that the high commissions-to-profit ratio just distorted what I felt would be a realistic equity curve in my trials with IB. Would this be the same problem with M6E or is the commission less here?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #409 (permalink)
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@Adamus

Please keep in mind that cash is always king, ' da BIG MIKE.

Futures (/6E, /HE, /LE, /OJ, /ZN etc) are nothing more than a product to hedge your position, exposure

Unlike spot forex they are regulated and processed on an open transparent exchange

Mr Hunsader at @nanexllc might disagree w/ that last statement

Also /6E futs (depending on rollover) will be different by 1, 2 ticks/p or more

-Bill

EDIT

More times than not the front month is the most liquid - again think of limiting exposure


Last edited by WilleeMac; September 5th, 2013 at 05:39 AM. Reason: CLARITY
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  #410 (permalink)
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Hours of the session


I'm in the process of putting together a spread sheet that tracks the following hours. 2am to 4am, 4am to 6am, 6am to 8am, 8am to 10am and 10am to 12noon.

The project originally started out from @Cashish 's provocative comment "what is the range....."

So I started logging the range for those hours. I then noticed something fairly consistent of reversals typically(?) happening at those times

So far (I've done nothing with continuation) for the past 31 weeks we have 155 MON, TUE etc. Of these it seems we have a 40% chance of a reversal occurring at 4, 6, 8 and 10am. 8am has the highest at 43%. Hmmmm pit opens at 0820am.

More on this as I comb through the numbers

-Bill

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