I am not a Euro trader but in looking at the CME open lately I notice that it will take off suddenly on no volume and fail just as fast. Anyone care to comment on this?
All depends whats happening in the spot euro market, the futures will follow spot irrespective of the volume.
Yes, the currency market volumes don't have the same utility that you find in stocks and index futures. There are a few manipulation patterns that you might pick up on but the traditional approaches never worked well for me.
Can you either post a chart or discuss a specific trading day or what time you consider to be the Open for CME Euro? Reason why I asked the above is that some data providers "intentionally" change the open for CME Euro or CBOT YM to correlate with the Open start times of ER2, ES and NQ. Simply, if you think CME Euro or CBOT YM opens at 0930am est...your using one of those data providers that have intentionally changed the start time from 0820am est to 0930am est. What I meant is that if you have an option of looking at either RTH charts or Globex (all data) Charts... Your RTH charts (if open is changed) will start at 0930am est instead of starting at 0820am est. If your data provider is not showing you all the data...its time to find a new data provider. In addition, its not uncommon (normal price action) for the volume to decline in CME Euro between 0945am - 1000am est. If your trading it you'll obviously be watching it more closely to notice its really just a decline in the volatility. Last of all, Euro reacts strongly to key economic releases or other regular schedule key market events... Some time periods will just be dead (lacks volatility) at/near the open because there's nothing on the plate for it to digest. Mark