Anyone here trade currency futures?

Discussion in 'Index Futures' started by illiquid, Sep 23, 2002.

  1. Is there any edge to be had for those trading globex contracts in JPY, EUR, being a few times removed from the center of the action (Interbank, CME pit)? Would like know if anyone here regularly trades these contracts and what time frames they trade on.

    Given the round the clock action and incredible leverage, I would think the only way to really play it is either longer term trends with very small size or scalping intraday -- thoughts?
  2. I probably don't have much to offer but the thread makes me sentimental.

    I used to trade 'em, back when there was a DMark and Globex was brand-ee new. It was rather illiquid then.

    I traded off charts --er, paper ones -- like you might trade anything else. I have looked into the new wave of retail 'forex' shops and frankly, I don't trust them and it's only partly because their java stuff bogs down my machine. There has been some discussion on other threads about how reliable their markets are. And, of course, <i>real</I> forex trading is big money stuff.

    I think there is huge potential in currencies and futures are good enough for Market Wizards so they ought to work for Elite Traders.

    And, yeah, if you see some breaking story scrolling across your screen when your sitting at your terminal at 2:45 am, or you wake up with a hunch, that's what Globex is for!
  3. In my opinion, you have mostly institutional and position traders trading the curency. EARLY in the day, when a support or resistance is broken, the position/institution traders all have their signals and enter their trades. A daytrader could profit from that intraday leg.
    Otherwise, I trade curency (EC, CD, JP, BP) the same way as the grains and metals, with the Ross Hook, the 'ledge' or the head & shoulder. With 24hr currencies on Globex, the gaps are less 'dangerous' than with the grains or metals.

    Cheers !!! :)
  4. How technically oriented would you guys say these markets are? I can remember huge swings in the Yen back in 95 (I think it went from 130/dlr to 80 and then back again) that seemed to have little to do with fundamentals.
  5. Globex down for several hours last night ... :mad:
  6. Another question: round numbers based on interbank quotes, as opposed to futures quotes, would be more significant? Meaning 122 JPY/USD would be where the whole number R/S would be, not say .8200 for the JPZ2 -- correct?