Nikkei

Ditch · May 10, 2004

Quote from Kicking:

Where do you trade Nikkei 225? CME? What is the point value again?
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Osaka Sec. Exch.

traderob · May 10, 2004

1 tick 10,000 yen (about $90). You win big or lose big.

BrianLA · May 10, 2004

underlying. The volume is okay for swing trading. It bounced off 10,770 a little slow but is heating up.

http://www.cme.com/prd/overview_NK3107.html

Kicking · May 10, 2004

anyone actually trading the Osaka product?

I don't understand it trades when Osaka is closed and doesn't trade when it is open? CME hours can 't be more confusing as usual

3:00 a.m. to 3:15 p.m., reopening from 3:30 - 4:30 p.m., closing from 4:30 - 5:00 p.m, reopening from 5:00 - 6:00 p.m.

???

misctrader · May 10, 2004

Quote from Cutten:

Just closed at 10820 on the futures, down 660. I didn't think it would close down that low, and any time the market surprises you adversely, it is a good idea to be more cautious than normal and concentrate on defence. So I won't be adding any more to my current position, and tomorrow I will set a stop on half my position at 10750 or 50 points below the 10 minute opening range, whichever is lower. The rest I will exit if the market does not bounce within the next couple of days. That way if I turn out to be too early, I can at least limit my losses and avoiding taking too much of a hit.
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Cutten,

BTW, which broker do you use to trade Nikkei? Sounds interesting.

Do you trade the CME ones or the Osaka ones? And how are the hours like?

thanks!

Trader5287 · May 10, 2004

I decided that if there is a Nikkei rebound, I can't game the open. I bought the CME NKD which, unfortunately, takes me out of the game as the N225 actually trades tonight (US).

The Asian situation is very difficult imo. Many factors at play. Many mentioned here.

Thx

Geo.

Cutten · May 10, 2004

Quote from misctrader:

Cutten,

BTW, which broker do you use to trade Nikkei? Sounds interesting.

Do you trade the CME ones or the Osaka ones? And how are the hours like?

thanks!
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I use IB for the Osaka contracts, and UBS for the SIMEX contracts. I don't trade the CME ones much.

Cutten · May 10, 2004

Ok, the market has opened, the opening range was 10775-10830 (on the SIMEX). 10750 stop looks to be about right - now we just have to sit back and see what happens.

Given the large selloff, I'm lowering my profit target. I think 11,200-300 is a more realistic target now - 11500 would completely retrace the move from yesterday, which I think is a bit optimistic.

BrianLA · May 10, 2004

Cutten,

N225 looks to be up on Simex at 10885. How many contracts are you long?

Cutten · May 10, 2004

Ok.The market initially probed lower, hit some stops below 10800. But then after a couple of minutes it reversed, took out the high of the opening range, and promptly rallied 100 points.

We are now at short-term resistance at 10920, and have just pulled back a bit from the temporarily overbought (intraday) condition. There are two most likely scenarios here - either it is a big one-way trend day, rebounding from yesterday's collapse; or this is a headfake short-covering rally, which will fail at 10920 resistance, and then the market breaks down, and breaks convincingly below the low that was made just after the open.

Basically I think from here that if we make a move we will either rally big or fall big, going pretty much one direction all day. So I'm placing a stop on the entire position at 10750, and placing buy stops above short-term resistance (i.e. yesterday's intraday rally highs - 10920, 11050 etc). I will raise intraday stops on half the position if and when we rally above 10920, placing the stop below the most recent intraday low.