It is continuously difficult (almost impossible) to get stop the O (Open function) to work for these pit contracts:
RR (Rice)
AD (Australian Dollar)
PL (Platinum)
RB (unleaded gas)
SF (Swiss Franc)
They often show up later, ready for the NEXT day’s open…
NOTE: These are stop orders involved with the O function
This is because these contracts are incredibly illiquid and often an opening transaction doesn’t occur for quite some time.
I used to have pit currencies next to the electronic currencies on my quote screen. The pit contracts sometimes would not trade for an hour or more. Pit is dead in currencies, energies, metals. Rice is illiquid, period - however I’ve been trading it on eCBOT (or globex, or whatever the CBOT/CME is calling it these days…) with some luck if you carefully watch market depth.
OTOH, pit fills for meats and some grains are often better (less slippage on stops, etc.) than electronic.
Hans.
Crude Oil trades 300,000 a day. I wouldn’t call that illiquid, Hans. In fact, all the ones I am doing are usually in the 10,000 plus range. And we are talking about market orders that are not filled during an ENTIRE session.
I am sure someone has the time to take the other side of a one lot trade in crude, Australian dollars, or similar…
That has nothing to do with this issue. The ones I mention are equal to or more liquid than the electronic versions
Sorry, wrong.
The volume figures are for combined pit/electronic. Trust me, the pit currencies sometimes do not trade for an hour at a time. Put them on your quote screen and watch. I have.
Hans.
