DAX vs ?

Att:Futuretrader71


Dear Sir


1. ... Opinion of the author as high-risk person in most of the
case's not suited to another operators .

2. If you member of Eurex ,certainly you have more advantage's against retail operators non members ,if
compare member of CME against USA retail operators.

Advantage's as

a.Germany universal
Banking system against USA GS act
No Pure agents ,all trading controlled from Principal
More of them Principal not only traded against
clients account ,but traded Product from own
House /Emmitent /,which heavy influenced DAX
/Derivative on DAX/
b. Quote dissemination ,order handling ,routing
for non-member operators
c. Quote dissemination and trading platform's
for index components trading -Stock , which is related
to index trading
c. Trading platform's ,which broadly used from Germany
retails operators worster as by USA retail operators
d. Legal - Broadly germany legal system and press
not supported USA complaints equivalents

All mentioned conditions , give multiple advantage's
in zero-summe game for market-maker,member,principal
against individual operator in Germany as in USA


Best wish milstar

Attention - All stated from the author only for opinion exchange
 
Att: laocon


...You asked -Are you traded eurex product ?


"Intelligence is 90% of the battle"

Napoleon


...Not planned .

1. Author tested Eurexus FWR2 trading -result system
crash by PFG for more as 7 business days .After that
PFG was sued for patent litigation from TT .Part of respon-
sibility belong to EurexUS

2. Before any cent invested ,author offer complaint
by BAFIN/Germany SEC/ senior investigator/Referatleiter/

Some of points of complaint was accepted from Germany SEC as correct.

3 .Author suspect that USA SEC more credible as USA
CFTC .
Stock and options trading on stock better regulated
as future and option on future trading

Your respectfully milstar
 
Some questions, which seasoned DAX traders may be able to offer a quick answer for me.

Talking about the DAX futures @ Eurex:

1/ Watching the "tape" (time and sales) on the DOME via IB, I sometimes notice big-lot (e.g. 80-100 contracts for DAX) trades, which I don't see at all in Esignal's T&S and charts with volume.

Those IB "biglots" don't seem to have much impact on price (and I don't see them on esignal's T&S)

Btw, I notice the same "phantom biglot" behaviour in via IB/DOME other Eurex markets, like ESTX50 and Bund. In those cases, big-lots are 200+ and 1000+ contracts respectively.

2/ Can one count on Esignal's Eurex feed?, e.g. I see 8000-lots traded on 13-Oct-05 11:32EST 1min chart. Can someone with different feed confirm it, or is it a bad tick?

3/ In DAX, I often notice some wild 4-5tick moves/spikes where price bounces up&down wildly, as if a) someone is sweeping the order book or b) people withdraw bids/offers. Due to the crippled Eurex feed, which isn't a TRUE T&S, I can't be sure what's going on.
 
Quote from mindfull:

The ESTX50 correlates with the DAX very well and is tradeable via IB. Watching it though because the DAX trades in a light and flighty fashion compared to the ESTX50 (which trades more deliberately like a bond contract), you may see the DAX leading the ESTX50.
More...

Yes, but who leads the DAX?
 
Quote from mtzianos:

Some questions, which seasoned DAX traders may be able to offer a quick answer for me.

Talking about the DAX futures @ Eurex:

1/ Watching the "tape" (time and sales) on the DOME via IB, I sometimes notice big-lot (e.g. 80-100 contracts for DAX) trades, which I don't see at all in Esignal's T&S and charts with volume.

Those IB "biglots" don't seem to have much impact on price (and I don't see them on esignal's T&S)

Btw, I notice the same "phantom biglot" behaviour in via IB/DOME other Eurex markets, like ESTX50 and Bund. In those cases, big-lots are 200+ and 1000+ contracts respectively.
More...
In these past two weeks, we have witnessed frequent extremely high volume days. The DAX hovers around 100-115k contracts traded per day. It was not uncommon to see 160k days in the DAX because of the increased volatility and the fact that participants have had to reposition themselves in the initial rally to 4 yr highs again and then the insuing strong sell-off.

I use X-Trader Pro with a custom T&S app and a connection directly into the MISS device to Eurex. I too see large lots going through without too much effect on size. Many of these are block trades as positions get shuffled around. However, I think that in many way, Eurex's quote and matching engines are not keeping up with the market so many prints are "missed". Although Eurex is still on a pulse quote update system, there is a lot of activity that is missed. I also read that IB is also on its own pulse update system, so this might present a lot of anomolies in the tape for you. I don't know for sure, but this may be the case.

2/ Can one count on Esignal's Eurex feed?, e.g. I see 8000-lots traded on 13-Oct-05 11:32EST 1min chart. Can someone with different feed confirm it, or is it a bad tick?
More...
I cannot confirm this. Is this example for the Eurostoxx? I can confirm/deny DAX prints. They are the only ones I keep.

3/ In DAX, I often notice some wild 4-5tick moves/spikes where price bounces up&down wildly, as if a) someone is sweeping the order book or b) people withdraw bids/offers. Due to the crippled Eurex feed, which isn't a TRUE T&S, I can't be sure what's going on.
More...
During the active hours, those are sweeps because the size after those "whooshes" shows up on the tape. During the quiet hours or after the cash close, I see that bids/offers are cancelling rapidly because the market rises or falls several points on little to no volume. Strangely enough, the DAX has been going to single-digit bids/offers after the cash sometimes. I haven't seen this since 2 or 3 yrs ago. It forces me to decrease my default size to avoid being trapped with no liquidity out there.

I hope some of these answers help.
 
Quote from SethArb:

is the "flipper" still out there and now does his thing in the DAX ?

:p
More...
I think there are many players doing this now. I find that I rely on the DOM much, much less now than I ever did before. I think these guys are here to stay and have a pattern that one can take advantage of. It is often easy to see what they are trying to do in there and so you stay out of the way and then jump on once the tied turns in the direction of the market (which is ultimately the direction they take). The flipping is not random. I often fail to see the point of the risk that they take, but it seems like right now they can get away with a lot of things. This isn't a permanent strategy though because other players will get bigger and will need their liquidity to get their job done.

What is interesting is that there have been several occasions where the flipping is out of control as if the guy is struggling. We then get a nice sweep and I see big size on the tape (200+ contract print in the DAX). Once this happens, I often see fast but moderately sized prints going the other way and then no flipping for the rest of the day. The book becomes fluid with little to no size being flashed in and out. With the increase in volatility lately, I notice this happening quite often and the scalp-trade is much cleaner. It seems like flipping is great when the volatility is not there and the risk of getting railed is minimal. How long can someone flip 100-lots in the DAX to get filled on 20 or 30 and get away with it.

The electronic products are evolving and it is interesting to be a witness to the process. Flipping is not a new thing. It has been around for a while. I think as time goes by, it will be easier to tell what is real and what is not. In the end, it doesn't really matter if one sticks to his levels and relies less on the DOM.
 
Gentlemen

Author suspect ,that in some of the case FDAX volatility was related to MM tactic clean Derivate position by retail public .

As example bear 5125 was cleaned ,DAX meet 5138 and
after that going under 5000.


Best wish milstar
 
Quote from milstar:

Gentlemen

Author suspect ,that in some of the case FDAX volatility was related to MM tactic clean Derivate position by retail public .

As example bear 5125 was cleaned ,DAX meet 5138 and
after that going under 5000.


Best wish milstar
More...
Can you refer us to something that explains what you mean or how this works? How do you know this information?
 
Att:Futuretrader71


Dear Sir

As licensed Eurex trader you must knew this things ,but author will try to clear only one of case of possible tactic

As example

Principal ,Market-Maker,Issuer,Retail Bank -alltogether Commerzbank have information about all retail accounts and knew that market have bearish trend at 4 October, used
knowledge about reatail accounts activities .
Broad mass see bearish trend also and buyed in great volume Turbo-Zertifikate / Contract for Difference/ with Basyspreis 5125 Bear from Issuer Commerzbank


MM would manipulate DAX until 5138 ,after 5125 bear position by broadly mass deleted ,quote would going down .


Information about Zertifikate by www.euwax.de
Example entry in search CZ1379 bear with Basyspreis
5000.CZ1380 Bull 5025 &

But attention ! Information about Knockout barrier is
false . This barrier correlated each day some until 5-10 points
from Issuer for smart turbo bull and bear,but this correlation
is not public .

Only after Derivate loss with one day delay ,you can by request receive information about real knock-out point .

Euwax with pardon stated to author ,that observation
of the author is true ,grounds are delay of information
from Issuer/Emmitent

Best wish milstar
 
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