Hi,

I was interested in trading the 10 year T note after the cash session, at night.

Can anyone tell me what order fills are like after the cash session?

ac2000 

Hi, I was interested in trading the 10 year T note after the cash session, at night. Can anyone tell me what order fills are like after the cash session?

Right now 6:40 PM, normally dead time

Bid 123 + 23/32 190 bid
offer 123 + 23.5/32 241 offer

I'd say, right now, pretty deep and tight

I'm prety new. I guess i'm a little confued by your response.

You said the bid is 190 and a 240 offer. But its deep and tight?

By looking at that bid and offer im assuming it would be hard to get good fills at the price you want or am i misunderstanding?

Also normally i paper trade at around 7pm or later PST.

ac2000 

I'm prety new. I guess i'm a little confued by your response. You said the bid is 190 and a 240 offer. But its deep and tight? By looking at that bid and offer im assuming it would be hard to get good fills at the price you want or am i misunderstanding? Also normally i paper trade at around 7pm or later PST.

Right now, the spread is .5/32, which is $15.63. You'll pay this to buy or sell at market. That is as tight as the spread can ever get. So, that is what I mean by "tight."

190 contracts are at the bid price, and 240 are at the offer price. That means you could buy a whole bunch (100?, 150?, 200?) without moving the market. That is what I mean by "deep."

Compare that to say Gold right now. The spread is .2 (usually it is .1), and there are only 2 or 3 contracts bid/offered at that price. So, if you came in with a 5 contract order, you'd move the market to get all your order filled. That market right now is neither tight nor deep.

Ah perfect that max sense.

One last question. How do you think limit orders would work in this situation?

ac2000 

Ah perfect that max sense. One last question. How do you think limit orders would work in this situation?

I think Notes is a FIFO market (not all markets are, Eurodollars for example is an exception), but if you place a limit order to buy at the bid, the 190 bids in front of you will either have to be filled or cancelled before you get your fill. Maybe it will happen, maybe not.