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  • The Bank of England releases a statement on the GBP flash crash saying BIS committee to review it at next meeting

Fake
Nothing here: http://www.bankofengland.co.uk/publications/Pages/news/default.aspx
The Million dollar question of the day! Who is responsible?
Hmmm.. well spotted.

Quoting timos
Fake
Nothing here: http://www.bankofengland.co.uk/publi...s/default.aspx
Quoting ThunderHeart
The Million dollar question of the day! Who is responsible?
No.. Good Buddy..
THE BILLION DOLLAR QUESTION..

LoL
  •  Guest
  • | IP XX.XXX.107.146
I can't help but wonder, assuming an algorithm caused the GBP to plunge, if the E.U. is trying to "punish" England for exiting the E.U., and trying to scare enough Brits into demanding that England cave in and re-enter the E.U..
Quoting timos
Fake
Nothing here: http://www.bankofengland.co.uk/publi...s/default.aspx
Right here bro.
http://www.reuters.com/article/britain-sterling-boe-idUSW1N1CC003
Quoting cliffedwards
No.. Good Buddy..
THE BILLION DOLLAR QUESTION..

LoL
Hello Mr Edwards . Could be at short term margin GBP/USD 1.22 low 1.25 high?
Quoting Ghassforex
Hello Mr Edwards . Could be at short term margin GBP/USD 1.22 low 1.25 high?
Hi @Ghassforex..
Like I already suggested.. IMHO.. for average retailer traders, cable is not currently tradable.
Some nice stable opportunities on other majors..
CAD, AUD, Yen?

IMHO There are OLD traders and BOLD Traders..
But NO Old+Bold Traders.
No 1 Rule of Trading.. safeguard your CAPITAL.
No 2 & 3 rules = Ditto.

Just my 2cents.
It seems silly for me to try to predict the GBP when even the large commercial banks and central banks clearly have no clue. Made some good pips yesterday from simply following the longer term downtrend(s) of the Pound, but now out of the GBP until things become more orderly.
Quoting cliffedwards
Hi @Ghassforex..
Like I already suggested.. IMHO.. for average retailer traders, cable is not currently tradable.
Some nice stable opportunities on other majors..
CAD, AUD, Yen?

IMHO There are OLD traders and BOLD Traders..
But NO Old+Bold Traders.
No 1 Rule of Trading.. safeguard your CAPITAL.
No 2 & 3 rules = Ditto.

Just my 2cents.
Thanks my Dear )))
  •  Guest
  • | IP XXX.XXX.231.240
I think it was Goldman Sachs who had a prediction few hours before the crash (right here on FF news), that GBPUSD was going to 1.20 and surprise surprise it fell t0 1.1993 on my platform. Go figure!
  •  Guest
  • | IP XXX.XXX.231.240
This is the link
http://www.forexfactory.com/news.php?do=news&id=610085&highlight=goldman+sachs
  •  Guest
  • | IP XX.XX.42.163
Hopefully there will confirm the cause of the spike otherwise it makes no sense to trade £. I suppose in the mean time, the BOE could be the only ones going long on the £.

From another angle, it amazing when one looks at the ftse 100 and Ftse 250 and both seems to be flourishing like all is well with the UK with the level of uncertainty around HARD Brexit.

I can understand some have footings outside of the UK which of cause, the devaluation of the British pound should be positive from a long term perspective, it amazing to think that some investors are still investing in UK companies (i suppose this is the main reason for both indices in the bull territory) because with the level of chaos so far...it makes no sense to my simple mind.
Hopefully they will confirm the cause of the spike otherwise it makes no sense to trade £. I suppose in the mean time, the BOE could be the only ones going long on the £.

From another angle, it amazing when one looks at the ftse 100 and Ftse 250 and both seems to be flourishing like all is well with the UK with the level of uncertainty around HARD Brexit.

I can understand some have footings outside of the UK which of cause, the devaluation of the British pound should be positive from a long term perspective, it amazing to think that some investors are still investing in UK companies (i suppose this is the main reason for both indices in the bull territory) because with the level of chaos so far...it makes no sense to my simple mind.
Quoting Guest
I think it was Goldman Sachs who had a prediction few hours before the crash (right here on FF news), that GBPUSD was going to 1.20 and surprise surprise it fell t0 1.1993 on my platform. Go figure!
In the next three months, which translates into 1.20 for GBP/$. Goldman prediction was for next 3 months
DEutsche Banks move to cover its expenses for DOJ fine.
This is all legal and expected normal behaviour. Plan for the next one and move on.
My comments are not to be taken as trading advice, not a financial advisor
Quoting Guest
I think it was Goldman Sachs who had a prediction few hours before the crash (right here on FF news), that GBPUSD was going to 1.20 and surprise surprise it fell t0 1.1993 on my platform. Go figure!
Well it is a zero sum game, so it would not surprise me if the inside dark pools at stirring the waters. This some real shady stuff going on here!
Quoting rimazuc
Hopefully they will confirm the cause of the spike otherwise it makes no sense to trade £. I suppose in the mean time, the BOE could be the only ones going long on the £.

From another angle, it amazing when one looks at the ftse 100 and Ftse 250 and both seems to be flourishing like all is well with the UK with the level of uncertainty around HARD Brexit.

I can understand some have footings outside of the UK which of cause, the devaluation of the British pound should be positive from a long term perspective, it amazing to think that some...
It is not difficult to understand why Footsie rose to Apr 2015 high. It is not because of investor still investing in UK companies but the devaluation on British pound. It is just some correlation effects just like cutting interest rates always depreciate currencies but positive indices. If you notice that early, you can already spot GBP crashed before it happens. Go back 2 days chart on FTSE before pound so called flash crash or big finger or whatever, it roses all by itself if compare to other indices. Well plan or flash crash? I don't know.
Quoting Guest
I think it was Goldman Sachs who had a prediction few hours before the crash (right here on FF news), that GBPUSD was going to 1.20 and surprise surprise it fell t0 1.1993 on my platform. Go figure!
I think thst was me
5th October
Quoting Not-KPMG
Good observation

Now, with all fake moves and articles - look at the moves now.
A/U supported briefly to suck in bulls. Baaaaa. 0.65 coming.

GU same except with mighty politicians pushing it down. 1.20 near. Talk, crash, talk. As i said big business (politicians, elitè) want it down.... Good sense. As to BRexit... who knows
Ehh sadly, i don't trade pound. Could have been rich, or bankrupt
Beware of robber banks (RB), bad advisors.
Der Trader All Time Pips: 52,970
  •  Guest
  • | IP XX.XX.82.31
Quoting Guest
I think it was Goldman Sachs who had a prediction few hours before the crash (right here on FF news), that GBPUSD was going to 1.20 and surprise surprise it fell t0 1.1993 on my platform. Go figure!
It fell to 1.1049 on my platform!

Asking which broker is not relevant.
Quoting cliffedwards
No.. Good Buddy..
THE BILLION DOLLAR QUESTION..

LoL

To be quite honest with you Cliff, I find this latest episode rather disturbing to say in the least. It is both demoralizing and sinister that something like this would be allowed to happen without any major news release or BOE decision to cause over 1000 pip drop in a matter of minutes. This certainly will put a lot of traders on notice, especially eroding any confidence in the Sterling has had at this point as the narrative of BREXIT starts ramping up.
Quoting cliffedwards
Hi @Ghassforex..
Like I already suggested.. IMHO.. for average retailer traders, cable is not currently tradable.
Some nice stable opportunities on other majors..
CAD, AUD, Yen?

IMHO There are OLD traders and BOLD Traders..
But NO Old+Bold Traders.
No 1 Rule of Trading.. safeguard your CAPITAL.
No 2 & 3 rules = Ditto.

Just my 2cents.
Don't you mean DEMO capital?
Quoting ThunderHeart
To be quite honest with you Cliff, I find this latest episode rather disturbing to say in the least. It is both demoralizing and sinister that something like this would be allowed to happen without any major news release or BOE decision to cause over 1000 pip drop in a matter of minutes. This certainly will put a lot of traders on notice, especially eroding any confidence in the Sterling has had at this point as the narrative of BREXIT starts ramping up.
Maybe ....But all market was asking the same question "who did it" ?? the more important in my opinion to we know why that unknown Master Minder did it !!!!? the answer that GBP /USD short positions from brokers,,, traders... banks..was huge (BREXIT) and that Master Minder want to build long position with open road upward he did huge short following the trend to all take profit for short position become out from market then he enter aggressive long that why pound recover so fast . Very wise person maybe (Devil Mind). Congratulation ..
Quoting Not-KPMG
I think thst was me
5th October


Ehh sadly, i don't trade pound. Could have been rich, or bankrupt
.But all market was asking the same question "who did it" ?? the more important in my opinion to we know why that unknown Master Minder did it !!!!? the answer that GBP /USD short positions from brokers,,, traders... banks..was huge (BREXIT) and that Master Minder want to build long position with open road upward he did huge short following the trend to all take profit for short position become out from market then he enter aggressive long that why pound recover so fast . Very wise person maybe (Devil Mind). Congratulation ..
  •  Guest
  • | IP XX.X.140.229
Seeing the recent GBP "flash crash" as it actually happened and last year's SNB drop, certainly shakes your confidence in the FX market generally.
I feel sorry for anyone who got burnt on either of these occasions. The FX market gives the strong appearance of being the Wild West at times, you really are risking your capital no matter what currency you trade it seems.
Fortunately I've only been demo trading so haven't been burned, but it does make me more hesitant to go "live", if this is what it is truly like.
Switch to cryptocurrency trading.. atleast you know who you are trading against
The reason for FTSE rise is simple, UK weak currency boosts the earnings of UK-listed companies with international profits that are now worth more in pounds.

Translate the rise into USD and it is down:

Read more: http://www.thisismoney.co.uk/money/diyinvesting/article-3823802/If-pound-keeps-falling-FTSE-100-hit-7-700-says-Richard-Buxton.html#ixzz4MWvl8ET5
Rule; never trade against bank sentiment
GBP collapse due to the worry of war with Russia, not a fat fingered trader. The next currency going down is the AUDUSD. Even the most myopic people out there will see that Russia and America have now cut diplomatic communication. This is the first steps in getting the next war going. Soon we will see the withdrawal of diplomatic staff from Russia and then we know what the global elite are doing.

Syria allows Russia gas to flow through to Europe, hence the region is destabalised because the Americans don't want the Russians to control the European energy markets. The Americans prefer Iran to supply Europe with gas that's why they dropped the sanctions against Iran.

We are played like chess pieces and sadly we don't see it. The refugee crisis was due to the political elite opening our boarders in Europe and the UK. When the people in the street saw the type of people coming into the country, we got a strong backlash. Then we the people vote for a change that the establishment want, tighter controls, production of passports when you go to the hospital, next it will be identity cards because we have to make sure that no foreign people are misusing the system. Create the problem then offer a solution and make it seem the new system is being introduced on behalf of the public's best interests.

Sterlings crash is part of a well organised plan, I have no idea why but maybe someone has the answer.
i was on the wrong side of this one. Only good thing that came out of it is that i fully trust my broker now. They honored the margin call and i lost just overr half my account. I was looking at my account at one point and it was in negative territory by a mile and a half, but it wouldn't close and there was the margin call order pending till things stabilized and then it closed.
BULLISH ON LIFE
Quoting Hurst
GBP collapse due to the worry of war with Russia, not a fat fingered trader. The next currency going down is the AUDUSD. Even the most myopic people out there will see that Russia and America have now cut diplomatic communication. This is the first steps in getting the next war going. Soon we will see the withdrawal of diplomatic staff from Russia and then we know what the global elite are doing.

Syria allows Russia gas to flow through to Europe, hence the region is destabalised because the Americans don't want the Russians to control the European...

Pretty interesting insights. I wonder when this starts playing out. At the end of the US elections?
  •  Guest
  • | IP XX.XX.108.239
The great question is about the mechanism how price change, is it fully automatic?, if it is fully automatic, why somebody talk fat finger, mean somebody made mistake put wrong number or wrong button....
this is dark side of forex, the only we know is chart in Mt4, how the price is moving what the factor affecting, what kind of algorithm and formula is no body know....
Sometime good news not always giving good impact to currency ...
Is price movement purely driven by buy / sell transaction or it can be set manually by interpretation of certain news....

The winner is somebody behind this, with authority pressing a button to up and down the price, ....
There is no "who", only a "what"
Just a text book blow out. Huge spike down on small volume, followed by increased volume on the rebound.
GBP back to 1.40 and above .... sooner or later.
Quoting Mingary
There is no "who", only a "what"
Just a text book blow out. Huge spike down on small volume, followed by increased volume on the rebound.
GBP back to 1.40 and above .... sooner or later.
Sure later around ( 1 or 2 years )
Quoting Mingary
There is no "who", only a "what"
Just a text book blow out. Huge spike down on small volume, followed by increased volume on the rebound.
GBP back to 1.40 and above .... sooner or later.
Sure later around ( 1 or 2 years )
Quoting Hurst
GBP collapse due to the worry of war with Russia, not a fat fingered trader. The next currency going down is the AUDUSD. Even the most myopic people out there will see that Russia and America have now cut diplomatic communication. This is the first steps in getting the next war going. Soon we will see the withdrawal of diplomatic staff from Russia and then we know what the global elite are doing.

Syria allows Russia gas to flow through to Europe, hence the region is destabalised because the Americans don't want the Russians to control the European...
.But all market was asking the same question "who did it" ?? the more important in my opinion to we know why that unknown Master Minder did it !!!!? the answer that GBP /USD short positions from brokers,,, traders... banks..was huge (BREXIT) and that Master Minder want to build long position with open road upward he did huge short following the trend to all take profit for short position become out from market then he enter aggressive long that why pound recover so fast . Very wise person maybe (Devil Mind). Congratulation ..
Quoting Mingary
There is no "who", only a "what"
Just a text book blow out. Huge spike down on small volume, followed by increased volume on the rebound.
GBP back to 1.40 and above .... sooner or later.
With you on this one
Quoting ChinaTraderz
It is not difficult to understand why Footsie rose to Apr 2015 high. It is not because of investor still investing in UK companies but the devaluation on British pound. It is just some correlation effects just like cutting interest rates always depreciate currencies but positive indices. If you notice that early, you can already spot GBP crashed before it happens. Go back 2 days chart on FTSE before pound so called flash crash or big finger or whatever, it roses all by itself if compare to other indices. Well plan or flash crash? I don't know.

Thanks ChinaTraderz
Nothing to do with either a fat finger or Russia, all to do with UK ruling party very public conference - speeches full of rhetoric on how to make Britain great again, kinda one finger stuff to EU.

Good for getting votes, not so good for getting investors.

Someone switched off the buy Algorithms, (could you blame them with all that chest puffing talk) and there is an old rule in the market, something along the lines that it's not the sellers that push price down, it's the absence of buyers.

Not saying that ww3 is not imminent but not making any immediate plans for the nuke bunker just yet.
Quoting Guest
Seeing the recent GBP "flash crash" as it actually happened and last year's SNB drop, certainly shakes your confidence in the FX market generally.
I feel sorry for anyone who got burnt on either of these occasions. The FX market gives the strong appearance of being the Wild West at times, you really are risking your capital no matter what currency you trade it seems.
Fortunately I've only been demo trading so haven't been burned, but it does make me more hesitant to go "live", if this is what it is truly like.
Looking at the 4HR and 1HR charts, this flash crash looked like a great technical analysis sell opportunity. It was slowly on its way down and it went down like a sack of spuds.
  •  Guest
  • | IP XX.X.140.229
Quoting Macdon
Looking at the 4HR and 1HR charts, this flash crash looked like a great technical analysis sell opportunity. It was slowly on its way down and it went down like a sack of spuds.
I agree, in fact I had a sell order on GBPJPY based on my 4H analysis, so I got lucky this time, and made a notional profit (I'm only demo trading at the moment).

Nevertheless the sudden large move, without a real world explanation, is quite unnerving for me and has made me even more hesitant to join the shark infested waters of the FX market with my hard earned savings.
Ive suggested earlier that this was a deliberately planned move.
Im anything but a conspiracy theorist.
For sure Algos amplified the move, but fat fingers .. Nah.
But the move happened right at the point of thinnest liquidity and on a day (US payrolls Friday) when volumes would have been unusually thin anyway.
I think the remarkable thing is that that the spike was so big..
I think way beyond the expectations of the movers.
And worryingly indicating the fundamental weakness of the Pound.
Quoting cliffedwards
Ive suggested earlier that this was a deliberately planned move.
Im anything but a conspiracy theorist.
For sure Algos amplified the move, but fat fingers .. Nah.
But the move happened right at the point of thinnest liquidity and on a day (US payrolls Friday) when volumes would have been unusually thin anyway.
I think the remarkable thing is that that the spike was so big..
I think way beyond the expectations of the movers.
And worryingly indicating the fundamental weakness of the Pound.

I think it is more telling that more outrage of this being allowed to happen in the first place didn't materialize and we are now business as usual. This just undermines confidence in the market, as to come to expect that this can happen anytime without so much of any news or event to trigger such a drastic move. I do think your explanation has some plausibility to it, but one has to wonder with all the rhetoric leading up to the flash crash that the dominating narrative was "Hard BREXIT" seemed a little bit orchestrated and too convenient to ignore. I have seen this before, or have our memories become that short that we have forgotten what happened when the Swiss without notice did almost the same thing? See a pattern here? I know I do!
Quoting Taurean
i was on the wrong side of this one. Only good thing that came out of it is that i fully trust my broker now. They honored the margin call and i lost just overr half my account. I was looking at my account at one point and it was in negative territory by a mile and a half, but it wouldn't close and there was the margin call order pending till things stabilized and then it closed.
who is your broker?
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  • Story Stats
  • Posted: Oct 7, 2016 12:20pm
  • Submitted by:
     Newsstand
    Category: Medium Impact Breaking News
    Comments: 44  /  Views: 14,526