Gold: December 13 review
Global indices jumped today after yesterday's positive sign for US-China trade decisions.
US president, Donald Trump tweeted yesterday that we are very close for phase one trade deal between world's two leading economies, US-China.
After the news released, precious metals markets crashed and gold made a low $1466.20 range today.
All Asian and European indices traded above +1.2% today due to positive sign for the trade deal. And a strong majority would give to Johnson's conservative party to support the pass of Brexit deal at the parliament soon.
The pound was to open sharply higher against the USD and EUR to 2.2% and 1.7% respectively.
By 12.45 PM GMT, Dow 30 futures, December contract traded +90 point, up 0.32% at early US hours.
Palladium prices reached a record high $2000.00+ an ounce today due to trade deal and mining disruption at South Africa, a major producer country of it.
By 07.45 AM ET, US Dollar index futures, December contract traded $96.863 range, down -0.53%. And made a low $96.715 range today which was almost four and a half month low against all leading currencies.
Gold futures, February contract traded $1479.50 range, up 0.51% and made a low $1466.20 today.
Chinese Yuan also made a four and a half month high against US Dollar today due to hopes for two sides from trade negotiations. We will expect Chinese authority to given some positive news for trade deal soon.
Expectation of profit booking in hedge funds like Gold and silver today.
Before US open, for intraday strategy for Gold is given below.
Entry point - $1479.50- $1481.00 range
And keep R1 $1492.00
And wait S1 $1465.00
And wait S2 $1460.00
And wait S3 $1455.00
So, I am currently demoing FXCM's TS (desktop) and am totally flashed: Crackbrained platform... What a mess!
And things just don't work: e.g. chart options aren't applied or are completely ignored (e.g. no bid and ask line or prices displayed); where are the instrument specifications? How is (net) p/l calculated (see picture)? In the platform the spreads are different from those on the website (i.e. website states E/U zero or one point, TS states 1 pip) etc. What is all this? LOL
I've got an account with FXCM and are currently chasing them for this fake spike that closed my position this morning, still waiting to hear back
I put a couple of thousand in this account as a back up and for testing strategies and occasionally just get stopped out or margin called by half a pip to 1-2 pips but this time is way too obvious
my other two broker showing lowest price of 28222 and 28214 at the hour while fxcm spiked down to 28099 to stop my position at 28175 which is still 50+ pips lower than anywhere else
will update as I hear back
You might find the spike you are referring to disappears later as if it never happened. I have countless examples of that behaviour also.
It was a great shame when FXCM started doing this some years ago because I really enjoyed working with their platforms particularly the Trade Station.
They may return your loss in "good faith" as they put it. They have returned some of the losses of mine that clearly weren't real losses comparing prices with other brokers I had running but returning the loss it not the real issue. In the end it destroys your mentality for trading because it destroys your flow of successful setups when you have to bother yourself raising the issue with the team set up to check out the incorrect closing and as a trader you start to question your own abilities.
FXCM certainly don't care about the bigger picture of a retail trader spending hours to analyse the setups and placing trades believing sufficient work has been done to then discover that your trade is taken out immorally. It is a shame for the trader and for Fxcm.
Same thing happend during the 17th (yesterday) as well. I think it is better to trade in currencies than CFD's in their platform, very hard to manipulate I guess.
yes plenty of bad experience in the past as I mentioned taking out position by a pip or so, will see what they say about this time as clearly the spike of the price never happened anywhere else, and yes a bit distracting to be chasing it, still yet to hear back, will probably move away from this broker soon it's just a backup one for testing, but even then if they are that dodgy, better keep my money elsewhere
EDIT: didn't happen with my other broker
robgsxr: the first spike is still there
I have sent in charts before showing different candle prints before and after an event and FXCM say it is to be expected to see charts differ. So I started to send in the raw price data that also had changed the following day as I had captured it immediately the stop was taken out and they mostly refunded losses caused by their erroneous prices. One day one of their guys decided he wasn't going to refund the loss so I closed that trading account.
You cannot afford to fight with your broker, you must find one you can trust or trade in such a way that stops are given significant breathing room that they won't be reached. It won't save you from all of the erroneous spikes but perhaps make it manageable.
If they decide to edit and remove the spike in the later times that would be an admission that the price feed was erroneous, I'm yet to hear back, this is pretty disappointing from a broker this size considering it's very obvious there was a problem with their price feed and I'm sure I'm not the only one affected
regarding broker I have another two that I do serious trade with, but will need to sign up to more very soon as my trade size is getting much more serious and I want to diversify my balance and trades across multiple brokers
i've heard that fxcm offer for free to use trading view platform one year,is that true.?
finally, FXCM in Quantower platform
Are you guys still with FXCM after what they been through?!
What would it take for you to realize that you are getting scammed?
But regulation doesn't stop brokers from cheating.
I suggest you read my thread: https://www.forexfactory.com/showthread.php?t=987254
Thanks for the reply. I read your thread, the info is very well put up. I agree with almost all of them, except there is some issue with the regulations.
I have fxcm UK (UK regulated) and blueberry markets (AU regulated). Earlier fxcm UK provided 1:400 leverage before the restrictions on FX retail trading in EU happened over a year ago. Now all the regulated brokers are providing 1:30 leverage. Also, I have not faced any issues with the withdrawal of the money from my account (in UK account only). Soon, by the end of this year, I am planning to close the account as It was not possible to trade as many trades I used to because of very low leverage (1:30).
I am slowly shifting all my concentration to Blueberry markets broker (1:200 leverage). I was thinking of moving to Oanda (when the EU regulation happened over a year ago), but as you said in your thread the pip cost has increased with them and their accounts are mostly useful in swing trading as per my research.
Anyway thanks for the update.
i just saw the spread jump on FXCM EUR/USD. From .2 to 4.9
Any one else not able to log into trade station?
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