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Attachments: The CHF tsunami - 15 January 2015
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The CHF tsunami - 15 January 2015

  • Post #1
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  • First Post: Jan 15, 2015 6:06am Jan 15, 2015 6:06am
I come back to my computer to find USDCHF just dropped 2780 pips in 30mins? What the heck happened?

EDIT: Just saw there was red CHF news that the interest rate was cut at an unscheduled emergency meeting. Wow at that price movement because of it.
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Quoting pierre23
I come back to my computer to find USDCHF just dropped 2780 pips in 30mins? What the heck happened? EDIT: Just saw there was red CHF news that the interest rate was cut at an unscheduled emergency meeting. Wow at that price movement because of it. {image}
Read the news. The CHF took out its artificial floor at 1.200 to EUR thus allowing it to appreciate. Program trades, stop loss trades, etc all drove the CHF sharly higher.
The Swiss were pegging their currency to the Euro at a 1.20 floor and they announced the end of it so, naturally, the Euro in EUR/CHF went where the rest of the Euro pairs are going; down.
  • Post #4
  • Quote
  • Edited at 8:54pm Jan 15, 2015 7:41am | Edited at 8:54pm
3 Years ago, on September 6, 2011, SNB set a price floor of 1.20 CHF per Euro. That surprise move wiped out many accounts.

3 years later, today, the SNB finally reckoned it had enough defending that level and remove that price floor.

The "WTF" thread 3 years ago
http://www.forexfactory.com/showthread.php?t=313295

History repeats itself
"Nature's law" is called "Reason". When perfectly understood by human it is
I hope you were not in a long trade..
..
the importance of SL...
SL doesn't even save you in this type of situation
Really.....

I had a Buy on GBPCHF and a Sell on GBPCHF allready open etc with 50 pips space between them. Both positions closed with -4000 pips wtf.......margin call plus my account ballance is -142k$.
Stop Losses work on regular market conditions. Which is not the case here.

If your SL triggers a buy for CHF to get out of your short at a certain price but nobody is willing to sell at this particular price guess what?

What if the next quote is 4000 pips above it?

Same thing for profits. I doubt your TP will be fulfilled.

I'm very curious to know how brokers will deal with it.

Will they go after their customers and stick them with a bill?

Will them eat the losses?

Will them go broke?

I can't wait to see how it will turn out It will be a very enlightening event!!
So, you think you have rights? LOL
Thanks a lot SNB , you said you wanted weaker CHF with that peg of 1.2 against EUR , and now you let it go . So what you want now ?!?!
Quoting Rylai
SL doesn't even save you in this type of situation
Depends where your SL is placed. The first few seconds after this event price dropped "relatively" slow and if your SL is hit by that time you are lucky to get out with roughly 50 pips slippage on your execution of SL. If your SL was further below and was not hit within first few seconds after the price started to drop then you might get out with much bigger loss (at best).
Quoting Slicktick
I hope you were not in a long trade..
No wasn't in any swiss pair. Banked nice profit though on euro aussie shorted from earlier today. Blasted through support, I can see it dropping another 300pips in the next week or two.
I had the same problem with a pending order. 0.04lot -2590euro. How exact was the low in usdchf? Icmakets have 0.06460 !!! almost zero. I saw in other broker was about 0.84. Who knows the exact price?
Quoting ForexOracle
I'm very curious to know how brokers will deal with it. Will they go after their customers and stick them with a bill? Will them eat the losses? Will them go broke? I can't wait to see how it will turn out It will be a very enlightening event!!
I should think any reputable broker would honor your SL and refund your account if it didn't trigger.
Quoting pierre23
{quote} I should think any reputable broker would honor your SL and refund your account if it didn't trigger.
I would not just " assume" they will do the fair thing.

What I'm more curious about is their new model " non dealing desk " which some brokers claim to use.

I'm suspicious about it as just a marketing thing. But if they really send their trades directly to banks. You can be sure that the banks will come after their money.

Than I think the brokers will go after their customers.

Than the brokers will go belly up!!
So, you think you have rights? LOL
Quoting ForexOracle
{quote} I would not just " assume" they will do the fair thing. What I'm more curious about is their new model " non dealing desk " which some brokers claim to use. I'm suspicious about it as just a marketing thing. But if they really send their trades directly to banks. You can be sure that the banks will come after their money. Than I think the brokers will go after their customers. Than the brokers will go belly up!!
If you emailed or called with a complaint about it I'm sure most brokers will fix the issue. At the end of the day they don't want to lose their customers, even if they have to take any losses on the chin, they can handle it.

Quoting ForexOracle
{quote} What I'm more curious about is their new model " non dealing desk " which some brokers claim to use. I'm suspicious about it as just a marketing thing.
If you want to make sure you have a true non-dealing desk broker they should be able to provide you with receipts of the transactions directly between them and the banks. I know of some brokers who will send you the receipts on request. But you're right everyone's beginning to go non-dealing desk and there are bound to be some dodgy brokers out there
Will is rise back up again Best to buy it when its low?
And here everyone will see what it means to have a good broker VS to be customer of bucketshops.
I hope that all that took a loss during this event will not be charged by brokers with bills greater than the accounts.
If there is something worstother than losing an entire trading account, that will be to lose more than that, and I don't wish that to anybody.
All SL's should have been filled by reputable brokers. By reputable I mean honest - as much as a broker can be when we're talking money.
I'm just happy that I saved 2 guys from getting their accounts wiped out today.
Quoting Jysticim
Really..... I had a Buy on GBPCHF and a Sell on GBPCHF allready open etc with 50 pips space between them. Both positions closed with -4000 pips wtf.......margin call plus my account ballance is -142k$.
Sorry for that Jyst, please let everybody in here know how that turns out for you. Hope your account is with a honest broker.
Wonder how much George Soros made on this one. Never trust a central bank to defend a currency. It can't be done.
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