OH NO! Whats going to happen? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

AUD/JPY can anyone explain whats going on? 5 replies

New home sales, whats going on EUR/USD? 11 replies

whats going on with this ranging? 4 replies

Whats going on with GBP right now? 3:30pm EST? 1 reply

What is going to happen to USD/JPY tonight? 1 reply

OH NO! Whats going to happen?

  • #1
  • First Post: Oct 7, 2006 12:26am Oct 7, 2006 12:26am
Ok, of course, I'm new to Forex. I made a mistake that helped but I don't know what the heck is going to happen.

Here is the deal.

Some time Thursday night I was playing around with EUR/USD. I had bought 10 lots which was 100,000. I set an order to sell at 1.2687. I ended up selling manually a little before that, and made like $45. The order I placed however was "good till canceled" and I forgot to cancel it. So all day today FRIDAY, I was away from the computer and I guess the EUR/USD fell to about 1.2596-99. Well, when it passed 1.2687 my order sold -100,000. It dropped 87 lots!! And I have now an unrealized profit of $870! Well, its stuck there now for the weekend.

I have never had an open position on a weekend before. So my question I have no clue whats going to happen when it opens on sunday...

I use Forex.com, and I made an order today (friday) to buy 100,000 at 1.2600. So I'm hoping the second forex starts on Sunday, I will realize the profit.

So my questions are.

1: EUR/USD is at about 1.2599 right now. Will it be at 1.2599 when it opens back up on Sunday?

2: Will my order get placed the second the market opens?

3: Does any changes happen over every weekend? Will any changes happen this weekend?

I'm worried.. I want this gain. So what will happen over the weekend?
  • #2
  • Oct 7, 2006 12:54am Oct 7, 2006 12:54am
Quoting BigMoney
I use Forex.com, and I made an order today (friday) to buy 100,000 at 1.2600. So I'm hoping the second forex starts on Sunday, I will realize the profit.

So my questions are.

I'm worried.. I want this gain. So what will happen over the weekend?
Woah there Big Fella...

You may have just lucked into the Traders Best Friend. A Free Trade.

Why not Change that most recent Order to buy it back to 50,000 and lock in $400 or so and put a Stop Loss on the remaining 50,000 at 1.2625 risking $125 of Unrealized Profit and let the Lady have her legs to run. That way you have assured yourself of a $700 Minimum Profit on the Trade with the Potential for more. Who's to say 1.2500 is out of the question.

imo
  • #3
  • Oct 7, 2006 1:51am Oct 7, 2006 1:51am
hmm.. well that is an awesome idea. Buying at 50,000 and locking in $400, and then letting the other 50,000 ride is a GREAT idea. I never thought of that.

So, that still doesnt answer my main concern. EUR/USD is at 1.2599 right now... will it be there at the end of the weekend?

Also, I placed the order while the market was closed. It said the order was accepted, but will it go threw when trading opens?
  • #4
  • Oct 7, 2006 2:38am Oct 7, 2006 2:38am
the currency pairs' prices stay the same from friday close until sunday open (around 20:00 to 21:00GMT i think, if my calculations are correct)
my guess is your trade did go through on friday, usually what happens is if you trade on weekends you just get the price that its closed at on friday night. even if it didnt go through, the price will be the same until open on sunday so you should be fine. Good Luck
  • #5
  • Oct 7, 2006 3:31am Oct 7, 2006 3:31am
sweet. many lessons to be learned from your story. BUT, lock in profits per Bemac's advice. Accidents usually affect traders on the opposite end of the pain/pleasure spectrum.

be sure to adjust stops and lock in profits though..... lest ye anger the trading Gods.
  • #6
  • Oct 7, 2006 4:28am Oct 7, 2006 4:28am
Good, good, good, good.. AWESOME.

I'm doing what Bemac said... I have two stop loss orders ready. One for 50k at 1.2600, which should realize about $435. Then I have another stop loss for 50k at 1.2625, which could realize $310 if it reaches that point, but I will let it ride for a while to see if I can milk it for more $$$.

You know, with my demo account I did this mistake once. I left an order that was "good till canceled" running on accident and lost $250. I swore to myself I would never do it again. But, I some how did it with my Live account, and IM GLAD I DID.

Thanks everyone, I'll let you know how it turns out in the end.
  • #7
  • Oct 7, 2006 9:05am Oct 7, 2006 9:05am
Currencies could gap up or down over the weekend. There is trading that occurs, it just isn't very much. A major shock or news item could cause the gap, but, odds are in your favor that it will stay in the general area. (The major thing that could happen this weekend is North Korea testing a nuke, which might be dollar bullish anyway.)

I agree with Bemac. As soon as your broker opens shop on Sunday, lock in profit and let the rest go to see what happens. You can expect some retracement to happen, but, to me, I'd take the risk at getting stopped at B/E at this point. It's up to you, though. You do have a nice profit there.

stockwet
  • #8
  • Oct 7, 2006 10:50am Oct 7, 2006 10:50am
yes I would tell you to do the same as bemac as well... You can thank the pip gods for that trade...lol


turbo
  • #9
  • Oct 7, 2006 9:11pm Oct 7, 2006 9:11pm
Quoting BigMoney
Good, good, good, good.. AWESOME.

I'm doing what Bemac said... I have two stop loss orders ready. One for 50k at 1.2600, which should realize about $435. Then I have another stop loss for 50k at 1.2625, which could realize $310 if it reaches that point, but I will let it ride for a while to see if I can milk it for more $$$.

You know, with my demo account I did this mistake once. I left an order that was "good till canceled" running on accident and lost $250. I swore to myself I would never do it again. But, I some how did it with my Live account, and IM GLAD I DID.

Thanks everyone, I'll let you know how it turns out in the end.
As a matter of fact, I believe that the resistance is at 1.2630 zone, so you would probably need to re-evaluate your charts & place your stops above resistance so that the market doesn't hit your stop & then reverses back in your direction...Just study the charts once more & do what is needed to be done (If any)....


Thanks,

Nader
  • #10
  • Oct 7, 2006 11:34pm Oct 7, 2006 11:34pm
Quoting stockwet
Currencies could gap up or down over the weekend. There is trading that occurs, it just isn't very much. A major shock or news item could cause the gap, but, odds are in your favor that it will stay in the general area. (The major thing that could happen this weekend is North Korea testing a nuke, which might be dollar bullish anyway.)

I agree with Bemac. As soon as your broker opens shop on Sunday, lock in profit and let the rest go to see what happens. You can expect some retracement to happen, but, to me, I'd take the risk at getting stopped at B/E at this point. It's up to you, though. You do have a nice profit there.

stockwet
If knowing what prices are doing will help you then try going to
Xe.com you can set it to show whatever pair you wish. At 11:33pm US Central time Saturday night, the Eur/Usd was exactly at
1.2600. I have a shortcut to this on my desktop.

Also ... after trading hours, maybe their help desk is still open, ask them if you can place stoplosses etc. I would not mention your reason. I am thinking that whatever order you place on the dealing desk after hours will be wiped out when they open it on Sunday. You would then have to immediately put it in again. I would like to know what happens.

Lou
  • #11
  • Oct 7, 2006 11:53pm Oct 7, 2006 11:53pm
Quoting BigMoney
Ok, of course, I'm new to Forex. I made a mistake that helped but I don't know what the heck is going to happen.

Here is the deal.

Some time Thursday night I was playing around with EUR/USD. I had bought 10 lots which was 100,000. I set an order to sell at 1.2687. I ended up selling manually a little before that, and made like $45. The order I placed however was "good till canceled" and I forgot to cancel it. So all day today FRIDAY, I was away from the computer and I guess the EUR/USD fell to about 1.2596-99. Well, when it passed 1.2687 my order sold -100,000. It dropped 87 lots!! And I have now an unrealized profit of $870! Well, its stuck there now for the weekend.

I have never had an open position on a weekend before. So my question I have no clue whats going to happen when it opens on sunday...

I use Forex.com, and I made an order today (friday) to buy 100,000 at 1.2600. So I'm hoping the second forex starts on Sunday, I will realize the profit.

So my questions are.

1: EUR/USD is at about 1.2599 right now. Will it be at 1.2599 when it opens back up on Sunday?

2: Will my order get placed the second the market opens?

3: Does any changes happen over every weekend? Will any changes happen this weekend?

I'm worried.. I want this gain. So what will happen over the weekend?

Leave it open, you will close with good profits within this week. Take it as a hint or live call, your choice.
  • #12
  • Last Post: Oct 8, 2006 4:27pm Oct 8, 2006 4:27pm
Well, I got impatient lol. When the forex opened, it opened in the exact spot it stopped, then dropped a few points. Then zig-zaged for a bit, and my profits went to about $940, then back down to $870. I couldn't take it anymore, I just wanted the money and sold it all at $900. So, I'm happy with what I got.


Thanks everyone for the advice.

B.T.W. EUR/USD is at 1.2594, anyone think it will reach 1.2700 in the near future?
0 traders viewing now