Insane market

Today we witnessed the fall of GBP/USD 1000 pips in few hours. It's something none of us saw before in our lives. It's a dramatic day in the economic history of the United Kingdom. Someone here said "Everytime I see the new low, I picture the Queen in rags!!!"
What's the use of the technical , fundamental and all this nonsense analysis now? None of these systems ever dreamed of such 1000 fall. What's the use of sypport/ resistsance lines now? Does any currency respects such things today? Free fall of sterling and euro against dollar...so? is it a strong dollar?.dollar is falling like a rock against Yen.
I have a feeling that the world will never be like before again....

I remember last year when the 21 day ATR was at the lowest point in 5 years. I thought, Damn, I sure hope the market doesn't stay like this for long. I was hoping that there hadn't been some sort of fundamental change to the Forex market, such as so many new players, that had caused a permanent change to the liquidity.

Now look at it! Ya gotta love this stuff. If you look at the 21 week ATR, it hasn't been this high since 1992. There's a lesson to be learned here.

This is why I think robotic systems and EAs that attempt to remove the human element from the trading equation are ultimately doomed. Black swans happen. Trends reverse. Markets change or even collapse. For the humble retail spotter like me, it all boils down to plenty of screen time watching PA with trigger finger ready. Technical analysis in real time (or as nearly real as my feed will allow). What is the price doing NOW and based on that, what is it likely to do one minute from NOW?

Unfortunately I was away when that big move you're referring to happened. I guarantee you, had I been at my battle station I would have caught a fair chunk of that move and profited nicely.

The Queen in rags? Not if she went short the GBP or EUR!

Who cares? Truthfully, if it's too hard to grasp - stay out. I too, was away when all of this was going on. Yes, I missed out on some tasty profits I am sure. Again, who cares?

As a general rule, I don't enter new positions on Friday. This doesn't change because of some random panic.

It is my honest belief that the next wave of millionaires are being created right now. Think about that one for a while, and decide if that's going to be you.

Ever wonder who it was that got into the "carry trade" a few years back and made a fortune? Someone a lot like me.....who sat and waited, knowing life goes on, and back to normal sooner or later.

The best has yet to come.

Clockwork

This volatility is great. I've been making pips.

Entered several trades this morning a few minutes after London open, set my usual stops, but, because I knew I would be in front of my screen for a good while, didn't enter my usual TP orders. Suffice to say, that is the luckiest decision I've made in a long, long while. I find myself humbled by the power of today's moves, and very grateful indeed.

Are you sure it was just luck, dedhed? Some would call it skill born of experience and hard work.

That's true. But what isnt good is increasing the spreads from 7 to 20 on GJ on non news time and keeping it for days.

BK

Well... I could be wrong... but there could have been a bear trend last week

There were also a massive USD strengthening against the biggest currencies on Friday.

I was coding an indi late that morning EST, and i usually have one chart up for testing, and i leave the right side of the screen clear, so i can keep an eye on the movement while i'm writing.

All of a sudden almost the entire right side of the screen turned into one big long red line.

The first thing i did was race for the time period in disbelief that maybe i left it set at the wrong timeframe while zooming in and out trying to understand what was in front of me.

My next thought was ' What is the Lowest Low ', could this keep going? Why is this happening when the opposite should be happening, especially after the slide thats been going on?

This is the point that everything you have learned instantly gets sorted into top vip priority. This is the moment of payoff for what you have learned or not learned.
'What goes up must come down'
'Support and resistance'
'Doji's'

Though i do not use stoplosses, i do 'session' trading so i can keep a reign on where things are headed. I took a risk and was willing to take a short term loss on the call at the time if i was wrong.

Though this was a wild movement, 'some' of my indicators were still useful for confirming what i was seeing in front of me, and to help me to monitor things to determine some direction.

I'm not sure if its the first and last time i will see something like that but i hope it is the last time.

The screenshot is from WHC Trader that night.