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  • #5,781
  • Nov 14, 2008 2:54am Nov 14, 2008 2:54am
Quoting triphop
Coming up to 650-672 on EURUSD which looks like a good reaction point over the past few weeks. Now it's not steaming through the levels like it did last night, may see a good bounce off this.
Also, 652 is 50% of the mental leg up last night.
I agree with you on this idea. I'm all over the 1.2670 level. I think a lot of big players got caught on the wrong side last night. It looks to me like their trying to squirm out of their losing positions right now. We shall see but I think you nailed this one.
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  • #5,782
  • Nov 14, 2008 3:10am Nov 14, 2008 3:10am
How high do you guys think that EUR/USD .12670 will bounce to?
  • #5,783
  • Nov 14, 2008 3:13am Nov 14, 2008 3:13am
GW, can I ask you a question. If I were in a trade at close of NY tonight, tonight for me anyway, and I had a profitable trade running, with a stop in case it backed up to protect me, because I was for some reason wanting to sit on it, what happens under this scenario. Monday market opens and there is a big gap where price has just shot way beyond my stop. I read that it can jump the stop. Does that mean I am still in the trade and it hasnt actually taken me out because it jumped, rather than went through my stop. Since reading that could happen I have felt there is no way I should stay in a trade over weekend, but I dont really know if it is true. Also you showed me a chart and I couldnt read the heading other than it had BOE in it. can you remember. thanks
  • #5,784
  • Nov 14, 2008 3:27am Nov 14, 2008 3:27am
Hi Lib, looking at it right now, about another 5 pips?!
I'm hoping we'll see a stronger bounce down at 52 (though I am in the trade now), which will take it to around 730.
  • #5,785
  • Nov 14, 2008 3:28am Nov 14, 2008 3:28am
Quoting Tori
GW, can I ask you a question....
Firstly it all depends on the type of stop you use. Stop if bid is one type, stop if offered is another one, stop on limit another. There is probably more maybe some one else can answer that for you. If price gaps through your price and the stop in not a limit stop. I believe the stop will be executed at the first available price. It all depends on your broker and you should call and find out exactly how it works. Some retail brokers offer guaranteed stops. However, if you ever plan on trading big time this guaranteed stop will not be an option. Personally, I have found that its not worth it to hold over the weekend.
  • #5,786
  • Nov 14, 2008 3:34am Nov 14, 2008 3:34am
Quoting Tori
GW, can I ask you a question....
Hi Tori if this is of any help to you, around a year ago I had a trade in place with a stop after Friday close. The price went through my stop over the weekend and when the market re opened Sunday evening my trade was closed at the market opening price.(significantly worse than my stop). FXCM advised me this was there policy as their platform is not running during the entire weekend therefore my stop was irrelevant during their specific closed hours. To add insult, by Monday morning the trade was back in my favor and would have been in profit had it not have closed on market opening. C'est la vie. I haven't been caught again.
I am not sure if all brokers are the same or even if FXCM now operate differently. Maybe it is wise to check directly with your broker?


Rob
  • #5,787
  • Nov 14, 2008 3:41am Nov 14, 2008 3:41am
Quoting robgsxr
Hi Tori if this is of any help to you, around a year ago I had a trade in place with a stop after Friday close. The price went through my stop over the weekend and when the market re opened Sunday evening my trade was closed at the market opening price.(significantly worse than my stop). FXCM advised me this was there policy as their platform is not running during the entire weekend therefore my stop was irrelevant during their specific closed hours. To add insult, by Monday morning the trade was back in my favor and would have been in profit had...
This policy all though may have worked out negative for you on this trade is a good policy for the customer. The trade could easily have gone horribly against you. I would estimate more than 1/2 of customers don't use stops in a disciplined manner. Many would say it gapped so I will leave it and exit when it fills the gap. The problem is price may keep on moving and moving and cycle goes on another possibly good trader during normal conditions just blew up their account.
  • #5,788
  • Nov 14, 2008 3:43am Nov 14, 2008 3:43am
Thanks Rob. I am with fxcm and can see that could happen. I have tried others but they all have their little lurks. Last one used to freeze platform just for a min or two, often at big ann time, or london open, ect, and if in trade you had no idea where it was for a short time, of course not long enough to phone ect. would love a straight, clean platform. but the trouble is you have to use it for a while to find out, and in that time there are issues, then swap again. After all, they are in it to make money, and we feed them plenty of that.
  • #5,789
  • Nov 14, 2008 4:30am Nov 14, 2008 4:30am
Probably making the mistake of the day but I think I cover 1/2 of the euro long here and bring stop to b.e. some thing just doesn't feel right and I see that level coming into play again in the N.Y. session
  • #5,790
  • Nov 14, 2008 4:36am Nov 14, 2008 4:36am
GW, I already made the mistake of the day (don't ask!)
Where are you aiming for on EU?
  • #5,791
  • Nov 14, 2008 4:39am Nov 14, 2008 4:39am
Quoting Guerrillawar
This policy all though may have worked out negative for you on this trade is a good policy for the customer. The trade could easily have gone horribly against you. I would estimate more than 1/2 of customers don't use stops in a disciplined manner. Many would say it gapped so I will leave it and exit when it fills the gap. The problem is price may keep on moving and moving and cycle goes on another possibly good trader during normal conditions just blew up their account.

I totally agree GW. The upside is I learned a good lesson and also re confirmed my belief to not trade without stops.

Tori, I know FXCM have released a metatrader platform which may or may not offer some advantages. I run their standard platform and have freezing often throughout the day. I even had one of their techies remotely check my settings and he set up a different FXCM platform protocol on my PC. Improved a little but not completely. I also run an alpari metatrader and can say with certainty it is far quicker placing orders re freshing charts in fact better in most ways than FXCM. I will have to open the FXCM metatrader however to try it as I need expert adviser facilities that the standard FXCM platform doesn't offer. If I learn anything I will PM you if you wish

Sorry to all for going a little off topic

Good trading
  • #5,792
  • Nov 14, 2008 4:46am Nov 14, 2008 4:46am
Rob, continuing off topic, I have a FXCM feed for my charts, although they're not my broker.

While they generally sit very close to my broker's price, last night, in the midst of the big urge upwards, their price froze several times at a large number of pips below the price of my broker. At one point, it was 30 pips behind, and froze for 10 seconds. Something to be aware of!
  • #5,793
  • Nov 14, 2008 4:58am Nov 14, 2008 4:58am
Quoting triphop
GW, I already made the mistake of the day (don't ask!)
Where are you aiming for on EU?
My god please tell me you didn't short it. The price action is kind of abnormal today off these levels. I think there is a lot squirming by the funds at and around 1.2670. They are trying to unload bad shorts so its being kept down because I suspect there's a lot of volume being transacted. This is only a guess. Maybe BRV can help us understand how to tell what is really going on in the market and what clues to look for. See the chart for my targets if you are interested.
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  • #5,794
  • Nov 14, 2008 5:03am Nov 14, 2008 5:03am
Tori, If I learn anything I will PM you if you wish

Thanks. I would appreciate that. I dont think we are off topic because if we want to be successful we need to have the best platform and trust the charts, broker, and pip spread ect. Just because we are small traders, we should not have to accept second best.
  • #5,795
  • Nov 14, 2008 5:11am Nov 14, 2008 5:11am
No shorting, but I closed it early for a miniscule profit when it didn't react quite as I expected, grrrr...

Good to see your chart - I had 1.2790 marked up, though 850 takes it above the downward 4hr diag TL so it'd need quite a kick to get up there.

I'm still keeping an eye open for 652, will be back if price makes it down there. Cheers
  • #5,796
  • Edited 5:24am Nov 14, 2008 5:21am | Edited 5:24am
Quoting triphop
Rob, continuing off topic, I have a FXCM feed for my charts, although they're not my broker.

While they generally sit very close to my broker's price, last night, in the midst of the big urge upwards, their price froze several times at a large number of pips below the price of my broker. At one point, it was 30 pips behind, and froze for 10 seconds. Something to be aware of!
Thanks Trihop, I presume when you say last night you mean our UK last night. I was only monitoring Metatrader levels then so had no comparison but now I know I will keep an eye on this.

thanks again

Like your thoughts Tori
  • #5,797
  • Nov 14, 2008 5:27am Nov 14, 2008 5:27am
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I wonder if anyone noticed the inverted head a shoulders on the one hour on aussie. I am waiting to buy around .6485-95 area if it looks like turning. will go to one minuit chart to watch if it gets there. Not jumping too soon now as things moving a little slow tonight.
  • #5,798
  • Nov 14, 2008 5:36am Nov 14, 2008 5:36am
sorry, redid my line, not totally happy and dont like to be imprecise if I can help it. . would really love it to just dive to .6337 and take the buy there. how lucky would that be.
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  • #5,799
  • Nov 14, 2008 5:44am Nov 14, 2008 5:44am
tori I like aussie right here at 6519 on that unconventional line pattern I mentioned earlier
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  • #5,800
  • Nov 14, 2008 5:48am Nov 14, 2008 5:48am
Hi BRV and all of you guys showing us charts and what you see, you guys are great, i have been following this thread and im lovin it. im new and this gotta be the best. you guys are awesome just keep it up.
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