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  • #229,501
  • Apr 22, 2010 10:06am Apr 22, 2010 10:06am
Quoting ozobU
yeah any idea on the cause of the spike?
Non-farm payrolls, Crude Inventories, Obama.
  • #229,502
  • Apr 22, 2010 10:10am Apr 22, 2010 10:10am
and greece

http://www.forexfactory.com/news.php?do=news&id=232918
  • #229,503
  • Apr 22, 2010 10:11am Apr 22, 2010 10:11am
Quoting Clairvoyant
can i know what is e news 2 hours ago, that cause the huge spike up and down?
or there is no news?
Moody's downgrade of Greece
  • #229,504
  • Apr 22, 2010 10:15am Apr 22, 2010 10:15am
Quoting aykenar
Moody's downgrade of Greece
oh man, ic... thx bro, just came back.

hmm, might be thinking of shorting soon. however, it's near closing, so ain't sure yet.
  • #229,505
  • Apr 22, 2010 10:17am Apr 22, 2010 10:17am
Quoting Clairvoyant
can i know what is e news 2 hours ago, that cause the huge spike up and down?
or there is no news?
First Greece came out with some statement about restructuring their debt blah, blah, blah...and everyone bought. Then five mins later Moody downgraded them lol. Now Obama and the rest of the Democrats are in a meeting deciding who at Moody's to assassinate while the Republicans find out more ways to make the Dems look bad so they can get back in office (which I hope they do so I can pay fewer taxes)
  • #229,506
  • Apr 22, 2010 10:20am Apr 22, 2010 10:20am
Quoting akhtergroup
Hope you don't go broke from this squeeze
nah dont worry, i wont....already locked in profits.
  • #229,507
  • Apr 22, 2010 10:24am Apr 22, 2010 10:24am
ops im confused, today is thurs, haha
  • #229,508
  • Apr 22, 2010 10:25am Apr 22, 2010 10:25am
Quoting Protogenos
First Greece came out with some statement about restructuring their debt blah, blah, blah...and everyone bought. Then five mins later Moody downgraded them lol. Now Obama and the rest of the Democrats are in a meeting deciding who at Moody's to assassinate while the Republicans find out more ways to make the Dems look bad so they can get back in office (which I hope they do so I can pay fewer taxes)
lol wtf. i hate this sorta news...
  • #229,509
  • Apr 22, 2010 10:27am Apr 22, 2010 10:27am
But then again this is forex. This seems like a textbook stop run reversal on an epic scale. And we overdue for a correction.
Founder of Sutherland Wave Principle
  • #229,510
  • Apr 22, 2010 10:27am Apr 22, 2010 10:27am
actually wanna short at 33 juz now, but price dont look gd and might go up another 20/30 pips. so will be looking at short soon. ain't sure, risky trade, but i'll still go for it. maybe near 333
  • #229,511
  • Apr 22, 2010 10:30am Apr 22, 2010 10:30am
Quoting Protogenos
First Greece came out with some statement about restructuring their debt blah, blah, blah...and everyone bought. Then five mins later Moody downgraded them lol. Now Obama and the rest of the Democrats are in a meeting deciding who at Moody's to assassinate while the Republicans find out more ways to make the Dems look bad so they can get back in office (which I hope they do so I can pay fewer taxes)
Good observations! Now as for the tax thing, U.S. is looking at adding V.A.T tax to our current Debit Tax.
  • #229,512
  • Apr 22, 2010 10:36am Apr 22, 2010 10:36am
I gotta be honest here guys..I made about 110 pips last night on the ride down.........

Then I gave all of it back by doubling my lot size thinking we'd break for a final new low...let emotions get the best of me.

I've had to learn this lesson now a couple of times. Hopefully this was the last.

Crappy feeling after what was a good day. I'm flat eu atm but I did make a little bit back scalping a long off of the low back up to R2 and my yen long just closed for 20 pips...so at least I've made something back.

Lesson for me is stick with system, don't think I'm too smart. You never KNOW what is going to happen next. I was pretty sure there with the downgrade and all, it would be enough to push us off the cliff...

Take care all,

Donnie
  • #229,513
  • Apr 22, 2010 10:36am Apr 22, 2010 10:36am
Quoting Clairvoyant
actually wanna short at 33 juz now, but price dont look gd and might go up another 20/30 pips. so will be looking at short soon. ain't sure, risky trade, but i'll still go for it. maybe near 333
Tommorrow's session will crucial if goes below 1.326 then its a breakout to the downside with a huge drop. If prices stay above 1.326 then its a nice triple bottom will be in place with a nice rally in the coming days
  • #229,514
  • Apr 22, 2010 10:36am Apr 22, 2010 10:36am
hmm somehow, i entered a short @ 3310 before my 3330. so yea im in for short at 3310.

hope it goes well.
  • #229,515
  • Apr 22, 2010 10:38am Apr 22, 2010 10:38am
Closed off long. +pips. It's been an interesting day.
  • #229,516
  • Apr 22, 2010 10:41am Apr 22, 2010 10:41am
Quoting aykenar
Tommorrow's session will crucial if goes below 1.326 then its a breakout to the downside with a huge drop. If prices stay above 1.326 then its a nice triple bottom will be in place with a nice rally in the coming days
yeah, 326 a tough zone to break...

if truly can't break 326, yes, might be up for at least a few days and continue ranging
  • #229,517
  • Apr 22, 2010 10:43am Apr 22, 2010 10:43am
Hello Cha Ching and all Forex Factory subscribers!

Howard Friend here. Thanks for you kind post regarding my trading systems. Just for your guide, I have been sending out signals to MIG clients since 01.01.2010 and here are the results to date:

Net Profit: 794 pips
Trades: 38
Winners: 26 (68.42%)
Losers 12 (31.58%)
Pips Made : 1351
Pips Lost : 557
Profit Factor : 2.43

All the best

Howard

Quoting benssol
oh man

I will never forget two of his calls on GJ: shorting for 600 pips then close and reverse for another 600 pips in ONE day

not Gann, but Livermore of this time


Cha Ching lol
  • #229,518
  • Apr 22, 2010 10:48am Apr 22, 2010 10:48am
Quoting just fibbing
Hi All,

Serious question to the experienced members here.
If the price were to spike against your trade SL by say 200 pips within a couple of seconds,
how many extra pips would you stand to lose on average with most brokers ?
Would also appreciate any good broker recommendations in this respect.
Serious answer for a serious question:
It would depend on many variables. The "standard" variable being, if you placed protective stop order prior to the 200 pip drop, then you broker will honor that stop order and close you out with no further losses to your acct.

Now, if you decided to use a "Market" order to exit you position after a 200 pip drop, then expect major slippage. You'd be surprise at how many traders don't trade with protective stop orders! Now imagine you and the rest of those traders fighting for market orders to exit your position, The typical broker order management system can only handle soooo much orders at one given time, i.e.: your broker will only match/side with only so many orders as they are not looking to take a loss either ... and this is where slippage comes from.** So, it's very beneficial for traders to use stop order and not market orders to exit positions.


** If you don't understand how order management is handled, google it. But the basic idea is, brokers usually use automated systems to match a buy with a sell (and vise versa). If there are no available buyer and you want to sell then it's up to the broker to take the opposite of your trade (the buyer). If the broker does not take the opposite of your buy/sell ... now you are looking at slippage. No one is there to take that position off your hand.
  • #229,519
  • Apr 22, 2010 10:55am Apr 22, 2010 10:55am
Quoting uraceulose
I gotta be honest here guys..I made about 110 pips last night on the ride down.........

Then I gave all of it back by doubling my lot size thinking we'd break for a final new low...let emotions get the best of me.

I've had to learn this lesson now a couple of times....
To combat that, adjust your stops to breakeven. That way you would not have loss money if you where wrong in scaling your positions. Always adust your stops ... should have locked in some of that profit. Never let good profits turn negative.
  • #229,520
  • Apr 22, 2010 10:56am Apr 22, 2010 10:56am
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