Attachments: USD/CHF

USD/CHF

#2,581
Aug 7, 2011 10:18am Aug 7, 2011 10:18am

Walker93
| Joined Jun 2011 | Status: use the code 'OPTIMUM' at onnit.com | 210 Posts

im not sure i agree with your fundamentals in truth but each to his own. A man should be allowed to entertain his own reality

#2,582
Edited 12:58pm Aug 7, 2011 12:56pm | Edited 12:58pm

pipfarm
Joined Oct 2010 | Status: Trader | 4,465 Posts

According to certain live currency rate sites usd chf has dropped to 7536 in early asian trading so from my entry @ 7614 thats around +78 pips but probably best to wait until we are live here to be sure. The low was 7491 so +123

pipfarm

Follow The Markets Structure - Patience and Discipline

#2,583
Aug 7, 2011 1:07pm Aug 7, 2011 1:07pm

ettrader
| Joined Aug 2009 | Status: Trader | 565 Posts

that's the problem Pipfarm it has gapped down below stops, FX can be a nasty game in times like this. Traders could get margin calls. So far only -130 pips but it could've spiked lower as mentioned above.

#2,584
Aug 7, 2011 1:13pm Aug 7, 2011 1:13pm

pipfarm
Joined Oct 2010 | Status: Trader | 4,465 Posts

Quoting ettrader

Disliked

that's the problem Pipfarm it has gapped down below stops, FX can be a nasty game in times like this. Traders could get margin calls.

Ignored

What do you mean?

pip

Follow The Markets Structure - Patience and Discipline

#2,585
Aug 7, 2011 1:15pm Aug 7, 2011 1:15pm

FiatFap
Joined Sep 2010 | Status: Trader | 578 Posts

Looks like it's settling @ 0.75500.

Politics is the womb in which war develops.

#2,586
Aug 7, 2011 1:21pm Aug 7, 2011 1:21pm

ettrader
| Joined Aug 2009 | Status: Trader | 565 Posts

Quoting pipfarm

Disliked

What do you mean?

pip

Ignored

What I mean is 71% of retail are long, they would have placed stops. Well not many brokers give guaranteed stops so the price will open below their stops. The account keeps running beleive me in happens has happened to me before during the Japan tsuanami. I got my postions liquidated way below my stops.

#2,587
Aug 7, 2011 1:23pm Aug 7, 2011 1:23pm

FiatFap
Joined Sep 2010 | Status: Trader | 578 Posts

Quoting pipfarm

Disliked

What do you mean?

pip

Ignored

Alpari emailed me this explanation a while back:

"You took a gamble that the market would open higher on Monday and you were wrong. It is for exactly this reason that we do not guarantee Stop Losses, and you should at least understand that placing trades over a weekend is extremely risky."

So if you load up friday and price moves away enough to make you believe you're okay for weekend and your trade is @ break even, then when it opens tonight, you will take a big hit as your stop loss is hit -100 pips from whenst you placed your break even stop loss.

Politics is the womb in which war develops.

#2,588
Aug 7, 2011 1:28pm Aug 7, 2011 1:28pm

pipfarm
Joined Oct 2010 | Status: Trader | 4,465 Posts

Quoting ettrader

Disliked

What I mean is 71% of retail are long, they would have placed stops. Well not many brokers give guaranteed stops so the price will open below their stops. The account keeps running beleive me in happens has happened to me before during the Japan tsuanami. I got my postions liquidated way below my stops.

Ignored

Well thank technical analysis im not one of those 71% ,my only concern is the spread not widening too much , having said that my stop is far enough away that it would look highly suspicious if my broker widened it by that much and of course having to wait for UK brokers to open sunday is a pain.

pip

Follow The Markets Structure - Patience and Discipline

#2,589
Aug 7, 2011 1:37pm Aug 7, 2011 1:37pm

ettrader
| Joined Aug 2009 | Status: Trader | 565 Posts

I wasn't implying you were long pipfarm

Just a note of guidance for those that say they went long but they've got stops who are under the illusion they're safe with a stop. FX moves so fast that news jumps over stops, if you have a running position before the weekend and you get news when markets are closed you can potentially get massive gaps up or down.

#2,590
Aug 7, 2011 1:38pm Aug 7, 2011 1:38pm

Astroman
| Membership Revoked | Joined Aug 2010 | 1,300 Posts

Waiting to see what happens when everything is open.

Plan is to set exit at 50 Pips from the price, take a nice profit, and relax and let all this stuff blow over.

#2,591
Aug 7, 2011 1:39pm Aug 7, 2011 1:39pm

pipfarm
Joined Oct 2010 | Status: Trader | 4,465 Posts

Quoting pipfarm

Disliked

Lets wait and see, im inclined not to follow retail traders sentiment as its usually wrong, retails have been calling longs for ages now and each time they do they get hammered ,on the other hand this trend has to either end at some point or make a large correction at some point,im still holding my short.

I tend not to listen to news or rumours the market will show its hand when its time to go long.

pipfarm

Ignored

I see im definitaly not long , have been riding the trend downs since early on in the year, posted my trade and entry friday in this thread but i do see what you mean.

pip

Follow The Markets Structure - Patience and Discipline