What the ^&*%% just happened? | Forex Factory

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What the ^&*%% just happened?

  • #1
  • First Post: Sep 6, 2011 3:18am Sep 6, 2011 3:18am
At 9:00 am gmt a massive spike of about 200 point just wipe my acount out, I was short on the eur/usd, same thing on the gbp/usd. There was no news announcement. Did something drastic happen on wall st? I think I might have put this in the wrong section.
  • #2
  • Sep 6, 2011 3:30am Sep 6, 2011 3:30am
Guess that's why we put stops in place

I really like to know what happened as well.
  • #3
  • Sep 6, 2011 3:46am Sep 6, 2011 3:46am
that was fun with the chf i caught several trades just then niiiice
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #4
  • Sep 6, 2011 3:48am Sep 6, 2011 3:48am
wish I could but my mt4 platform with FX pro(don't use them as a broker just use the platform) has dropped all conections, I think its all to do with the chf being massively over valued and the swiss putting a minimal exchange rate in place
  • #5
  • Sep 6, 2011 3:53am Sep 6, 2011 3:53am
Quoting Pvj
Guess that's why we put stops in place

I really like to know what happened as well.
My stop was at 14126 but it didnt get triggered untill 14231.
  • #6
  • Sep 6, 2011 3:53am Sep 6, 2011 3:53am
don't know why there was so much activity but who cares, just trade it
  • #7
  • Sep 6, 2011 3:54am Sep 6, 2011 3:54am
keep it simple guys/gals does it really matter what happened with the chf as long as we caught it, happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #8
  • Sep 6, 2011 3:55am Sep 6, 2011 3:55am
Quoting diy_
My stop was at 14126 but it didnt get triggered untill 14231.
unlucky bud
  • #9
  • Sep 6, 2011 3:57am Sep 6, 2011 3:57am
How can the SNB possibly 'fix' an exchange rate.

I've never heard of any market being manipulated for very long.

The classic was the silver manipulation in days long gone - and they went broke.
  • #10
  • Sep 6, 2011 4:02am Sep 6, 2011 4:02am
Quoting diy_
My stop was at 14126 but it didnt get triggered untill 14231.

Bummer.....

I was shorting the AUDUSD, took profit, then went long.
It wasn't quite as dramatic but nice little trades.
  • #11
  • Sep 6, 2011 4:07am Sep 6, 2011 4:07am
I was lucky, the spike gave me a total profit of more than 3200 pips within an hour, but it was my cent account. Not bad...
  • #12
  • Sep 6, 2011 4:18am Sep 6, 2011 4:18am
THIS is why you should use a stoploss. You can trade for months without one, exiting manually when you are losing, but one day something will happen and you could lose months of gain before your brain even works out what happened.

Its a bit like walking a tight rope without a saftey net, eventually you'll slip up. Its just a matter of time.

Capital preservation is number 1 in this job, number 1!
  • #13
  • Sep 6, 2011 4:21am Sep 6, 2011 4:21am
Quoting belka
I was lucky, the spike gave me a total profit of more than 3200 pips within an hour, but it was my cent account. Not bad...
woooweeee now that what I'm talking about.Looks like there will be a lot of surprises (both good and bad)today when people start logging into their accounts. well I think I'll be watching the chf closely from now on.
  • #14
  • Sep 6, 2011 4:25am Sep 6, 2011 4:25am
Quoting highlander2
THIS is why you should use a stoploss. You can trade for months without one, exiting manually when you are losing, but one day something will happen and you could lose months of gain before your brain even works out what happened.

Its a bit like walking a tight rope without a saftey net, eventually you'll slip up. Its just a matter of time.

Capital preservation is number 1 in this job, number 1!
But I did have a stoploss set, OK so it wasnt a guarantee stoploss but now it got me thinking. whats the use of having a stoploss if it doesnt react when you need it to? I might as well didnt set one.
  • #15
  • Sep 6, 2011 4:34am Sep 6, 2011 4:34am
Quoting diy_
But I did have a stoploss set, OK so it wasnt a guarantee stoploss but now it got me thinking. whats the use of having a stoploss if it doesnt react when you need it to? I might as well didnt set one.
You were trading too big a lot size if a 200 pip move the wrong way on 2 currencies wipes your account out.
  • #16
  • Sep 6, 2011 6:18am Sep 6, 2011 6:18am
lol. days like today make me smile!!!!

nothing like a bit of a slaughter to teach some lessons.
Congratulations ScalaFX for coming out of the closet!
  • #17
  • Sep 6, 2011 6:31am Sep 6, 2011 6:31am
Quoting nubcake
lol. days like today make me smile!!!!

nothing like a bit of a slaughter to teach some lessons.
Indeed.

Now those who are serious about this will consider the following:

1) What EXACTLY is a SL order?

2) Why did the OP's get filled so far away?

3) Why should/would/could 2 trade losses wipe out an account?

4) What happens if this was a "real money" account and not just demo?

5) How do I avoid this from happening next time?

6) Ginger or MaryAnn?
  • #18
  • Sep 6, 2011 8:30am Sep 6, 2011 8:30am
I had stop loss but, can i predict something like this in the future?
  • #19
  • Sep 6, 2011 8:45am Sep 6, 2011 8:45am
Quoting highlander2
Capital preservation is number 1 in this job, number 1!
For all the "rookies" in this thread listen to this, it's probably the most basic yet most important lesson in this game.


Quoting nubcake
lol. days like today make me smile!!!!

nothing like a bit of a slaughter to teach some lessons.
Spare the rod, spoil the child
  • #20
  • Sep 6, 2011 9:03am Sep 6, 2011 9:03am
ok enough of that. let's get real for a moment.... nothing happened today. it was CLEARLY one big stop hunt by brokers catching out all the retail traders. they all synchronized their watches so that they could all manipulate their feed at exactly the same time and make it look like it was a news spike. tricky bastards.

Congratulations ScalaFX for coming out of the closet!
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