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What the ^&*%% just happened?

  • #41
  • Sep 6, 2011 2:37pm Sep 6, 2011 2:37pm
Quoting BongaBonga
There was also a Up Price Pivot that had formed on the Friday candle. At the very least based on that you would have been long.

I wasn't that surprised by the move from a technical stand point. I was surprised by the size, but not the direction. the USD/CHF was trending positive for hours leading up to the announcement. There was also talk for weeks about how the Swiss weren't happy about how strong the Franc had become and that they have an interventionist central bank.

Think about it, if a candy bar cost $10, don't you think some currency...

Ah please, the SNB hasn't set a floor since 1978, don't go telling us now you saw it coming.

Even if the big boys saw it coming, they would have priced it in, we jumped 1200 pips, yup the big boys had expected it and priced it in.

Gimme a break.
  • #42
  • Sep 6, 2011 2:45pm Sep 6, 2011 2:45pm
Quoting cloggie
The same goes for all those threads on the systems and strategy forums here and elsewhere. Nobody who has "cracked" it is going to post his lifelong work on FF.

FF is a place to have a bit of fun, call a few trades, shoot the breeze, discuss some fundies if you are so inclined and pass the time waiting for setups or for trades to hit your TP's.

The ones you want to learn from are never ever going to teach you.
The trading systems part of the forum is simply a joke. I love the
"Some random Assholes guide on how to make 100s of pips in 5 minutes every day!!!"

Sometimes funny to just go into there and laugh... until you realise how sad it really is =/
Trading discussion has some fun threads from time to time but even the thread where i really consider myself to have grown up as a trader (Price is everything), i havent visited them in fucking ages. FF is a place i log onto when im swinging or waiting for stuff to develop. When im in scalping mode i rarely ever am on FF.

Forexfactory should be seen as entertainment and something to kill time when you cant sleep yet but are in no condition to trade.

Oh well, last 15 minutes of dax but ive been done since an hour or so ago. Need some sleep now.

Take care guys, thanks for the laughs in here. See you in the next "OMFG WTF JUST HAPPENED???!! WHY EMA CROSSES DIDNT INDICATE THIS WAS GOING TO HAPPEN OMFG" Thread.
  • #43
  • Sep 6, 2011 2:47pm Sep 6, 2011 2:47pm
Quoting Orbital
The trading systems part of the forum is simply a joke. I love the
"Some random Assholes guide on how to make 100s of pips in 5 minutes every day!!!"

Sometimes funny to just go into there and laugh... until you realise how sad it really is =/
Trading discussion has some fun threads from time to time but even the thread where i really consider myself to have grown up as a trader (Price is everything), i havent visited them in fucking ages. FF is a place i log onto when im swinging or waiting for stuff to develop. When im in scalping mode i rarely...

Yup.

If you ever see me teaching, sharing or give out a signal service, my FF account has been hacked and you'd better ignore everything I write.

I may give an occasional hint, discuss the underlying fundies, share some trades in progress, and tell you occasionally where I TP.

Just don't waste your time asking what made me decide to enter or exit the trade, you are just p1ssing away bandwidth.
  • #44
  • Sep 6, 2011 2:50pm Sep 6, 2011 2:50pm
Quoting cloggie
Ah please, the SNB hasn't set a floor since 1978, don't go telling us now you saw it coming.

Even if the big boys saw it coming, they would have priced it in, we jumped 1200 pips, yup the big boys had expected it and priced it in.

Gimme a break.
http://www.bloomberg.com/news/2011-0...-be-legal.html


This is from August 11th. I randomly pulled it up on google news, there are better examples out there. They have been talking about it for a while. Also, it's not like the head of the SNB woke up yesterday and pulled 1.2 EUR/CHF out of the air. There had to have been planning and discussions. Don't tell me you think all of that was kept super secret from everyone.
  • #45
  • Sep 6, 2011 2:51pm Sep 6, 2011 2:51pm
omg this is some good stuff here today.... Good luck all.
Do your time and enjoy the ride...
  • #46
  • Sep 6, 2011 2:51pm Sep 6, 2011 2:51pm
Cloggie et al, don't project your own negative attitude onto everyone else here. Maybe YOU don't know what you are talking about.... maybe YOU have no desire to help total strangers find their way... maybe YOU don't ever post live trades around here... maybe YOU never call trades before they happen... but there are some of us that can, and do, and we don't feel the least bit threatened that we will lose our edge in the process.

As proof, in my Stairsteps thread over the past 10 weeks I have called nearly 30 live trades just with G/U M15, and have taken many more besides. My personal hit rate is well over 90%, and many of my members are following very closely behind. I realize such claims/proofs are rare around here, but never say never, is all I am trying to say.
To improve is to change. To perfect, is to change often.
  • #47
  • Sep 6, 2011 2:52pm Sep 6, 2011 2:52pm
Quoting BongaBonga
http://www.bloomberg.com/news/2011-0...-be-legal.html


This is from August 11th. I randomly pulled it up on google news, there are better examples out there. They have been talking about it for a while. Also, it's not like the head of the SNB woke up yesterday and pulled 1.2 EUR/CHF out of the air. There had to have been planning and discussions. Don't tell me you think all of that was kept super secret from everyone.

Well if you knew it was coming today, I hope you maxed out your credit cards, mortgaged your house and walked away with a couple of million in profits, if not you are an !d!ot or an after the fact bullshitter,

I will let others make that call there kiddo.
  • #48
  • Sep 6, 2011 2:54pm Sep 6, 2011 2:54pm
Quoting forexhard
As proof, in my Stairsteps thread over the past 10 weeks I have called nearly 30 live trades just with G/U M15, and have taken many more besides. My personal hit rate is well over 90%, and many of my members are following very closely behind. I realize such claims/proofs are rare around here, but never say never, is all I am trying to say.

Dude, if you are that good, and so willing to share your exact style and strategy, send me a PM with your contact details, I can hook you up with the big boys and have you seeded easily with 10-20Mn. Why are you wasting your time giving it away here for free. On a basic fee structure you can rake in a couple of mill a year. WTF you doing here giving it away?
  • #49
  • Sep 6, 2011 2:56pm Sep 6, 2011 2:56pm
Quoting forexhard
Cloggie et al, don't project your own negative attitude onto everyone else here. Maybe YOU don't know what you are talking about.... maybe YOU have no desire to help total strangers find their way... maybe YOU don't ever post live trades around here... maybe YOU never call trades before they happen... but there are some of us that can, and do, and we don't feel the least bit threatened that we will lose our edge in the process.

As proof, in my Stairsteps thread over the past 10 weeks I have called nearly 30 live trades just with G/U M15, and have...

I know what your saying man. He makes tons of calls though and has opened plenty of doors for people. Just sees way more people without good sense...
Do your time and enjoy the ride...
  • #50
  • Sep 6, 2011 3:08pm Sep 6, 2011 3:08pm
Quoting cloggie
Well if you knew it was coming today, I hope you maxed out your credit cards, mortgaged your house and walked away with a couple of million in profits, if not you are an !d!ot or an after the fact bullshitter,

I will let others make that call there kiddo.

No, I didn't know it was today, nor did I expect it to be so dramatic. My point though was that it wasn't a surprise. If you were short you needed to have a tight leash on it, because otherwise you'd get burned when the peg did come.

If you feel otherwise, I'm sorry, hope you at least got something positive out of this event.
  • #51
  • Sep 6, 2011 3:10pm Sep 6, 2011 3:10pm
Cloggie, PM sent...
To improve is to change. To perfect, is to change often.
  • #52
  • Sep 6, 2011 3:11pm Sep 6, 2011 3:11pm
Quoting BongaBonga

If you feel otherwise, I'm sorry, hope you at least got something positive out of this event.

Look at my posts today, took 500 pips out of EU alone, charts to back it up.

Did I give exact entries? Feck no.
Did I share my strategy? Feck no.
Did I make money? Feck yeah.
Did I see the SNB floor (is is not a peg) coming? Feck no.
Did I have a WTF day because of it? Feck no.
Do I care the OP lost his account on 2 trades? Feck no.
Will the OP have learned his lesson? Feck no.
Will loads more retail noobies blow their accounts? Feck yeah.

Bastard out. Got a footy match to watch.
  • #53
  • Sep 6, 2011 3:21pm Sep 6, 2011 3:21pm
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.

FAIL.

Actually, most of the posts in this thread are stupid and based on fundamentally flawed logic, but I singled this one out. Doesn't mean what I'm about to post doesn't apply to most of the ppl that posted in this thread with their ridiculous replies.

First off, it would be great if people would learn how to READ.

The OP posted that he DID have a stop loss, and that's exactly why he TOOK a 200 pip loss.

Isn't that funny?

It turns out that this is a prime example of why NOT TO SET A F******* STOP LOSS.

If you give yourself a large area to work with (instead of setting a tight stop like all the idiots out there who apparently enjoy losing money), a little 200 pip fluke of a spike isn't going to do S*** to your account, and your position will have held out.

I didn't read past the first page of this thread, so I'm not sure whether the OP only gave himself a 200 pip cushion, or if the position exited because of the stupid SL ... if it's the former, then obviously all there is to say is, your position was WAY too large for your account size. If it's the latter ... well, my previous paragraph already covered that.

The end.

Failures gonna fail, and winners gonna win. Universal logic independent of any socialist b******* philosophy.



------------


EDIT: I just took a look at the charts. GBP/USD didn't move that much, only EUR/USD did ... and it wasn't even a "spike." The 200 pips of movement took place over the course of THREE HOURS.

What this situation ACTUALLY is, is a great reason why NOT to trade the overrated piss pair that is EUR/USD. When I used to trade that as a rookie, I was breaking even at BEST. The people out there that say EUR/USD is a "safe" pair or that it's "good for beginners" are either complete morons or they just enjoy being lying ass*****.

EUR/USD is easily the worst of the major pairs. Its volatility over the past couple of years has been completely out of control. Good idea to trade it if you enjoy losing money.
  • #54
  • Sep 6, 2011 3:41pm Sep 6, 2011 3:41pm
Quoting kibescorp

It turns out that this is a prime example of why NOT TO SET A F******* STOP LOSS.

If you give yourself a large area to work with.
Would you have given the same advice to someone who was planning shorting the eur/chf 15 hrs ago?
  • #55
  • Sep 6, 2011 3:49pm Sep 6, 2011 3:49pm
Quoting diy_
My stop was at 14126 but it didnt get triggered untill 14231.
Stops are stops....you need a new broker! And it also sounds like you were not using proper money management, trading the wrong account type for your trading capital or a mixture of both.....I could have a pair move hundreds of pips and i dont give a rats a*s because i trade small enough lots on my large enough account lol. But for the numb nuts talking about not using stops....have fun giving me your money day in and day out!
  • #56
  • Sep 6, 2011 3:50pm Sep 6, 2011 3:50pm
Quoting ohammond
You were trading too big a lot size if a 200 pip move the wrong way on 2 currencies wipes your account out.
Did not even see you posted in here man! lol but atleast we caught some KILLER PIPS!
  • #57
  • Sep 6, 2011 5:39pm Sep 6, 2011 5:39pm
Quoting cloggie
If your account cannot handle at least a hundred consecutive losses at max stops with max slippage, then yes your lotsize is way too big.
My gosh!! Why in the world would you even trade currencies if you feel 100 consecutive losses might actually occur?? Or spend the time and energy trading when you are looking at a few dollars per day because you spend years trading microlots?...seems like you'd be better off picking up cans or selling stuff on ebay....
  • #58
  • Sep 6, 2011 7:27pm Sep 6, 2011 7:27pm
Quoting moneymaker2
My gosh!! Why in the world would you even trade currencies if you feel 100 consecutive losses might actually occur?? Or spend the time and energy trading when you are looking at a few dollars per day because you spend years trading microlots?...seems like you'd be better off picking up cans or selling stuff on ebay....
Really? Is that the essence of what he has said here?


Let's try this:

1) Assume you had a hundred dollars in your wallet.

2) Assume you went to a casino every day and they had a game with even money odds. You risk a buck to make a buck.

3) Let's assume your goal was to go in every day walk out with another dollar (1%).

4) Let's assume that you had a proven, consistent win rate of 66.66%. How much would you walk out with every day once your goal was met.

5) Let's assume you did this 5 days a week, 50 weeks a year.

6) Let's assume you are smart and compound your earnings.


QUESTIONS:

1) What do you have at the end of the year?

2) What is more? 1% of $100......1% of $99.....1% of $98 ........ or 1% of $50? Why is this even important?

3) Now....what if you start out with 1000 bucks?

4) What if you start out with 10,000 bucks?

5) Any more questions? (Not likely if you do the math.....and can fit the profile)


(Yes....I use simple math to make a point. Yes....I know about commission....spreads....all that crap. I also know that many can/do do better than a 66.66% WR. So....let's not get anal about the math. Let's get the point.)

Regards,

Terry Benedict
  • #59
  • Sep 6, 2011 8:20pm Sep 6, 2011 8:20pm
So after 100 consecutive losses..... and 5 months of daily trips to the casino.... the casino has your money.
  • #60
  • Sep 6, 2011 8:25pm Sep 6, 2011 8:25pm
Quoting kibescorp
FAIL.

EDIT: I just took a look at the charts. GBP/USD didn't move that much, only EUR/USD did ... and it wasn't even a "spike." The 200 pips of movement took place over the course of THREE HOURS.

What this situation ACTUALLY is, is a great reason why NOT to trade the overrated piss pair that is EUR/USD. When I used to trade that as a rookie, I was breaking even at BEST. The people out there that say EUR/USD is a "safe" pair or that it's "good for beginners" are either complete morons or they just enjoy being lying ass*****.

[b]EUR/USD...
I just wanted to say amen to all that about EUR/USD. I was making losses after losses in EUR/USD (using Fibonacci and Elliot waves) simply because everyone around me (including my Forex teacher) was saying what an awesome pair it is, what a good pair it is for beginners, high volatility blah blah etc etc. I was about to give it all up until I decided to switch to the Yen and Canadian crosses. Work like magic. Totally agree that EUR/USD has gone mad. It is the worst pair for any beginner to start with.
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