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EURUSD

  • #544,441
  • Sep 27, 2011 6:50pm Sep 27, 2011 6:50pm
Quoting PipKiller
SNB said this is the bottom and they can buy all the euros they need to buy to keep it above 1.2000

Trading without stops is gambling, not trading.

Attachment
And what happens when the SNB gets tired of buying? The foreign exchange market is dynamic. It sets itself. Nobody, I repeat, nobody can set a floor or ceiling for any pair. They could mark up prices, but for how long??? The Euros bought to keep it above... is it Notes, Bills or Bonds? It will definitely expire. Any manipulated market will always return to normal. It's just a matter of time. See the EURUSD version of that day...
Attached Image (click to enlarge)
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Don't just beat the markets, leave bruises.
  • #544,442
  • Sep 27, 2011 6:54pm Sep 27, 2011 6:54pm
Quoting Motion
And what happens when the SNB gets tired of buying? The foreign exchange market is dynamic. It sets itself. Nobody, I repeat, nobody can set a floor or ceiling for any pair. They could mark up prices, but for how long??? The Euros bought to keep it above... is it Notes, Bills or Bonds? It will definitely expire. Any manipulated market will always return to normal. It's just a matter of time. See the EURUSD version of that day...
happens same sh.t like with jpy & boj ...resistance is futile
  • #544,443
  • Sep 27, 2011 7:19pm Sep 27, 2011 7:19pm
Quoting PipKiller
Hope you were not trading the EUR/CHF with a leveraged account like that 3 weeks ago. I wonder how many accounts were blown out as she blew past stops with major slippage. Wonder how many traders owe their brokerage money because they couldn't close the positions and margin calls fast enough.

1000 pips 3 hrs. The Swiss National Bank put a floor on this pair at 1.2000.

She ain't coming back anytime soon... mabey never... SNB said this is the bottom and they can buy all the euros they need to buy to keep it above 1.2000

Trading without...
Thats a good question. Is the broker who lose or the trader. let say you add put a stop-loss on that pair, but the stop loss was in the gap, what appen to your account? Is this the broker fault or not ?
  • #544,444
  • Sep 27, 2011 7:25pm Sep 27, 2011 7:25pm
Quoting Motion
And what happens when the SNB gets tired of buying? The foreign exchange market is dynamic. It sets itself. Nobody, I repeat, nobody can set a floor or ceiling for any pair. They could mark up prices, but for how long??? The Euros bought to keep it above... is it Notes, Bills or Bonds? It will definitely expire. Any manipulated market will always return to normal. It's just a matter of time. See the EURUSD version of that day...
The point was can someones account with no stop loss survive such a move. Even a spike in a crossed currency that falls back like the eurusd and the others did.

Historicaly most, not all, interventions fail. The SNB has done this before, and were successful in holding the line as long as they wanted.

Now when Japan does it, game on, I'm shorting it.... with a SL in case I am in wrong. If the Swiss do it I use it as a floor to put a SL under and go long when price comes back to their line in the sand. I thought it was nice for them to give me a target to aim for. Don't be surprised if they raise the peg more as their exporters are crying for 1.40 and they are an export driven economy with the bulk of their stuff going to europe. If they do, you'll see spikes everywhere.

Several countries peg their currencies and only let it float where they want it..... Like China

How do they do it...... Just like "twist it again Ben" Bernanke.... print more money.
I don't care which way the market is going as long as it's going my way
  • #544,445
  • Sep 27, 2011 7:47pm Sep 27, 2011 7:47pm
Quoting Link
Thats a good question. Is the broker who lose or the trader. let say you add put a stop-loss on that pair, but the stop loss was in the gap, what appen to your account? Is this the broker fault or not ?
Trader loses, not the broker.

Most SL orders are stop market which means they become market orders as soon as they are hit or passed in the case of a gap. You will not always get your exact price, you get best price they can fill you and you're out.

A stop limit order only fills at the price YOU specify. It can go back and forth through it without ever being triggered.

Don't use stop limit orders for stop loss.
I don't care which way the market is going as long as it's going my way
  • #544,446
  • Sep 27, 2011 7:58pm Sep 27, 2011 7:58pm
Quoting PipKiller
Trader loses, not the broker.

Most SL orders are stop market which means they become market orders as soon as they are hit or passed in the case of a gap. You will not always get your exact price, you get best price they can fill you and you're out.

A stop limit order only fills at the price YOU specify. It can go back and forth through it without ever being triggered.

Don't use stop limit orders for stop loss.
what should we use then? I dont want this appen to me
  • #544,447
  • Sep 27, 2011 8:01pm Sep 27, 2011 8:01pm
Quoting Link
what should we use then? I dont want this appen to me
Trade less. Thats the lesson I learnt on that week.

KC.
  • #544,448
  • Sep 27, 2011 8:27pm Sep 27, 2011 8:27pm
Quoting Link
what should we use then? I dont want this appen to me
Any time you are in the market there is risk. If you get caught in something like this, SL gets hit but you end up with slippage, you deal with the hand you were dealt and move on and thank your higher power you were not the guy that rode it to the end.

Best you can do is plan the trade and trade your plan and manage the risk to no more than 1-2% of you account balance risked per trade. Don't try to trade the market during big news anouncements and consider not holding weak positions over a weekend which is when most gaps occure in the FX market.

Somebody is going to have to correct me if I'm wrong here. I'm used to using more advanced platforms like tradestation and MBT desktop pro with more complex order entries available than the basic retail platforms out there have.

IIRC more basic platforms like metatrader you put in an order with stop loss and take profit and you are done. You should be able to call your broker and get an answer if their stop loss orders are stop market orders or stop limit orders.

Those fancy buy/sell 1 click trading buttons that you can push for instant gratification, like punching buttons on a video poker game... I never, never, never use them and have removed them from my platform completely.
I don't care which way the market is going as long as it's going my way
  • #544,449
  • Sep 27, 2011 8:39pm Sep 27, 2011 8:39pm
good morning folks

euro is consolidating on all time frames currently and certainly not a good time to trade, need to wait for more volumes to kick in

http://easycaptures.com/fs/uploaded/570/2820518655.jpg
  • #544,450
  • Sep 27, 2011 8:46pm Sep 27, 2011 8:46pm
Quoting hindustani
good morning folks
Well, good morning to you. And good night to me, it's almost my bed time.
I don't care which way the market is going as long as it's going my way
  • #544,451
  • Sep 27, 2011 8:52pm Sep 27, 2011 8:52pm
Quoting PipKiller
Well, good morning to you. And good night to me, it's almost my bed time.
well i should use the official forex greeting then

Good MAE [ Morning Afternoon Evening ] as the case may be
  • #544,452
  • Sep 27, 2011 8:57pm Sep 27, 2011 8:57pm
did the gap occur on with every broker or just with cheaper ones?
  • #544,453
  • Sep 27, 2011 8:59pm Sep 27, 2011 8:59pm
Quoting hindustani
well i should use the official forex greeting then

Good MAE [ Morning Afternoon Evening ] as the case may be
That's awsum. Thanks for the laugh.

Have a great trading day. I'm out.
I don't care which way the market is going as long as it's going my way
  • #544,454
  • Sep 27, 2011 9:05pm Sep 27, 2011 9:05pm
Quoting Link
did the gap occur on with every broker or just with cheaper ones?
the only gap i know of is with women

i never saw any gap on my forex charts this week.
  • #544,455
  • Sep 27, 2011 9:06pm Sep 27, 2011 9:06pm
Quoting Link
did the gap occur on with every broker or just with cheaper ones?
I assume you are asking about that eurchf chart pic I posted. That wasn't a gap. that's a giant green candle and it happened everywhere. SNB drove the price up there and are holding that pair above that level for now.
I don't care which way the market is going as long as it's going my way
  • #544,456
  • Sep 27, 2011 9:28pm Sep 27, 2011 9:28pm
Quoting PipKiller
I assume you are asking about that eurchf chart pic I posted. That wasn't a gap. that's a giant green candle and it happened everywhere. SNB drove the price up there and are holding that pair above that level for now.
Im my dailychart I have a big green candle too. but in the 1 min and 5 min I have a huge gap
  • #544,457
  • Sep 27, 2011 9:31pm Sep 27, 2011 9:31pm
Quoting Link
Im my dailychart I have a big green candle too. but in the 1 min and 5 min I have a huge gap
close mt4

then delete the history files *.hst and open mt4 again

if the gap persists then it was a faulty price feed, nothing more, no need to worry.
  • #544,458
  • Sep 27, 2011 9:40pm Sep 27, 2011 9:40pm
H4 bear signal still remain. Both positive H1 & negative H4 coming to neutral.
Waiting for london open.
You cannot learn better without losing
  • #544,459
  • Sep 27, 2011 10:03pm Sep 27, 2011 10:03pm
  •  XDorkX
  • | Joined Sep 2011 | Status: I'm Polish & better looking than U | 183 Posts
It seems eerily quiet, I wonder if the Bernanke speech has something to do with this. Really exciting times to trade, unfortunately I still suck at it.
  • #544,460
  • Sep 27, 2011 10:05pm Sep 27, 2011 10:05pm
Quoting XDorkX
It seems eerily quiet, I wonder if the Bernanke speech has something to do with this. Really exciting times to trade, unfortunately I still suck at it.
Working the Lower TF's on this will give ya a better understanding of the techs as applied to charting then you ever seen in the world of Stocks. Given the rapid and ready movement action round the clock, you get to see and understand shit they only talk about but takes years to learn in the charting game.

Applying this information back to the stocks, and you will see how kewl this shit actually can be, not just in reverse as you see in books, but applied as it is in realtime.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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