Spider's Den

Thanks for sharing Wuza!

However, I doubt they care too much about the fines. They must have stolen 5 times the fines.

Hey T, great webinar today, I always enjoy your teachings and your intraday/weekly analysis is in my opinion- very accurate. I have some weekly and daily positions I am managing but as we approach the holidays I will frequent your thread more because your methods are more likely to generate traction. You are spot on about forex manipulation and I'm glad you are bringing more attention to it. Please keep up the good work, I appreciate it.

Mike

Ands thats true also.

Thanks Mike, will do it definitely!

GBPAUD shows nice confluence around 1.8060-70 for a fresh short trades. In that case stop is 8090 and we should try to exploit so called "fading the strength" move. Intraweek fibs and trendlines ( which have been broken) suggest a pullback towards H5, 38.2 , previous support-resistance breakout retest ( marked with orange ). Target is the ascending trend line which is thrusting L4 ( green line ). Deeper pullback in this case to above mentioned region could give us nice r:r.

Interesting read guys. Read this http://www.ft.com/intl/cms/s/0/44dca...#axzz3JQ8ymfKb

I will publish an article about these things soon. One of the reasons why we should always trade with low risk. Brokers are just using liquidity providers so its not their fault. I always get the compensation from slippage with my brokers, even if they have the right not to refund it. So its the banks we should blame.

The yen behaves strangely so far on such upbeat US data.

Hello friends,

I am new here. it`s my first post. welcome me. i want to be part of this thread

Welcome Razon. Feel free to comment and analyse.

Thank you very much

My two cents on my beloved Yen. Don't listen to me, because I am a noob, thinking out loud. Correct me, if I am wrong.

Decided to sell USDJPY at about 116.79. .85 seems to be a resilient threshold, that held throughout the day despite the good news and good performance of the US indices. We also see some bearish divergence, that favours the shorts. SL at 117.06 resistance. Watch out for the BOJ statement in the morning (09:30EET).

Hey GC, i always listen to trader's opinions. No matter what, trading job is pretty subjective. I always love to see when a trader take an independent action no matter if he is right or wrong. 116.80 is indeed a good level for shorts as SL is above 117.00. Divergence should be confirmed also by other indicators or patterns. H4 shows divergence, now we need to see Asia action.Dont expect divergence to work in low volatile market. That is why div is always best traded during active session.

Perfectly right again.

What about 'gbpaud' ? It going up..

Today there will be another FOMC meeting so pay attention to potential trades and try to manage the positions accordingly. EURUSD shows confluence around 2515-25 and a pullback to the region might give another possibility for longs. 2550 is also another interesting spot as Breakout trade could push the pair towards 2590 and 2635. We have 2 trend lines , one intraday and one intraweek. Both show a confluence with POC ( L3, dpp, fib). The pair is also trapped in a symmetrical triangle. Pay attention to setups before FOMC as FOMC could negate technicals completely.

Setup was valid yesterday. Target was hit but the price didnt pull to POC. Once the price hits the target, we assume that setup has been played out.

In profit now.

This is the article I wrote today:

Major Forex Banks Penalised over Manipulations: Key takeaways for retail traders


As we could all witness on major financial publication there have been some major stop hunts and grabbers last couple of months. What may come as a surprise to the majority, comes as no surprise for us, traders, as we can see the “invisible” on charts.

We will cover several examples of manipulations. As you all probably know - approximately $5 trillion is traded every day, London is trading approximately 40 % of the overall volume. The price is affected by numerous micro/macro economic factors including but not limited to the changes in price of gold, oil, everyday fundamentals, geopolitical data.

In order to efficiently evaluate a currency pair we need to understand the so called “FIX”. Each pair price is fluctuating on a daily basis by huge number of pips. The FIX presents benchmark rate which measures the value of currencies related to each other, e.g. GBP to USD, NZD to USD etc. Interestingly the fix happens at a specific time of the day. Most widely followed fixes are WM/Reuters fix and ECB fix.

The WM/Reuters fix is measured around 4 PM and it last for 1 minute, while the ECB fix around 1:15 CET. We have witnessed reports that many banks have been trying to manipulate the rates and benchmark rates. Those reported were HSBC, JPMorgan Chase, Citigroup, the Royal Bank of Scotland and UBS and Bank of America. They were accused that the traders at different banks met in online chat rooms and worked on trading strategies, particularly in the moments before the fix was determined, so that their own banks could profit. The dispute will should be settled with Office of the Comptroller of the Currency. (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter,regulate, and supervise all national banks and thrift institutions and the federal branches and agencies of foreign banks in the United States

Attached Image (click to enlarge)

This was the manipulation which happened in October. I was caught by this one.
Next day, same thing but now they cleared weak longs



Its time to stop this practice, because there are simply no method or strategy which can save you from manipulations. The solution is simply installing new technology which could deal with it. Not just server technology but new supervisory framework with HUGE penalties if mischief is detected. Unfortunately if these things continue to happen, FX market public image will definitely be impaired and stained. The penalties including guilty pleas and big fines, are likely to wait until next year. That will give the opportunity for FED and Department of Financial Services in New York, two regulators that sat out Wednesday’s deal, to join the meetings and extract their own huge penalties for currency manipulation.


Your system and your Forex Mentors should always advocate you how to deal with unexpected things. One of the things I am always teaching is - trading with low risk. Using 0.3-0.5 % of a risk in a trade will keep you safe. Also placing a protective stop is a MUST.
You need to always take precautions and its not just your system its the way you trade. Its you-your psychology. So everytime you want to trade successfully talk with your FX mentors, 97 USD pdf systems will not keep you safe - Its the methodology that counts.

Its a good thing that this came to surface as it initiates the positive steps towards more sustainable and reliable Forex. The mere fact that just four years ago this matter would have never been made public means that regulators are trying to catch up with their responsibilities to nurture the controversial industry (fingers crossed). I do believe this is the bread and butter for you ( as it is for me ) so we need to keep working and playing it safe to bring all positive sides of our profession to the surface.

Great article ​