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Attachments: The CHF tsunami - 15 January 2015
Exit Attachments

The CHF tsunami - 15 January 2015

https://twitter.com/AndrewButton4

I was floating around twitter and saw this guy tweet

Closed Buy EURUSD 1.1798 for -159.0 pips, total for today -2157.1 pips

and then the list goes on. If he's an investment guy, I bet you he was leveraging and making his pip value 10 or 100 a piece.

Anyone else about to jump off a building right now??
Quoting The Jackal
According to a regulatory filing, the IG Group (LON:IGG) is facing up to £30 million in losses after this morning, the Swiss National Bank having caused excessive volatility on the foreign exchange market. “The precise level of the impact will be partially dependent on the Company’s ability to recover client debts, but in total it will not exceed, from market and credit exposure,” the company said in a statement. The extraordinary market exposure occurred...
Excellent analysis. The unwinding of this mess will not happen quickly.
Audentes Fortuna Juvat
Insane move. Fell straight to 87 support.... I wonder if they'll crush people and move it lower... probably an inevitable move lower and then come back up and go on a huge rally? CHF is obnoxiously over valued ... it was over valued before today too! this should be great play... Everyone's long right now.... 90%+
Quoting Ck87
Insane move. Fell straight to 87 support.... I wonder if they'll crush people and move it lower... probably an inevitable move lower and then come back up and go on a huge rally? CHF is obnoxiously over valued ... it was over valued before today too! this should be great play... Everyone's long right now.... 90%+
I got burnt several years ago with the CHF. Hate it now with a passion and will never trade it again. Agree though, today will be an interesting day!
Audentes Fortuna Juvat
Quoting Nijee
{quote} I got burnt several years ago with the CHF. Hate it now with a passion and will never trade it again. Agree though, today will be an interesting day!
Today was already interesting... what comes after today is what I'm wondering about .. haha. 87 should definitely be a support level and I guess it already was some people got a nice move there. But I can't help but think they will knock it down at least another 200 pips or so to stop people out and cause more pain, but i have no doubt what so ever this thing will reverse hard in the near future. Dollar strength is here to stay.
I would take this guys job any day of the week, clearly he isn't good at what he does.
Quoting Ck87
Insane move. Fell straight to 87 support.... I wonder if they'll crush people and move it lower... probably an inevitable move lower and then come back up and go on a huge rally? CHF is obnoxiously over valued ... it was over valued before today too! this should be great play... Everyone's long right now.... 90%+
dont , we juist see a first wave. every time pa moves towards the 5ema it just gets bounce down. i wont sell either, wait out for a better level this few days.
Quoting The Jackal
Mostly known for taking place between retail brokers and their customers, the table has been turned with brokers receiving word from banks that some of their trades with them have been cancelled. -
This is exactly what happened.
Think : Trade : Live Life
This is from Ava Trade:


Quote
Dear Client,

Due to today’s unexpected CHF Central Bank action, some orders and positions have been executed or filled in an illiquid market.
When a true market has been established, all orders and positions that were executed will be reviewed to reflect the true market.
This may result in a worse execution rate than the originally filled level.

Trading Room
Quoting The Jackal
This is from Ava Trade: {quote}
I have received the same just from another broker
In a surprise move, the Swiss National Bank concluded today that the 1.20-per-euro cap is no longer justified, and, additionally, cut the interest rate on sight deposits and the target range for the 3-month LIBOR.
All this resulted in a 20% surge of the Swiss currency against EUR and other majors.
Due to today’s exceptional market volatility in CHF currency pairs, all brokers and banks worldwide, including Admiral Markets and its liquidity providers, have been filling orders in extremely abnormal market conditions.
Once the true market liquidity will be established with more clarity, all executed fills will be revised and amended to more accurate levels.
This may result in a worse execution fills than currently reflected in your account's history.
We are doing our outmost to speed up the revision, however, please be aware that the end-of-day account statement for January 15th with any transactions in CHF may be recalculated.
We kindly apologize for any inconvenience this may have caused.

Best Regards,
Quoting The Jackal
This is from Ava Trade: {quote}

means , if long XXX/CHF your account will be wiped out , if short XXX/CHF u wont get a fill for max profit !
For those worried about negative balances. Some brokers have a "No Debit Balance Policy". This is the case for FXCM: http://www.dailyfx.com/forex_forum/o...e-account.html. They will not hold any clients liable for negative balances. I was out of all CHF pairs, so I had no problems today. Thought this info might be useful for those of you who had issues.
From GoMarkets:


Quote
IMPORTANT MESSAGE TO CLIENTS

Due to actions today of the Swiss National Bank financial markets are at exceptional high levels of high volatility and low liquidity.

At this time there is also an exceptional number of trade enquiries which cannot practically be handled by our liquidity providers.

We are handling client enquiries as efficiently as possible and we ask that you have patience during this period of extreme volatility


and then...


Quote
Dear Clients,

Upon today’s extreme volatility and low liquidity all currency pairs in Swiss Franc (CHF) have been placed to ‘Close Only’.

This means that you may close positions that you have already open. You will not be able to open new positions in CHF currency pairs.

We are monitoring the markets and will resume full trading when it is practical to do so.

We thank you for your understanding and please contact us with any questions.

Regards,
From FxPrimus side, my account has reached margin call due to a USDCHF long. The wick bottom goes down to as low as 0.30758 as compared to other brokers' quote ranging from 0.7-0.9. My USDCHF in fact get closed at 0.36066 (6.6k pip+ loss). My account would have sustained if not due to the unusual quote. Other than that some of my other USDCHF with SL has slipped more than 100pip Still waiting my broker to give an answer for this.

What I get from them so far:

Thank you for contacting FXPRIMUS. We completely understand your concerns and have escalated your audit request. We will revert back to you as soon as possible. Your patience is greatly appreciated at this time.

Warm regards,
FXPRIMUS Support

Attached Image
Quoting tankokjian
{quote} dont , we juist see a first wave. every time pa moves towards the 5ema it just gets bounce down. i wont sell either, wait out for a better level this few days.
Yeah looks like they'll destroy the majority.. shocker.
Think about the fact that the CHFJPY is trading at 130+ and the pound/yen is at 177... hmmm...
Quoting Marzullo
{quote} Ahahaha, by the way it could be worse: " You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities in your account. " This statement is from MB Trading They will chase you until you give all your belongings, I've read of accounts at -200k
You've posted this same message in 6 different threads by now.
I question your reading skills. The paragraph in bold just says that they can force the sale of other securities in your account. If you have none, there is nothing to be sold.
Wow what a total slaughter...
Quoting pinktrade
And here everyone will see what it means to have a good broker VS to be customer of bucketshops. I hope that all that took a loss during this event will not be charged by brokers with bills greater than the accounts. If there is something worstother than losing an entire trading account, that will be to lose more than that, and I don't wish that to anybody. All SL's should have been filled by reputable brokers. By reputable I mean honest - as much as a broker can be when we're talking money. I'm just happy that I saved 2 guys from getting their...
"
You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities in your account.
"
In case you are unaware, this is spamming....... It's getting old already pal.....


Quoting Marzullo
{quote} " You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities in your account. "
SPC * Swollen PocketZ Crew!
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