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EUR/CHF

  • #13,981
  • Jan 16, 2015 10:57am Jan 16, 2015 10:57am
Me too. Makes me appreciate them even more.
  • #13,982
  • Jan 16, 2015 10:59am Jan 16, 2015 10:59am
Quoting Sherpa
{quote} They may have been told by the SNB to be ready for a floor drop. They are a Swiss bank so I have no doubt the SNB informs Swiss banks before large moves in order to protect them. I may go short on Oct 12 The peg was never meant to be there forever.
Yes. I called it a few months ago when Dukascopy sent me the email about a change in leverage to 10:1
  • #13,983
  • Jan 16, 2015 11:21am Jan 16, 2015 11:21am
Looks like FXCM are trying to stay alive: -
http://www.bloomberg.com/news/2015-0...on-rescue.html
  • #13,984
  • Jan 16, 2015 11:23am Jan 16, 2015 11:23am
Attached Image


Is that a time of the next bazooka by SNB?
osarun
  • #13,985
  • Jan 16, 2015 12:18pm Jan 16, 2015 12:18pm
Sooo what do you all think for direction? This pair is going to move...A lot...over the next few weeks. where?


If the Swiss become a safe haven again as it was before 2011 and with euro starting QE next week, My feeling is a very strong move up. But really that's just a guess that I wouldn't dare trade on.

For once I honestly feel like this pair will be simply fundamental based trading until it finds a comfortable price. My guess is we'll see a few 300 pip days on this pair easily.
  • #13,986
  • Jan 16, 2015 12:27pm Jan 16, 2015 12:27pm
Wouldn't be surprised if this was the biggest shake-out of all time and we're back at 1.20 before you open your easter egg
Where price is now, it has been before, and will be again.
  • #13,987
  • Jan 16, 2015 12:29pm Jan 16, 2015 12:29pm
Quoting osarun
{image} Is that a time of the next bazooka by SNB?
yeah by this swiss mafia bank will prove to the world with no doubts what a bunch of idiots they were all the time

instead of intervening from 1.20 they ruin people lives including the ones who r out of work after many brokers got out of business for the swiss mafia bank to intervene from 1.0 later!!!!
  • #13,988
  • Jan 16, 2015 12:29pm Jan 16, 2015 12:29pm
Quoting thelostpip
If the Swiss become a safe haven again as it was before 2011 and with euro starting QE next week, My feeling is a very strong move up.
Ponder that statement very carefully....look closely at each point you bring up...
"Holy Grail" exists - accepting where is the first step.
  • #13,989
  • Jan 16, 2015 12:32pm Jan 16, 2015 12:32pm
The longer things stay the same, the more they need to change....
Quoting VaBikePacker
{quote} Ponder that statement very carefully....look closely at each point you bring up...
Where price is now, it has been before, and will be again.
  • #13,990
  • Jan 16, 2015 12:46pm Jan 16, 2015 12:46pm
sorry to those whos brokers went under tonight...

but back on topic, did the SNB give a reason for removing the peg? QE coming? i assume the pain this will cause the swiss economy is still there from when they put the peg in originally?
  • #13,991
  • Jan 16, 2015 12:54pm Jan 16, 2015 12:54pm
I'll be posting announcements of many brokers regarding yesterday disaster, it will take some posts, anyone interested?
  • #13,992
  • Jan 16, 2015 12:55pm Jan 16, 2015 12:55pm
Quoting rodoid
If you can be responsible for bringing your account back to zero (which understandable because we deal with a zero sum game, where those who lose must pay those who win), theorically you will never know how much you really risk because it can be several times the amount of your account, depending on the price at which your SL is filled... My question: is a low leverage the only way to avoid these kind of problem? Thank you
The only way to avoid the problem is by using common sense. As much as the SNB were irresponsible, we all knew that the day was coming. EURCHF was at the floor for 2 months; it survived the gold initiative, SNB surprisingly cut rates but it returned to the floor with the threat of ECB QE coming next week. The market was overwhelmingly long and most fx traders lose money so it did not need a scientist to tell that the SNB were going to take a massive step in either removing the floor or moving the floor to 1.3, both of which were going to involve multi-hundred pip rallies that could easily go for or against you. To put it simply, the reward was never worth the risk and this is why I stopped trading CHF.

Also, investigate your broker and ask them what they would do with your funds in the case they go insolvent. I did the same with Pepperstone two months ago and they gave me assurances that I would get back my money if they go insolvent. Looks like they survived unscathed for the most part.

Got to read and analyze things as traders and not only click buy/sell. Of course hindsight is 20/20
  • #13,993
  • Jan 16, 2015 1:00pm Jan 16, 2015 1:00pm
"To put it simply, the reward was never worth the risk and this is why I stopped trading CHF."
Well said
Where price is now, it has been before, and will be again.
  • #13,994
  • Jan 16, 2015 1:06pm Jan 16, 2015 1:06pm
Quoting Mr-Smith
Looks like FXCM are trying to stay alive: - http://www.bloomberg.com/news/2015-0...on-rescue.html
To say that client losses made the firm insolvent is wrong... What made this firm insolvent is the poor performance in managing the drop in EURCHF. This is something that was cooking in the background there was a 50/50 chance that it could ocurr and their obligation was to be prepared to manage and close all accounts at 0 equity, nothing else but failing to protect their clients funds is what made FXCM and others insolvent. Their stock was suspended in pre market after -88% . To try and put the blame on their customers is only making it worse for them.
  • #13,995
  • Jan 16, 2015 1:14pm Jan 16, 2015 1:14pm
Quoting VaBikePacker
{quote} Ponder that statement very carefully....look closely at each point you bring up...

Believe me...I have been. I don't plan on touching for awhile. I just want to hear what other people think about its current price. Too high or too low?


What were you thinking?
  • #13,996
  • Jan 16, 2015 1:19pm Jan 16, 2015 1:19pm
Quoting gameofpips
{quote} The only way to avoid the problem is by using common sense. As much as the SNB were irresponsible, we all knew that the day was coming. EURCHF was at the floor for 2 months; it survived the gold initiative, SNB surprisingly cut rates but it returned to the floor with the threat of ECB QE coming next week. The market was overwhelmingly long and most fx traders lose money so it did not need a scientist to tell that the SNB were going to take a massive step in either removing the floor or moving the floor to 1.3, both of which were going to...
Eurchf buyers knew that the cap wasn't gonna stay forever, we didn't wait for 1.30 either, the reward was surely worth the risk that was never meant or seen to be this early as yesterday Swiss Mafia Bank threw the towel from a panic reckless decision.

Do you know how much money buyers profited after the first cut and rally to 1.2097?? Do you know that we needed similar spikes twice maybe, nothing more no 1.30 to careless if Swiss NB remove the cap or not later.

Personally, withdrew all my profits from the 1.2097 and all past months ones, keeping my initial deposit amount that's way less than the amount withdrawn.

Yeah, we buyers were in greed, maybe over leveraged but it didn't matter at end in a 500 pip 1 minute fall and 2000 pip in5 minutes, no account could had resisted it, even with stop loss rare are clients who got filled for 20-30 pip, most brokers had from 1.20 to directly 1.03 or 1.05 low!!

Finally, we buyers were as hurrying to make more profits and withdraw as much as possible then tell Swiss NB Fxck off do what you want.
Even after Swiss Mafia Bank yesterday disgrace, who worked smart at past, afforded the loss yesterday, regardless if the amount of loss was big, bcoz at end it is looked at from the point of view of how much deposited money and how much added profits on it in a time interval......Even if the only left amount in account was the deposited subject for free withdrawal, it will be a good news for many traders looking at others including big companies massive losse.

It's all about how much u can survive in this market especially in the most bad historical days like yesterday, this is the real accomplishment.
  • #13,997
  • Jan 16, 2015 1:19pm Jan 16, 2015 1:19pm
Quoting Jenx
Wouldn't be surprised if this was the biggest shake-out of all time and we're back at 1.20 before you open your easter egg
well said, euro melt down might be priced in, so the QE "might" be the euro bull sign
For those who still think they Will have to sell a house to pay for negative account, and what to do etc... simple, give the house to wife, mother, father etc, so that you owe nothing, and then declare bankrupcy. This is legal, thats how i cant get my money in core bussiness (nothing related to financials), and no lawyer and no court cant get it, if nothing is written on you, not french lawyer, not L L., not RO L., not IT L., not SLO L., and no UK L.... (L-Layer), period...the same goes to brokers, file for bankrupcy, and noone cant claim money from You (those who still have accounts, etc) i mean they can but they wont get it, if no money , so this is how it is. If you are a brokers customer uninstalled evrything, file for bankrupcy, same thing if you are a broker, and cant pay them, do the same, what you have ...sell to friends etc, then file for bankrupcy. Now ill go Quite
its just money
  • #13,998
  • Jan 16, 2015 1:20pm Jan 16, 2015 1:20pm
Quoting thelostpip
{quote} Believe me...I have been. I don't plan on touching for awhile. I just want to hear what other people think about its current price. Too high or too low? What were you thinking?
I'm thinking that I really don't want to be thinking about CHF at the minute!
  • #13,999
  • Jan 16, 2015 1:25pm Jan 16, 2015 1:25pm
Quoting de123
{quote} well said, euro melt down might be priced in, so the QE "might" be the euro bull sign For those who still think they Will have to sell a house to pay for negative account, and what to do etc... simple, give the house to wife, mother, father etc, so that you owe nothing, and then declare bankrupcy. This is legal, thats how i cant get my money in core bussiness (nothing related to financials), and no lawyer and no court cant get it, if nothing is written on you, not french lawyer, not L L., not RO L., not IT L., not SLO L., and no UK L.......
Exactly. Or withdraw cash from banks and hide it somewhere Anyway, i doubt any broker who's asking for coverage of negative balance have the money to sue 100s of clients, they are just threatening to steal some money to cover part of their huge losses.
  • #14,000
  • Jan 16, 2015 1:38pm Jan 16, 2015 1:38pm
Quoting Harris27
{quote} Do you know how much money buyers profited after the first cut and rally to 1.2097??
That spike to 1.2097 was just a 97 pip spike at most. As at last check, they are more risk-proof ways of making 97pips than on betting on a 3 year old floor (instituted by the former governor of a CB that has been plagued by insider trading) that is being pressured by fundamentals from a bigger CB. If you bet on Aussie jobs to be strong this week, you could have made the 97pips and risked maybe 10 or 20 pips as your SL. I maintain it was never worth the risk of negative swap and a multi-hundred pip rally against you.
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