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EUR/USD Before Greeks's Vote - Do You Stay In The Market? B/S

  • #21
  • Jul 5, 2015 8:24am Jul 5, 2015 8:24am
Quoting EventHorizon
{quote} Watch out. it could gap over your pending orders and then place the trade at the end of the gap, then retrace! Your stop loss WILL NOT MOVE and will be WAY back where you set your pending order. I lost a whole account this way in a gap.
Yes, you are right.... Gap will simply bypass STOP LOSS
It is the dust where you came from & it is the dust where you shall return
  • #22
  • Jul 5, 2015 8:24am Jul 5, 2015 8:24am
Quoting EventHorizon
{quote} Seems if a "no" vote Greece will have no choice but to leave the Euro EU tells Greeks they cannot use the euro after a 'No' http://www.telegraph.co.uk/finance/e...ults-live.html
I'm not sure about that. Tsipras says that even with a NO vote Greece will probably stay in the Euro but they want to negotiate about the conditions.
When they vote YES Greece is going to sign the current conditions. But anything can happen. I don't think the Eurogroup is prepared to make big concessions about the support.
  • #23
  • Jul 5, 2015 8:30am Jul 5, 2015 8:30am
Quoting EventHorizon
{quote} Watch out. it could gap over your pending orders and then place the trade at the end of the gap, then retrace! Your stop loss WILL NOT MOVE and will be WAY back where you set your pending order. I lost a whole account this way in a gap.

I did not place pending orders. I bought and sold at the same time no TP NO SL. (pointless of placing SL TP on friday close. Market will give you whatever level it opens tonight0.
I will grab profit on the first one. and follow closely when market moves on during the day.
  • #24
  • Jul 5, 2015 8:32am Jul 5, 2015 8:32am
Quoting Pipsalon
{quote} I'm not sure about that. Tsipras says that even with a NO vote Greece will probably stay in the Euro but they want to negotiate about the conditions. When they vote YES Greece is going to sign the current conditions. But anything can happen. I don't think the Eurogroup is prepared to make big concessions about the support.
Yes I tend to agree with you. But thenI don't know if the EU chiefs word is law, but if it is, if a no vote, he says Greeks can no longer use the Euro.

EU chief: Greeks need a new currency tomorrow if they vote 'No'
President of the European Parliament, German Martin Schulz has already called for a new technocratic government, warned of a social crisis, and has now made clear that Greeks can no longer use the euro if they vote 'No' today. He told German radio this morning:
"Is Greece still in the euro after this referendum? That is certainly the case, but if they say ‘no’ they will have to introduce another currency after the referendum because the euro is not available as a means of payment."
http://www.telegraph.co.uk/finance/e...ults-live.html
  • #25
  • Jul 5, 2015 8:36am Jul 5, 2015 8:36am
Quoting tigerbalm
{quote} I did not place pending orders. I bought and sold at the same time no TP NO SL. (pointless of placing SL TP on friday close. Market will give you whatever level it opens tonight0. I will grab profit on the first one. and follow closely when market moves on during the day.
Ok. So you did a hedge hoping to take profit one way and then profit on a reversal. Ballsey. Be careful when you take profit on half the hedge, as the other trade that is in DD will instantly give your account a DD to that amount. If it is a big trade it could margin call you.
  • #26
  • Jul 5, 2015 8:40am Jul 5, 2015 8:40am
Quoting EventHorizon
{quote} Ok. So you did a hedge hoping to take profit one way and then profit on a reversal. Ballsey. Be careful when you take profit on half the hedge, as the other trade that is in DD will instantly give your account a DD to that amount. If it is a big trade it could margin call you.

Thanks for your advice... I like learning from other traders.

As for me i might not take profit right away. worst thing is when i close both trades i will lose the spreads...

But why should it be a draw down if on one side i win same ratio as the lose one ? (minus spread of course which could be high... that is why i might not take profit just yet tonight).
  • #27
  • Jul 5, 2015 8:44am Jul 5, 2015 8:44am
Quoting Nabz
I am amazed 60% of people have open trades over the weekend on such important news. No wonder 95% of people lose money.
Couldn't agree more - suicide in my opinion! Wait for the retrace?
  • #28
  • Jul 5, 2015 8:47am Jul 5, 2015 8:47am
Quoting tigerbalm
{quote} Thanks for your advice... I like learning from other traders. As for me i might not take profit right away. worst thing is when i close both trades i will lose the spreads... But why should it be a draw down if on one side i win same ratio as the lose one ? (minus spread of course which could be high... that is why i might not take profit just yet tonight).
If you have a hedge and the price drops, say. You will have, for example, the sell trade at $3000 profit, and the buy trade at -$3000 loss. You account DD will be nothing as they are both balanced. But as soon as you take the $3000 profit, you account will now have a DD of $3000. If you only had a starting balance of say $500, You account balance would be $3500, but now with a DD of -$3000. That is an 86% draw down. Some brokers will margin call you for that.
  • #29
  • Jul 5, 2015 8:52am Jul 5, 2015 8:52am
Quoting EventHorizon
{quote} If you have a hedge and the price drops, say. You will have, for example, the sell trade at $3000 profit, and the buy trade at -$3000 loss. You account DD will be nothing as they are both balanced. But as soon as you take the $3000 profit, you account will now have a DD of $3000. If you only had a starting balance of say $500, You account balance would be $3500, but now with a DD of -$3000. That is an 86% draw down. Some brokers will margin call you for that.

Good point !!

I'll watch out for that tonight...
The only worry i have now is HOTFOREX does not allow open trades since Friday night till Monday probably. only close trades are allow due to the supposed violent GAP.
So i will probably have to wait until orders are allowed.
  • #30
  • Jul 5, 2015 10:48am Jul 5, 2015 10:48am
looking at the eu from the TA angle, EU will gap down hugely.
  • #31
  • Jul 5, 2015 10:58am Jul 5, 2015 10:58am
NO : down and up
YES : up
not euphoria follower
  • #32
  • Jul 5, 2015 11:02am Jul 5, 2015 11:02am
Quoting iqyu5an
NO : down and up YES : up

I agree to this. But before it will go backup, I cannot guess the extent of DOWN and for how long it will last before reversal... Can you ?
  • #33
  • Jul 5, 2015 11:10am Jul 5, 2015 11:10am
Just a plan A and plan B...

Could be wrong ......

Quoting tigerbalm
{quote} I agree to this. But before it will go backup, I cannot guess the extent of DOWN and for how long it will last before reversal... Can you ?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 56 KB
not euphoria follower
  • #34
  • Jul 5, 2015 11:14am Jul 5, 2015 11:14am
exit poll :
https://twitter.com/OpenEurope/statu...853120/photo/1
http://www.theguardian.com/business/...o-bailout-live
not euphoria follower
  • #35
  • Jul 5, 2015 11:29am Jul 5, 2015 11:29am
Hi guys sorry what time are the vote results and when is the right to place a trade?
  • #36
  • Jul 5, 2015 11:33am Jul 5, 2015 11:33am
Quoting Nabz
I am amazed 60% of people have open trades over the weekend on such important news. No wonder 95% of people lose money.
hahahaha. Very Well said by far the best comment. Worst thing is they all think they are the next George Soros and John Paulson.
Man I Love this
  • #37
  • Jul 5, 2015 11:53am Jul 5, 2015 11:53am
Whatever happens...

Inserted Video
  • #38
  • Jul 5, 2015 11:56am Jul 5, 2015 11:56am
what will happen in fx market if vote result is "NO"?
  • #39
  • Jul 5, 2015 12:24pm Jul 5, 2015 12:24pm
http://www.ig.com/uk/ig-indices/sunday-germany-30
  • #40
  • Jul 5, 2015 2:11pm Jul 5, 2015 2:11pm
I decided to stay out. I caught last week's gap and made a bunch of money. This week, there's just too much risk for me and too much muddled information on whats going on. Plan is to watch the gap to see when people begin to take profits and either scalp the gap or watch for reversal.
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