I was in a buy trade with my stop set slightly in profit expecting it to go higher which it did. Before it went higher it smahed down and took me out but instead of a few pips profit, it went straight past my stop and took a 20 pip loss? What's the point of having a stop loss?
I was in a buy trade with my stop set slightly in profit expecting it to go higher which it did. Before it went higher it smahed down and took me out but instead of a few pips profit, it went straight past my stop and took a 20 pip loss? What's the point of having a stop loss?
|
Joined Sep 2015
|
Status: Full Time Forex Trader
|446 Posts
I have a feeling the broker's spreads were super wide at the release. So does this look hawkish or dovish? It feels pretty neutral to me. The market seems to be reflecting that too.
I was in a buy trade with my stop set slightly in profit expecting it to go higher which it did. Before it went higher it smahed down and took me out but instead of a few pips profit, it went straight past my stop and took a 20 pip loss? What's the point of having a stop loss?
Ignored
some like me trade without stop loss, but for events like that if you are going to use a stop I'd highly recommend using guaranteed stop (might cost you an extra 2 or 3 pips in spread but will save instances of 20 pip slippage that you encountered or save your bacon if on wrong side of an SNB type or GFC event
In such circumstances, monetary policy needs to be accommodative.
Quote
Disliked
Members also observed that the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand. The Board will continue to assess the outlook, and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target.
acit, I had my stop set in profit. Thought I was covered but it went so fast it jumped it.
some like me trade without stop loss, but for events like that if you are going to use a stop I'd highly recommend using guaranteed stop (might cost you an extra 2 or 3 pips in spread but will save instances of 20 pip slippage that you encountered or save your bacon if on wrong side of an SNB type or GFC event
I used to trade without a stop but trading to big a lot size bought me undone. Guaranteed stop sounds good but I think next time I'll stay out. Had 12 pips up my sleeve and should have got out. Oh well, as long as it's a lesson and not a mistake.
I was in a buy trade with my stop set slightly in profit expecting it to go higher which it did. Before it went higher it smahed down and took me out but instead of a few pips profit, it went straight past my stop and took a 20 pip loss? What's the point of having a stop loss?
Ignored
It's called Liquidity or in this case the lack of it.
Always a big consideration to take into account if trading on such a major announcement such as this one today.
Not sure about you guys but i personally find the statement a tinge of bullishness.
1) Quite a number of 'experts' forecast a cut, but RBA hold rate = Bullish
2) "The prospect for an improvement in economic conditions had firmed a little in recent months" = i don't see anything bearish here= BULLISH 3) Price action says it all. See the hourly and 4hours candles.
If you are calling for shorts, probably you may want to enlighten me why will you go short unless you have ingrained in your mind that Aud is a short no matter what.
acit, I had my stop set in profit. Thought I was covered but it went so fast it jumped it. I used to trade without a stop but trading to big a lot size bought me undone. Guaranteed stop sounds good but I think next time I'll stay out. Had 12 pips up my sleeve and should have got out. Oh well, as long as it's a lesson and not a mistake.
Ignored
Staying out or using smaller position sizes both sound like options for you. We all make mistakes, we just have to work out if we can learn something from them or not.
AUD might get smashed in the US session. The statement is dovish. {quote}
Ignored
On the contrary.
Monetary policy needing to be accommodative has been in the RBA statements for quite some time.
Whereas this is new and decidedly less dovish, "At today's meeting the Board judged that the prospects for an improvement in economic conditions had firmed a little over recent months".
seemed a more neutral, but they did say .... At today's meeting the Board judged that the prospects for an improvement in economic conditions had firmed a little over recent months and that leaving the cash rate unchanged was appropriate at this meeting, and that inflation targets may only be slightly lowered, that might explain this surge up, until the US markets open and it drops back down
{quote} On the contrary. Monetary policy needing to be accommodative has been in the RBA statements for quite some time. Whereas this is new and decidedly less dovish, "At today's meeting the Board judged that the prospects for an improvement in economic conditions had firmed a little over recent months".
