Where was cable low in 9.30 news announcement???

CHRISTO9HER

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How low did cable go in the news announcement we just had?

I just got stopped out of a long cable trade with my stop at 63 (1.9863). My metatrader feed shows a low of 76.

Could someone with access to good data tell me how low cable went during the news announcement at 9.30 this morning (UK time)?

Is there any justification for the low of 63??? Have I been had??

I guess you know that is what you are getting yourself in for with the bucket shops.

Cheers guys

Chris
 
How low did cable go in the news announcement we just had?

I just got stopped out of a long cable trade with my stop at 63 (1.9863). My metatrader feed shows a low of 76.

Could someone with access to good data tell me how low cable went during the news announcement at 9.30 this morning (UK time)?

Is there any justification for the low of 63??? Have I been had??

I guess you know that is what you are getting yourself in for with the bucket shops.

Cheers guys

Chris


shows as 63 on my alpari metatrader.
 
Thanks for the help guys.

The weird thing about it was that the quote from the broker I was using never went that low and it doesn't even show it going that low on THEIR chart. It just instantly filled my stop order on the exact moment of the news announcement. I reckon that they probably filled every closing stop within 20 pips!!

Whether or not I got screwed on that particular trade, I am leaving all bucket shops/Spread betting behind me and moving to an ECN. I would rather pay tax than not know when I've been screwed over.

I am starting to realise that you DO pay tax on spreadbetting winnings........TWAT-TAX!!

Thanks guys!!
 
if they have fixed parameters around their feed bid/offer then they probably got their feed widened across the figures hence stop out.
 
you must remember that you are using a charting platform that is displaying prices different to your broker. mt4 and their liquidity providers might have never reached that level but your broker which is probably a dealing desk did , remember these guys can see where all the stops are and they can manipulate price to get them. you should try get charting that is showing your brokers data
 
you must remember that you are using a charting platform that is displaying prices different to your broker. mt4 and their liquidity providers might have never reached that level but your broker which is probably a dealing desk did , remember these guys can see where all the stops are and they can manipulate price to get them. you should try get charting that is showing your brokers data

I can see what you are saying, but I wasn't actually using the MT4 broker, I was using a finspreads spreadbetting account. The price didnt get near 63 on either. The thing that I really couldn't understand was that finspreads didnt show that low on their chart, which SHOULD show THEIR prices.

Anyway, this has convinced me that I need to go to an ECN, I have been looking at them and I think that EFX looks the best for me at this stage as I am probably not bigtime enough for Hotspot/currenex just yet.

I was just pissed off because I got the day's direction right but got stopped out, possibly unfairly. I got stopped for -30 pips, whereas I would now be +60. Anyway, it was a small price to pay for the realisation that spreadbetting is rubbish.

I think that we can end this thread now, no need to get into another debate about spread-betting, I have made up my mind, its crap.

Cheers Guys

Chris
 
And how do you think you will handle your stops when you get on an ecn out of interest?

I think you may be in for a surprise.....

Oh dear, I don't like surprises :(

At least on an ECN no-one will be hunting my stops, that would be a good start!!

Maybe I just should wait until after the news announcement to enter the trade. I think that would have been the sensible choice.
 
stop_loss.jpg


All together now:

I will not hunt stops.

I will not hunt stops.

I will not hunt stops.

I will not hunt...

I will not...

I will...

I...

...

..

.

:clover:
 
cmon getting spiked out is part of the game. If you get spiked out don't be afraid of a reattempt if you are convinced that price is going up.

I got -20, +5, -20, +65 on Cable today. Every time I got stopped out I kept seeing the higher highs and higher lows and the 15min double bottom and got back in.

I don't have any problems with IG Index at the mo.
 
What I think you need to do is a bit more research into the actual mechanics of the markets you are investing in. Think about this topic in practical terms; HOW am I going to handle my stop-loss orders in an ecn? at WHAT PRICE can I reasonably expect to get filled. (hint - this is kind of at the heart of the matter vis a vis why I say I think you are in for a surprise)

One thing to bear in mind. Order driven markets and quote driven markets aren't the same animals. And when you start talking about ecns in FX, what you need to bear in mind is that they may look like one thing, but behave like another. Or not. Depending on who you are and what prices you see on it (and which ecn)

So while SB firms may stuff you sometimes, to a certain extent imho it's like riding a kiddies bike with the stabilisers on - potentially large performance degradation, but the training wheels keep you from falling off when going round tricky corners.

And remember there's always another option for your stops - mental ones (provided you have the discipline), along with much wider 'disaster' ones to preserve your account (but not near your mental ones - so far away that there's no doubt whatsoever in your mind that if they're triggered you were dead wrong and / or on the toilet as the world was ending).

But I mean what I say - before you go down the ecn route really do your homework and make sure you actually understand the market your'e trading in. No offence, but I don't think you truly do right now.

Just my $0.02
GJ

Thanks for the advice GJ. As an aspiring FX trader, I hold your advice in particularly high regard so thanks for taking the time.

I have done a lot of homework, but there is always more to do. In a way thats the beauty of it though.

Once I switch to the ECN, obviously there will be more learning to do about how it works and how it differs, but I am trading with a small account relative to my total wealth at the moment so now is the time to do it.

I think that your advice about the mental stops may be spot on. It was actually something that I was thinking about doing but I didnt mention it because I thought you would all shout at me.

The thing is, once I have a trade on, I never leave my desk, so in many ways it would be better to keep a mental stop level, as long as I can keep myself to it. I think that this is the way that I will go.

Cheers,

Chris
 
so on average that's +7.5 per trade right? Slim pickings on a pair where the retail spread is what? 3 pts?, and todays range has been what - 140 peak to trough?

I'm not trying to pour scorn on your trading itself, just wondering if you aren't picking up nickels in front of bulldozers trading cable (of all pairs) like that.

Just my $0.02

GJ

The pip totals were net of the 3 pt spread. Of course more skilled traders would have placed a single long and not got stopped out at all. Only time will tell whether this is unsustainable. (PS: I will be content netting 20 pips a day). Sometimes Cable breaks cleanly and I don't get stopped out at all, thus improving the average (yesterday was a clean 60 pips).

I realise these small amounts must be like noise to you but that is how I work as a retail fish.

Apologies to Christo9her for hijacking the thread. Listen to GJ I am sure he knows what he is talking about.
 
yes a good choice moving, those guys are there to take money from you and if you look at a report for your account i bet it will be like a political xls sheet
 
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