gbp stopped out at 1.9151-59 after emloyment
- Thread starter pbb
- Start date
As for globex, we never broke above the early morning high of 1.9123 (spot equivalent of 1.9113) after NFP.
This is the issue in dealing with retail fx -- aren't you pretty much at the mercy of your broker/platform? What if you were the only customer of that broker (and with individually tailored bid/ask, that can virtually be the case), they can fill you at pretty much any price they want. This is why you need to trade on an open ecn-style market, where other traders can provide liquidity.
This is the issue in dealing with retail fx -- aren't you pretty much at the mercy of your broker/platform? What if you were the only customer of that broker (and with individually tailored bid/ask, that can virtually be the case), they can fill you at pretty much any price they want. This is why you need to trade on an open ecn-style market, where other traders can provide liquidity.
I have read on several occasions that London is a notirious stop hunter. they first, in this morning's example, try to take out all the stops to the upside on the shorts and then reverse and go the intended direction. Sounds silly but it appears so often on news releases that it is better to use a 5 min bar and wait for that bar to close to get a sense of whether stops were being chased or a directional trend is starting.
Looking at the Pound this morning, it run up and reversed. If you waited until the first br resolved itself you would have had a short entry on the futures of around 1.9038 and the Pound hit a low (assuming you can nail a low lol) of 8981.
Of coruse I was at the grocery and missed it entirely
Looking at the Pound this morning, it run up and reversed. If you waited until the first br resolved itself you would have had a short entry on the futures of around 1.9038 and the Pound hit a low (assuming you can nail a low lol) of 8981.
Of coruse I was at the grocery and missed it entirely
Quote from optioncoach:
I have read on several occasions that London is a notirious stop hunter. they first, in this morning's example, try to take out all the stops to the upside on the shorts and then reverse and go the intended direction. Sounds silly but it appears so often on news releases that it is better to use a 5 min bar and wait for that bar to close to get a sense of whether stops were being chased or a directional trend is starting.
Looking at the Pound this morning, it run up and reversed. If you waited until the first br resolved itself you would have had a short entry on the futures of around 1.9038 and the Pound hit a low (assuming you can nail a low lol) of 8981.
Of coruse I was at the grocery and missed it entirely
2 things here (not meant rudely in any way!)
1. I believe he's referring to 8 30 AM EST which was right after the NonFarm Payroll data release, not during the London session.
2. The "stop hunting" you're referring to for London is not that at all, but an algorithm that is run to fill the previous days' orders. Lon Eagle may correct me on this one as I'm sure he'd know better, but this is a "V" pattern that happens 94% of the time during the London open. For those that know this, it is PRICELESS!!!
Check the printed high from your own broker and if it isn't shown as being the high ...you've got a legitimate "gripe" but thats about it ..... if your a decent enough client and they have a half an ounce of self respect as a broker they will attempt to work it out with you .... what was typical in these instances is that the "bad fill" will be split between you and the broker. That is to say whatever the amount is from what the agreed upon printed high is to where you were filled is split between you and the broker. Its not entirely fair but at least you get something back and then you can decide to stay or go. I will say this a word of caution.....as you are now finding out brokers take great pleasure in orders that are left through the number. Its typically "free money". FX is gonna fly both ways after the number and if its at all close to your stop its the dealers prerogative to either fill or not fill your order and if your not a priority to them and it suits their P&L then your "done" (especially cable) which is illiquid on a good day in New York and worse on a Friday when London is in the pubs by this time of day....