15 Jan 2015, a day most traders remembered. It wiped out not only traders with position in CHF, it also wiped out forex brokers.
I guess I am fortunate that I do not specifically trade CHF positions. Of course, most, if not all currencies were affected on that day, but the worst has to belong to EUR/CHF.
I received a mail from Oanda shortly after as below:
I used other brokers previously, that was because during then there was no small lots online brokers available in Singapore.
When Oanda Asia Pacific set up office in Singapore, I did not hesitate to open account with them.
My thoughts then, I always prefer a broker I can knock at its office door easily when some screw ups happened.
And so far Oanda reacted well to the the Swiss Franc Black Swan.
Hope all readers doing well too.
Tuesday, November 4, 2014
Entry: Sell Market 107.55; Sell Market 106.89
Reason for Trade/Setup:
The main reason for the trade set up was price action itself was below the kumo cloud. Did not choose to wait for the chikou span to go below the kumo low.
Initial Stop: 109.50, Shifted to 109.00., Shifted to 108.50
Initial Target: 101.55
Add on another position, with price action remaining below the kumo cloud but above both tenkan-sen and kijun-sen.
Outcome: Price action traded upward.
Exit: Exit with loss at 108.50
Profit/Loss: -95 pips -161 pips
Price action turns bullish after stopping out, especially the chikou span crossing over the kumo cloud.
Monday, October 27, 2014
Entry: Sell Market 1.6217
Reason for Trade/Setup:
Tenkan-sen had crossed over kijun-sen, and below the kumo cloud. However, kijun-sen was in the cloud, and chikou span went into the kumo barely after it crossed below. Price action was below and the forward cloud was bearish. Took a position to short when price action near the tenkan-sen.
Initial Stop: 1.6450, Shifted to 1.6200
Initial Target: 1.5528
Price continues to maintain below the ichimoku cloud. Remain cautious the way forward. While the forward cloud remains thick providing the resistance to the price action, the risk remains high looking at the movement of the price action. Stop loss is adjusted to 1.6200.
Outcome: Price activity began to trade upwards after hitting a low around 1.5875 level. Stop loss level shifted lower to 1.6100, Was stopped out subsequently.
Exit: @ 1.6100
Profit/Loss: + 117 pips