Who got spanked on that ridiculous EUR/CHF spike?

[cowmadagan]

hrm...I guess I shouldn't've put my who point for the post in the title..

Oh well...Who got spanked on that ridiculous EUR/CHF spike Wed. 21 '10 at 10:51am EST?
For those who didn't see it, the SNB decided to stop everyone out by making the pair drop over thirty pips and then give all of them back in a heartbeat. I mean literally seconds later.
I guess they don't want people trading it.

That said, you could do what I did. (I made $24 on it, it's not like I made my millions)
I put an entry buy order at 1.42990. It somehow filled on the way down, and then the price action went right back up to the 24 pips above that.

 

[Taxidermista]

Maybe you need to read some news about what's happening in Europe these days before talking about "ridiculous" and words like that. Europe is at the edge of a monumental crash and the CHF is one of the last safe places for your euros.

 

[Music Man]

I did OK with EUR/CHF lately by setting traps. I take my directional queues from news and market chatter, then set a buy or sell stop where I think the next SNB intervention, or lapse of intervention, will take the market. It's very boring... trades may take days to execute... but, it seems to work pretty good. (knock on wood)

I caught a really nice short when they let it fall from 1.43 to 1.39. Then, I switched to buy stops and had fun on the more recent spike, plus some sell action on the retrace.

MM

 

[RahmanSL]

Spike?? Was there a spike in the EUR/CHF on 20-21/May/2010 market??

I went in 20/May with 1 lot at Sell 1.4408 and got out at 1.4271.
Then went in again on 21/May with 2 lot Sell 1.4560 and got out at 1.4539..then once more Sell 2 lot at 1.4568, 2 lot Sell 1.4567, 2 lot Sell 1.4569, and got out (T/P) at 1.4514, and other 2 lots at 1.4540. Yet later again, I Sell 2 lot at 1.4407 and T/P at 1.4369…Yet later still, I Sell 1 lot at 1.4437 and T/P at 1.4372..still again, I Sell 2 lot at 1.4436 and T/P at 1.4383.

After that I didn’t go in anymore because the chart on EUR/CHF don’t look “nice”.

So, there really was a “spike” in that currencies pair!...hmmmm…no wonder it was “bouncing” so nicely for a while back there! Well, being a Newbie, I didn’t know any better anywhere!
“Ignorance is indeed bliss”!