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for any newbie traders that nasty little spike down to 166.90 was nothing more than your evil bankers and dealing desks clearing out stops that were sitting below 167.00 support. It should be against the law since they have an unfair advantage. I used to work for company that sold charting software and I remember working on the FXCM account in NY and they had a locked room that was top secret whereby they effectively stole their own customers money.. They, top management,seemed real proud of it. They wanted us to market their proprietary software to Banks so they could also get in on the fun. Evil business at it's lowest form.
It's not to say the market won't drop below 166.90 but you can be sure they cleaned out a lot of stops beforehand--Be real careful where you place your stops and try and think outside of the box. I can assure there were a lot of stops right below 167.00 and they were cleared out.
By trading RC's on a short term you don't even need to place stops. most times the trade will go in your direction. Just take your profits quickly. Don't let Mr. Banker get it.
Last edited by summitfx; 07-24-2007 at 12:48 AM.
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