Just looked this up and it was EPIC!!! What did you guys do? Did your stops get hit or just rolled over? Looks like anything paired to the CHF got whacked! Did many of you get margined out? Freaking SNB probably timed it with some active shorts…
There wasn’t anything we could do, it happened so quickly.
Many lost a lot, some lost everything. Others, including myself, were lucky and made good money out of it.
Just depending on whether luck favoured you or not that day
No long-term trend-following traders should have been long going into this day.
Why not? This event affected all Eur pairs. No one, not even the IMF, knew this was going to happen.
Sorry eddieb, I was referring strictly to the EUR/CHF, this is the usual yardstick for CHF traders and where most of the reported pain was felt by traders caught by the SNB decision. I should have made this clear.
No worries tommor.
Namaste
So I take there was an expected reaction and it was public that SNB was mulling on the said decision. The market definitely looked like it going into the 15th.
No, there was no advance warning nor expection whatsoever.
That’s what annoyed Christine Lagarde at the IMF so much, the Swiss just dropping a bomb like this without consulting or notifying anyone else
I don’t know, I glanced at the charts briefly and looked like there was a range for some time. Christine was rightfully miffed. Big/smart money always knows in advance, not all, but it does.
The charts for EurChf would have ranged beforehand as the Swiss currency was pegged to the Euro up until the announcement
The huge tell, look at the price action from 1/7. It flat-lined for an entire 7 day trading cycle which is extraordinary for any Euro pair - especially after that nice spike almost exactly a month before. From experience on the other side again “they” new. I’m not gonna say the results, but definitely anticipation. I don’t mean to be empirical, this kind of thing always makes me respect the freight-trains.
This is always speculation of course and past performance is never indicative of the future.
No, if I remember rightly, 1.20 was the floor that the SNB said they would not let the EUR/CHF rate break down through. So the market had obviously felt happy to short this pair for months towards 1.20, but nobody was prepared to short it through the declared floor in those last few days.
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Almost immediately after a couple of institutions were quoting well beyond the floor. Was it just coincidental???..meh. They were happy yes they were! Regardless, I respect your info.
It will be a lasting regret that I wasn’t short EUR/CHF that day, it fits my (now) shorting criteria pretty damn well.