|
PureBytes Links
Trading Reference Links
|
This morning looked like a likely morning to put on currency trades so the
Rubin announcement was interesting, to say the least. I'd been watching the
June JY to see which way it would break out of congestion and this morning
it was breaking to downside through the prior pivot low at 8278. The JY fell
to the 8250's and I was watching the retracement for a short sale. I had a
order to sell the Yen ready to fire at 8275 OB and a stop already parked at
8335 ready to fire on receipt of fill. I literally had my finger on the
<transmit> button when the Yen took off like a rocket running back through
all resistance and trend lines to 8350 (through my proposed stop). Although
I use stops religiously, it was nothing more than pure, unadulterated luck
that I was not exposed with a naked short on a rocketing JY and no stop. If
something bad can happen, it will. Fortunately it was not my turn.
At the time I was preparing to sell the JY, I had already gotten fills on
other orders and I was unaware that LeoWeb was down entirely ("due to
problems at the CME") for the second or third time in the past week. I wish
the damn regulators at the CFTC would spend half the time regulating the
exchange order systems that the spend regulating news letter writers - would
help a hell of a lot more traders!
Earl
----- Original Message -----
From: Don Roos <roos@xxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Wednesday, May 12, 1999 8:38 AM
Subject: MKT: Stops
> I hope you all slept through that one (the Rubin resignation news). 30h
> down in 4m. A good reason to always have a stop in place. If things
> are going to go wrong, they will at the worst possible time: "due to
> system problems at the cme" the cubs system went down just before the
> Rubin selloff. Not nice to have to call in an order while the mkt is
> going down like a rock. The low in the es was the same as the spoos, so
> no stop busting. They will have a hay day picking the cherries (stops
> in place) for awhile after today.
>
> Don
>
|