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View Full Version : SWISS FRANC CRASHED 1.27 to 1.17 in a minute


DanChan
09-06-2011, 04:20 AM
WTF! SNB intervention again?

Looking at the 6SU1, September futures. On the 4:01 AM minute-bar it opened at 1.2534 and hit a low of 1.1658 on the 4:13 bar.

SNB keeps on doing this to keep speculators from buying the Swiss Franc. They talk about "punishing" them. The Japanese do it too. Expensive punishment.

I'd buy it at 1.18 now but my nerves are too weak and my account is too small for a full 100,000 Franc contract. Tis a pity because it looks like it's stabilizing at 1.1800 and then i keep seeing a screen of red sells go buy in T&S. Do I dare eat a peach?

CuttySark
09-06-2011, 04:23 AM
5 AM EDT, Tuesday September 6, 2011.

WTF!

Silver and Gold followed! ????

theplantguy
09-06-2011, 04:50 AM
Was absolutely awesome!!! I was long USD/CHF at the time........20 lots......over 650 pips

theplantguy
09-06-2011, 04:54 AM
Silver and Gold followed! ????

The Swiss pegged their Franc to the EUR

Silverstate2011
09-06-2011, 05:17 AM
650 pips ???? really lost bare with me . is there a book or something that can help me understand the terms?

bambipower
09-06-2011, 05:19 AM
read this : http://www.snb.ch/en/mmr/reference/pre_20110906/source/pre_20110906.en.pdf

theplantguy
09-06-2011, 05:21 AM
650 pips ???? really lost bare with me . is there a book or something that can help me understand the terms?

A pip is the 4th number to the right of the decimal point. For instance, the EUR/USD is trading at about 1.4231 right now. Each pip is about $10 per lot in forex trading. So for 1 lot and you're up 10 pips, you made $100.

Silverstate2011
09-06-2011, 05:34 AM
dang so you made a good couple of bucks then .

theplantguy
09-06-2011, 05:35 AM
dang so you made a good couple of bucks then .

Yup........the most I have ever made in one day (30 minutes actually) in my 40 years of trading. It worked out to $235 and change a pip. And some make fun of paper traders.

Silverstate2011
09-06-2011, 05:44 AM
And trading paper is bad :rolleyes: nice job !

hippy
09-06-2011, 05:46 AM
Congratulations Plant Guy! This must be exciting, I can only imagine how you must feel.

Did your super throw down robot program do this while you slept? Or were you just in the right place at the right time?

Or did you see this coming & just make the right moves?

theplantguy
09-06-2011, 05:55 AM
Congratulations Plant Guy! This must be exciting, I can only imagine how you must feel.

Did your super throw down robot program do this while you slept? Or were you just in the right place at the right time?

Or did you see this coming & just make the right moves?

I was at the computers at the time, but I was already in the trade from a couple of days ago. Never saw it coming. But I quickly took the profit and whooped it up so loud that I woke up the cat and dog. They just look at me probably thinking the old man has really lost it this time.

Holdfast
09-06-2011, 05:57 AM
Well done.

The most you have ever made in one day in 40 years of trading:eek:

Just goes to show, that a person needs experience, to trade paper.

Congrats tpg...I just hope our new folk don't think they can do the same with 40 hours of investing.

H:)

ifionlyhadsomegold
09-06-2011, 06:18 AM
im seeing this as it will turn investment/safehaven from paper to PM's.

stong buy signal folks!


DYODD!

hippy
09-06-2011, 06:22 AM
I was at the computers at the time, but I was already in the trade from a couple of days ago. Never saw it coming. But I quickly took the profit and whooped it up so loud that I woke up the cat and dog. They just look at me probably thinking the old man has really lost it this time.

I don't blame you one bit! You hit a home run on this one.

Element
09-06-2011, 07:22 AM
im seeing this as it will turn investment/safehaven from paper to PM's.

stong buy signal folks!


DYODD!

Know to just find the bottom in this turmoil...which may be right now..:)

Element
09-06-2011, 07:31 AM
Wow,
Kitco pool number are not tracking the market this morning......
:mad:

AgAuCaliente
09-06-2011, 12:01 PM
PG, simply brilliant. Enjoy.

TheorisT
09-06-2011, 12:27 PM
Yup........the most I have ever made in one day (30 minutes actually) in my 40 years of trading. It worked out to $235 and change a pip. And some make fun of paper traders.

You saying you just made 150k in 30 minutes? got. damn.

theplantguy
09-06-2011, 12:34 PM
You saying you just made 150k in 30 minutes? got. damn.

Indeed, but I had been in that trade for a few days. but 99% of the gain happened in 30 min this morning.

https://www.kitcomm.com/showthread.php?p=1492688#post1492688
post# 793

Krank
09-06-2011, 12:50 PM
It seems that many agree that the Swiss devaluing their Franc this morning was the right thing to do.

http://seekingalpha.com/article/291829-swiss-devaluation-was-right-thing-to-do

theplantguy
09-06-2011, 12:55 PM
It seems that many agree that the Swiss devaluing their Franc this morning was the right thing to do.

http://seekingalpha.com/article/291829-swiss-devaluation-was-right-thing-to-do

But, it took away the Swissy as a safe haven currency and, believe it or not, left the USD as the major safe haven currency. That may not be good for PMs.

ksilver
09-06-2011, 12:59 PM
But, it took away the Swissy as a safe haven currency and, believe it or not, left the USD as the major safe haven currency. That may not be good for PMs.
The USD as safe currency? Hardly... All currencies are doomed in my humble opinion, from a trading perspective the USD may be shining relatively to other currencies, but this rise isn't backed by any economic data.

theplantguy
09-06-2011, 01:04 PM
The USD as safe currency? Hardly... All currencies are doomed in my humble opinion, from a trading perspective the USD may be shining relatively to other currencies, but this rise isn't backed by any economic data.

If you don't think it's a safe haven currency, explain the massive move from the CHF to the USD today.

DenariiForMe
09-06-2011, 03:25 PM
With Japan and Switzerland obviously determined to keep their currencies down, where will the money that's feeling the euro and the dollar go? Hmm..:cool:

TheorisT
09-06-2011, 03:59 PM
Indeed, but I had been in that trade for a few days. but 99% of the gain happened in 30 min this morning.

https://www.kitcomm.com/showthread.php?p=1492688#post1492688
post# 793

Well, congrats. I can't imagine what I'd do wit that kind of windfall influx of funds. I could pay off my entire mortgage and then some. Hope you add a little to your physical stack with the profits you took.

theplantguy
09-06-2011, 04:18 PM
Well, congrats. I can't imagine what I'd do wit that kind of windfall influx of funds. I could pay off my entire mortgage and then some. Hope you add a little to your physical stack with the profits you took.

Thank you. Well. as per usual with all my trading profits the tax man gets 1/3, charities that I support gets 1/3, and asset investments gets 1/3. That has been my practice for a number of years.

thod00
09-06-2011, 04:38 PM
WTF! SNB intervention again?
SNB keeps on doing this to keep speculators from buying the Swiss Franc. They talk about "punishing" them. The Japanese do it too. Expensive punishment.


It's only expensive if they try to keep their currency high, the reverse costs nothing, they have an infinite supply of CHF. They simply print a new batch and swap them for dollars and euros on the market.

Aquan
09-06-2011, 05:11 PM
If you don't think it's a safe haven currency, explain the massive move from the CHF to the USD today.
The Swiss Reserve Bank just created a few billions of Swiss Francs (around CHF200 billions it was said) in a brink of second just around the stockmarket opening in Europe.

I would call it QESwiss1!

It was not anounced and completely unexpected, aparently not even the Swiss government knew about it. Everything was done secretly. They (SNB) did forget to mention what exactly they bought with the newly created money. It seems they probably bought USD and Euros and not gold.

Atlas Shrugged
09-06-2011, 05:42 PM
If you don't think it's a safe haven currency, explain the massive move from the CHF to the USD today.

Perfect for more money printing in the US...:cool:

ifionlyhadsomegold
09-06-2011, 07:52 PM
i undestand the reason is to push money into stocks and US gov. paper.

but did they really, really, think this out?

all their buddies holding all them swissies. got smacked for 8% and its nothing but euro trash now.

im thinking they lit a fire under PM's like they never dreamed.


:cool: