Good Day all,
Nice to see the new forum up and running.
Have been looking at Cable today and have been triggered short..
There was a nice wash in blue…and price made new lows after this event to confirm the wash.
Price has now moved back up to the wash level,where my short was triggered:
I was long US crude last night and was stopped out on a margin call. I hadn’t realised when opening the trade that US light required much more margin that say the DOW (it wasn’t a big position – but then I don’t keep much money in my account!).
A margin call was executed exactly on cue and the trade closed out for a loss, yet oddly the trade was reopened at the new level, which didn’t make much sense. Overnight I received six emails requesting additional funds as the price moved up and down. Even this morning further margin was required and I was expecting to be closed out again once the workers bees rocked up to start monitoring accounts.
Strangely the trade survived and I’ve since closed it for +100 recovering the original loss (and more). SB companies do odd things (in this instance, IG).
here is what i see on the Daily chart:
in a downtrend and with a wash in blue above..
ideally i would like to sell the thing in the red circle
but there is no stop so will have to wait and see what gets built
muff.Re your margin calls. I do believe that IG margin calls are automated. You were lucky. The trade was moving in and out of profit and wasn’t in a loss situation long enough for IG to close you out. Next time watch the margin required for a trade. lols
One thing I’ve learned…. If you log on with 4 hours of trade left and you see DOW -300 points in the red and still dropping towards -400 points it virtually always closes near the days low (except when a capitulation low has been printed) so I rarely even consider long positions.
Today I shorted the early evening rebound and it cost me dear, stopping me out right at the height of the rebound.
After that being little more risk averse, I took 3 further trades and put stops at break-even as soon as they were beyond +25 to +30 in profit. 2 of them stopped out at break-even – each one at the height of the retraces – yet between them they’d have recovered the earlier loss had I taken profits.
The 3rd one is from 17,457 and was showing +70 five minutes before the close….. As I type futures have just re-opened, spiked up and taken that one out too.