I appreciate your comments but I must disagree. 16 pip move is common in response to news? Of course it is. It happens all the time. That is not the question. The question was, why a 16 pip move in the opposite direction, esp. no other broker came close to that price. And again, I am not an expert, but I obviously understand the spread. BUt you are saying FXCM charts use the bid price and Quote tracker uses the offer price for their charts. I find that hard to believe, almost everyone uses the bid. But even if true, then the low was still only 1.8546, still not hitting the entry order. And still a 11 PIP DIFFERENCE NOT 4! So, at the risk of sounding like a jerk, if you have nothing constructive and accurate to add to this problem, why post a reply unless you have ulterior motives.
putting on a postion before a big fundie like gdp or nfp is not trading its gambling. the dealers already told us the rules are off before big announcements so dont be surprised when they screw you.they told us they will screw us if we trade before a big fundie .
Don't walk away from fxcm...RUN! eXACTLY THE SAME THING HAPPENED TO ME SOMETIME AGO, AND IT'S NOT EVEN DURING NEWS RELEASE: I entered a position, the market start trending up , and suddenly fxcm spiked down about 20 pips to take out my positon then resumed trending up with the rest of them as if nothing happened! And that is not counting all the requotes and slippage they dealt me until all my profits turned into losses...
What I'm saying is that is it possible that YOU were looking at the BUY price not the SELL price? If so then there is only a 4 pip difference in quotes between the brokers based on a 5 pip GBP/USD spread. I have made that mistake myself on a short position. I guess my comments would be useless to someone like yourself who consistently gets 90% returns on his trades.
rule #1 when dealing with dealers: <b>never</b> use a stop loss on their platform. never ever ever ever. surf
And again it was more than four pips. Let me break down for you once more: Fri. 12:30 GMT: FXCM: low sell for the GBP was 1.8535 Quotetracker: chart shows low of 1.8551 Now even if that is a buy quote that gives us 1.8546. If we subtract 1.8535 from 1.8546 that gives us 11 pips not 4. I hope this is clear for you. And I never said I was getting 90% return on my trades. I said 90% of my trades are profitable, big difference. Again I did not think fxcm was stop hunting my measly position but possible hunting where a lot of entry orders would be thus pushing the price to 1.8535. If you do not understand my math or the idea of stop/entry order hunting then you have no business trading fx. Ehough said.
One of the problems with short-term trading is experiencing whipsaws. One of the problems with trading in a bucket shop structured market it getting creamed and creamed fast.
I understand whipsaw action and cant say I got creamed. In fact, if you read the op, I was net positive for the day. The real question was how could FXCM quotes differ by so much from other brokers and not be crooked?