Opening bell opportunity

[^eagle^]

Last week at the closing bell I had four open sell positions. Over the weekend the market gapped down and reopened well below my Take profit targets of three of those trades.

What I noticed is that all these positions were in profit by well over 100 pips each!

I began closing them but one trade closed at its programmed TP of ten pips. I closed the other two for over 200 pips.

Last week I was in a similar situation but was not present at my computer for the openign bell. When I got home I checked my trades and they all had closed out as the price climbed back UP through the TP's! (they were all sells)

I would have made another 200 to three hundred had I been able to be at my post.

I did not see whether last weeks trades took profit as the TP target was breached or whether FAP closed them at the programmed TP.

I was wondering if I had left them today would they have ridden down to the 100% retracement I believe price is going.

Does FAP close out these trades after it "realizes" they are past TP or do they close out when TP is overtaken again by price?

Anybody had more experience with this phenomenom?

[Sooner]

Based on my experience, if price blows through either a TP or SL point fast enough, there is a possibility that your order will not get filled and FAPS will only trigger the close order command when the price reaches that point again.

I had a small live account blown out when the price jumped about 75 points in a matter of seconds.

[Craig BC]

Now that is an interesting thought
If you have a sell order in, with a TP of 20 on Friday and it goes down 100 over the weekend, can you adjust the TP on Sunday before opening, and pick up the extra pips? Or is the broker going to get all those extras pips.

[BryanA]

I had a sell that closed over the weekend. It is supposed to close your trades if they hit their TP's or SL's. But I am sure that that is not written in stone.

Bryan

[mystikdragon7]

Good point Eagle, I'll have to watch for that next weekend. I have had many open trades when the market closes and to find that when it opens back up all my trades are in the green and some have been closed and others still open.
Like Craig was saying, maybe there is a setting we can change over the weekend to make sure we pick up those extra pips.

[^eagle^]

Now that is an interesting thought
If you have a sell order in, with a TP of 20 on Friday and it goes down 100 over the weekend, can you adjust the TP on Sunday before opening, and pick up the extra pips? Or is the broker going to get all those extras pips.


I know FXDD doesnt allow you to adjust trades over the weekend. Only when the market is open. That's why I made sure I was at the controls when the bell rung. I made almost 200usd. Sshould have made about 260usd but one of the trades closed up at its preprogrammed TP.

[Sooner]

Not sure why this just occured to me but if you are leaving trades open over the weekend, why not just set a trailing stop at abotu 25 pips or so. If the trade moves in your direction, then the TS should ensure you get the majority of the pips.

[^eagle^]

Whats your opening bell position today (sunday)?

Many of you may already know of other sites that allow you to monitor weekend price action. One of them is : www.tenfore.com/markets.asp?symbol=EURUSDLITEx

(thanks again BryAN a)

[lorddave]

urgh... well I have sells at 1.2432 and 1.2492... Tenfore shows 1.2589 atm so I have a bit of catching up to do today

[edwardBe]

Whats your opening bell position today (sunday)?

Many of you may already know of other sites that allow you to monitor weekend price action. One of them is : www.tenfore.com/markets.asp?symbol=EURUSDLITEx

(thanks again BryAN a)

I don't understand how there can be weekend price action when the FOREX markets around the world are closed. Isn't ALL price action based upon people buying and selling currencies? How does that occur when the markets are closed? Do the major banks still engage in currency exchanges independently of the FOREX markets?

ED

[mystikdragon7]

Do the major banks still engage in currency exchanges independently of the FOREX markets?

ED

Yes, there are many foreign banks that still trade and make influences on the market.

[lorddave]

urgh.... its at 1.2642 according to XE.com

I hope she turns around soon!

[mystikdragon7]

urgh.... its at 1.2642 according to XE.com

I hope she turns around soon!

LOL I hope so to!!! Opened up a sell just for the heck of it to try and get some of it back since I kept seeing it rise.

[lorddave]

1.2628 now on XE, unfortunatly I havent got my spare laptop here at work with me today, so no Live feed's for me :(

[BryanA]

This is where it might be a good thing to turn your live account off. This range is funneling down. I am going to wait until it breaks in a definite direction. Its gotta happen sooner or later.

Bryan

[^eagle^]

Eur/usd is currently trading at 1.2677

I have no open orders. Hope you guys have some sells at opening bell.

looks to be about 30 to 50 pip trades

[mystikdragon7]

Eur/usd is currently trading at 1.2677

I have no open orders. Hope you guys have some sells at opening bell.

looks to be about 30 to 50 pip trades

Well that's a heck of a lot better than where it closed at. I'm negative $131 right now LOL:rolleyes:

[jefe]

trading has opened, its currently 1.2752 and climbing...

[maxfactor]

trading has opened, its currently 1.2752 and climbing...

The one buy I had from friday's NFP just went into TP. :D

[jefe]

nice... I don't have any open orders...

[^eagle^]

Spot is currently around 1.3355/65

Small drop gap at open is probable. Nothing special.:rolleyes::rolleyes:

[alan]

I don't think anything special happened over the weekend so I don't expect a gaping market.