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  • #901
  • Aug 31, 2009 2:56am Aug 31, 2009 2:56am
Quoting billflet
Probably just paranoid. The errant spike was so large that it affected any yen positions open, long or short, no matter where the stops or TPs were. From the looks of their charts, it affected all yen pairs. That's a lot of trades to sort out. They've already been reversing the trades that went profitable. Guess they had to deal with those first.
Okay then, Thanks for the info.

I didn't want to make anybody worried out there without good reason,
but I know this stuff happens, often under the cloak of darkness,
and then by the time investors hear the bad news...it's already too late.

Over the years, I've seen a couple Refco style implosions and it can start
as something small just like that. Glad it's just something stupid. I'll pass it on.

thanks again.
  • #902
  • Aug 31, 2009 3:04am Aug 31, 2009 3:04am
Quoting billflet
They've already been reversing the trades that went profitable. Guess they had to deal with those first.
As far as I know no-one was given notice within the allocated 15 minute time window that any trades would be adjusted, under the new NFA rules I'm not sure they're allowed to adjust anything other than negatively affected accounts are they?

It will be interesting to see how this one plays out, it's the first serious erroneous spike since the new rules came into force.
  • #903
  • Aug 31, 2009 3:22am Aug 31, 2009 3:22am
Quoting pipmutt
As far as I know no-one was given notice within the allocated 15 minute time window that any trades would be adjusted, under the new NFA rules I'm not sure they're allowed to adjust anything other than negatively affected accounts are they?

It will be interesting to see how this one plays out, it's the first serious erroneous spike since the new rules came into force.
Actually I misread one of your earlier posts where you wrote: "and now Oanda are just about to reverse 200 pips of USD/JPY profit after a 'mystery' 4,000 pip spike!!!"

I thought they had already begun reversing them. So I guess they haven't reversed yours? Was your trade in profit before the spike?
  • #904
  • Edited 3:55am Aug 31, 2009 3:28am | Edited 3:55am
Quoting billflet
Actually I misread one of your earlier posts where you wrote: "and now Oanda are just about to reverse 200 pips of USD/JPY profit after a 'mystery' 4,000 pip spike!!!"

I thought they had already begun reversing them. So I guess they haven't reversed yours? Was your trade in profit before the spike?

Sorry that was my fault for poor wording, I haven't actually heard anything from them yet, I was going by what a rep said on their forum.

The trade was in a small loss going into the weekend, in fact it's only a relatively small trade but 200 pips is 200 pips. I think there are some wide implications about the way they handle this issue.


Edit: Hmmm, the Take Profit ticket has disappeared but there's been no adjustemnt to balance and no margin is used, something's happening but it's hard to see exactly what it is! I wouldn't mind if they let me know now while the original trade is in profit, then I could close/offset it if it's going to be reinstated.

It could be worse I suppose, some traders got a margin call!
  • #905
  • Aug 31, 2009 3:50am Aug 31, 2009 3:50am
Quoting pipmutt
Sorry that was my fault for poor wording, I haven't actually heard anything from them yet, I was going by what a rep said on their forum.

The trade was in a small loss going into the weekend, in fact it's only a relatively small trade but 200 pips is 200 pips. I think there are some wide implications about the way they handle this issue.
Just saw this on their forum:

Oanda phone support is now claiming,"...it could take up to one business day to correct these problems...".
  • #906
  • Aug 31, 2009 4:08am Aug 31, 2009 4:08am
Quoting billflet
Just saw this on their forum:

Oanda phone support is now claiming,"...it could take up to one business day to correct these problems...".

Sheeesh, what a mess!

I just spoke to them and they're unable to say whether my trade will be reversed, reinstated, or just cancelled off so now I've got a dilemma. Do I buy here while the original trade is in profit in the expectation the trade will be reinstated, in effect I'll be flat with a small profit if it is, but if it isn't I'll be long with perhaps a loss....but then I'll have 200 pips profit from the short....but then price could be anywhere by the time they sort it out..

What would you do?


Great, just what I needed on a Bank Holiday Monday
  • #907
  • Aug 31, 2009 6:46pm Aug 31, 2009 6:46pm
Well its 28 hrs now and my A/J short account still isnt fixed, still sits in MC with a negative balance. Been through a few of these bad price spikes before but it has never taken this long to repair.
  • #908
  • Aug 31, 2009 6:51pm Aug 31, 2009 6:51pm
How is the situation now?

Any resolution?
Not all sins are created equal
  • #909
  • Aug 31, 2009 7:27pm Aug 31, 2009 7:27pm
Here's the Oanda rep at 4:40pm EST today:
Attached Image (click to enlarge)
Click to Enlarge Name: oanda.jpg Size: 87 KB
  • #910
  • Aug 31, 2009 7:41pm Aug 31, 2009 7:41pm
Quoting billflet
Here's the Oanda rep at 4:40pm EST today:
Alfonso should be present here more often.

It's only one of the world's largest Forex forums. Not like any PR is necessary at this point
Not all sins are created equal
  • #911
  • Edited 8:04pm Aug 31, 2009 7:57pm | Edited 8:04pm
Quoting js5020
Well its 28 hrs now and my A/J short account still isnt fixed, still sits in MC with a negative balance. Been through a few of these bad price spikes before but it has never taken this long to repair.
Im also waiting ... contacted live help several times and they just keep on saying 2-3 hours, then shifting it along when I contact them when they say it should be fixed. Even when I explain that they haven't even checked my account to see if they have even tried to fix it..

I've been through this a couple of times when it takes a few days to fix the account, and the last time (last year) they realised that there was a technical fault which resulted in my account not being fixed.

Think the same thing is going on now ... But again when I suggest that perhaps the reclose has failed on my account, I get the response that they are still working on it ... Its very disapointing, but a natural consequence of OANDA's growth.

In anycase my long yen and dollar positions have all hit tp's and the price looks quite constructive on thee shorts now that Im hopeful, that they will close out and I can just give them the extra day to get it sorted.

As for OANDA , they need to explain why 28 + hours is acceptable !! It took all of a minute for all the accounts to get screwed, so why 28+ hours to get them fixed.
It doesn't make sense.

edit - well survived CNY Manufacturing PMI @ 54.0, eyes on the SSE open ...
  • #912
  • Aug 31, 2009 10:27pm Aug 31, 2009 10:27pm
Quoting pipmutt

Great, just what I needed on a Bank Holiday Monday
Didn't you say that this new rule would be just 'business' as usual?

Oanda is adjusting winning trades downwards - totally ignoring the NFA.

They didn't even provide a 15 minute notice!
  • #913
  • Sep 1, 2009 2:00am Sep 1, 2009 2:00am
Quoting blazespinnaker
Oanda is adjusting winning trades downwards - totally ignoring the NFA.
But are they?

There's some cautious wording in the Oanda reps posts, "if you were affected....your account will be corrected", or maybe I'm reading too much into it.

If they do/have reverse profitable trades I expect there will be a few entries on the NFA website, so far they've got a clean sheet!

I see you were offered a grand to sort out someone's account Blaze, there you go, a new revenue stream for you "Blaze....the Oanda Equalizer to the rescue!"
  • #914
  • Sep 1, 2009 2:18am Sep 1, 2009 2:18am
I like how you're trading on Oanda after talking so much smack about it in this thread. You're as inconsistent as your pedigree.
  • #915
  • Sep 1, 2009 2:28am Sep 1, 2009 2:28am
Quoting blazespinnaker
I like how you're trading on Oanda after talking so much smack about it in this thread. You're as inconsistent as your pedigree.
lol, hey leave my mutt out of this

Yep, NFA regulated shops are the best place for me to be right now, the outcome of this latest spike will prove whether that is in fact the case or not!

If this had happened on any broker outside NFA regulatory jurisdiction then everything would have been reversed by now, the fact that it hasn't (yet) bodes well for my plan (insert evil laugh here!)
  • #916
  • Sep 1, 2009 3:57am Sep 1, 2009 3:57am
accounts been fixed
  • #917
  • Sep 1, 2009 4:41am Sep 1, 2009 4:41am
Quoting WhipSawFX
accounts been fixed
Not here it hasn't!

Any of your trades fixed negatively ie loss of gains made on the 'spike'?
  • #918
  • Sep 1, 2009 7:17am Sep 1, 2009 7:17am
Quoting pipmutt
Not here it hasn't!

Any of your trades fixed negatively ie loss of gains made on the 'spike'?
No, sadly, I didn't have any gains from the 'spike'
good luck keeping them, if you got them.
  • #919
  • Sep 1, 2009 9:25am Sep 1, 2009 9:25am
My accounts at Oanda have now been fixed, the main account was tradable on Sunday night but the sub was not, they finally got to the sub account and all looks just as it did before the spike.
  • #920
  • Sep 1, 2009 11:02pm Sep 1, 2009 11:02pm
Some people are a little upset about the fact that they had take profits that didn't trigger because their accts were out of commission.

I wonder how they undo transactions where people realize the profits and then go scalping for a couple of hours. Could you imagine unwinding all of those? Ouch.
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