Here is an example of one of these infamous "death spike" keypunch errors in electronic markets. The beauty of these is waiting for brokers to confirm they are busting they trades that were executed erronerously due to some clerk making an error. At times this can take hours and have huge dollars no pund intended, at stake.
Most of the time they do bust the trades but every so often they do not. I have been on both the good and bad end of these types of things, they suck!
However, take a careful look at this chart because this is what is likely to happen when we get a rally in this market. It is setup to be one of the greatest short squeezes of all time right now. We are teetering on the verge of a breakout upward, and even though this chart shows a bad price high, the real one is at a breakout level where if it holds, this market could take off. If this does happen, we are going to see a stock downdraft very quickly.
Admittedly I himmed and hawed over shorting some currencies last night, and chose just to stay with my Pound short I already have and wait for a bounce to short some of the others. I am just hoping we do not free fall here, but it is possible we could see a sharp dollar rise and equally sharp foreign currency decline at any moment now.