“I did, and it’s called ASSETS FX”
“How many days did that fucking take; five, seven, maybe a week and a half?” In any event, it didn’t take long, did it, for the “new” LP at ASSETS FX to begin the process of raising spread conditions in the DOW30 & SP500? I have warned repeatedly, given their track record of lousy CFD’s in the stock indices over the last 2 years [this is their 4th attempt], that we would have to watch carefully to see if the LP could be trusted to keep trading conditions stable for customers; “of course not, that would be too fucking easy and give clients a good stock index to trade during U.S. hours. On some levels, these people are worse than the Clintons, and that’s saying something.”
You’ll remember, just a few scant days ago the DOW30 & SP500 were put on the ASSETS FX MT4 with spreads of 1.4 index points and 0.40 index points, respectively. Yesterday late morning, with dull trading conditions everywhere and not a damn thing happening, all of a sudden it changes. Below, a “snapshot” of the new quotes taken off my MT4.
Well, looky here; now we got 1.8 index points for the DOW30 and 0.60 index points for the SP500; throw in round turn commissions and the SP500 is untradable at a “net” cost of 0.7 index points [who the hell is going to trade this?], while the DOW30 “net” trading costs go from 2.4 to 2.8 index points. Too be sure, the DOW30 at 2.8 is still tradable, but it is their continued pattern of deception, lies, and ‘bait & switch’ that really pisses me off. EXIT QUESTION: “Does anybody out there really think this is the end to spreads being raised and money stolen out of our accounts for absolutely no reason other than LP greed?” To ask the question is to answer it.
Of course, the blistering email I sent off to the LP will be met with crickets, cuz bottom line is they don’t give a shit; same with the brokerage house. “Bitch all you want customers, we just gave ourselves a raise!”
So far, they haven’t touched the DAX30, probably because they have too many clients in Europe that trade it and they need to stay competitive with other houses for this very popular stock index; spread here has remained around 0.7- 1.0 index points, with a “net” trading cost of about 1.7 – 2.0 index points. Not the best in Europe by a long shot, but not anywhere near the worst either; above average and tradable. We’ll see what happens here as well in the days and weeks ahead.
Seriously, these people are contemptible, because they think we don’t notice or care about our trading costs and that they can just do whatever the hell they want; in a strict sense that is true, but it’s also true I don’t have to trade through you and can take my trading account someplace else, so go fuck yourself.
So, I’m not exactly in the best of moods this morning coming into the day; my fuse is short. And just for the record, I had to deal with the dog getting into it with the neighbor’s cat late last night, thus cutting into my beauty rest. “Look at me when I talk to you … what the hell are you doing? … how many times do I have to tell you he’ll kick the living shit out of you cuz he’s got claws that hurt? … and so, after peeing for the 407th time yesterday, you decide to go looking for trouble? … hey, guess what dumb ass, you found it!”
And so, he comes whimpering into the house looking for Mommy, acting like he deserves a ‘Purple Heart’ for bravery cuz his nose got scratched by the big, mean, bad ass cat next door. And of course, Mommy pampers the living shit outta him with ‘goo goo baby talk’ and hugs and kisses as she puts a little antibiotic cream on the side of his nose while he’s all shivering and upset. “For Christ’s sake, it’s not even bleeding! It’s just a scratch.” [Ok, now who’s the bad guy, as 2 sets of eyes pierces me like bullets for being “insensitive”.]
Ok, hours later after our brave Comrade fought the “enemy at our gate”, he’s settled down and munching on a bacon Beggin’ Strip, and I’m tryin’ to figure out what happened as I partake in some medicinal Scotch on ice. Best as I can tell, it all went down something like directly below.
“All I did was call him a ‘Pussy’ and he goes all nuclear on me!!”
It looks like Comrade Merkel’s statements early this A.M. in New York about “hard Brexit” got some gold shorts to hit the liquidate button; this after, of course, the Asian session failed to produce a rally. This produced 2 moves to the upper RM=1 exhaustion lines seen in the chart below, about 2 hours and 40 minutes before the 08:00 New York open.
So now we’re after 08:00 and we get the first buy signal from the algorithm, and to be honest I’m not at all excited about buying this stuff at 1270.75. The chart directly below.
And really, after a few minutes, I’m not liking the action in the marketplace cuz I don’t think we can vault higher due to the fact we got Fed Beige book out later at 2 PM. Yea, it’s a long ways away, and a lot can happen, but we already got an $11 range which is higher than what we have seen lately. All I’m looking for now is a short spike up to get out with a good fill, cuz I know if I sell [liquidate] after it turns around, me and another 5,000 traders will be hitting the button. On that little blimp up [orange arrow] I sell, and do get a decent fill, so my piddly profit is a little less than half a buck after commissions. It is what it is, and if this first signal is any indication of the rest of the day at this level [which I think it is], then it’s going to take a nice waterfall of some kind to get me long again today.
[Note: In case you haven’t noticed, I’m taking the screen ‘snapshots’ of my algorithm trades as soon as I close them; I’m doing that so you all know, at the time it is happening what I’m doing and thinking. I don’t want Skeptic Cat on my ass, emailing me and telling me how easy ‘hindsight’ is after the fact and ‘cherry picking’ a fill or some trade. So, get used to real time trade charts as they happen. (Unless you think I can somehow make data disappear off a chart on the MT4, in which case send me your address and I will send you some more tinfoil.)]
Directly below after a couple of hours [white/orange arrows were first trade], I’ve highlighted in blue another algo trade you could have made and made money, although I’ve chosen not to take it for reasons I said above. If you took it, then great.
From where I’m sitting, the day in gold is over; I could be wrong obviously, but I just don’t see [unless the Fed Beige Book produces some nasty surprises at 2PM] what “lights a fire” under gold to go higher and expand the range. Looks to me like “chop” the rest of the day.
Right now, I need the beach[“yea, you can come … but leave the damn cats alone, OK?] and some Vitamin C therapy [Corona & Limes]. You say it’s too early do you? “Well, it’s 5 o’clock somewhere!” is my response. I’m soooooo outta here. Until tomorrow …
Have a great day everybody!
OPEN A DEMO AND/OR LIVE ACCOUNT AT THE LMFX LINK IN THE “DOWNLOAD LINKS” SECTION OF THE WEBSITE TITLED “OPEN TRADING ACCOUNT – DO IT NOW!”