“Do not trade FX in the Asian session! WHY?”
I hadn’t even gone for dinner yet last night, when the “stupid shit” brigade out of Japan went for GBPUSD with the FX equivalent of nuclear weapons. Although not quite the magnitude of the “Swiss Debacle” in January 2015, it was damn close. “Nothing to see here Sheeple … move along … just a little accident is all … everything is fine.” Except of course when it isn’t.
And so, I’m calling on world governments to immediately enact a world Holiday on the first Friday of October of every year, to be called “Stupid Shit Day”; plenty of festivities in places like Davos, Switzerland and Aspen, Colorado where LP executives can give speeches, wine can get consumed, and hookers can make a living. Oh, the humanity!
I get up this morning and the entire financial trading world is abuzz over the “shocking” developments in Cable; except for me. I find this “rape” of Cable in the minutes before the Asian open too convenient for a scumbag dealer community that maybe … just maybe … had to get their greedy little fingers on some quick capital to make up for losses in gold and government bonds from clients “all of a sudden” under water. Presto!! “Hey, I got an idea; let’s run a few yards [billions] of Cable into stops and see what happens!”
When I think of the dealers and liquidity providers in the Pacific Rim, and by default the Asian session, my first thoughts are of the bar scene in the original ‘Star Wars’ movie.
QUESTION: “How many of these guys do you really trust?” SHORT ANSWER: “Not a damn one of ‘em.”
And lest you think the move in Cable was bad enough in and of itself, let’s take a look at what the LP at ASSETS FX did to the client base, shall we? First, the M1 showing the GBPUSD debacle.
Now, the institutional side of the “coin” from Zero Hedge”.
Well, looky here, and ain’t this interesting; a 620 PIP difference between the low BIDS, with of course, clients at ASSETS FX getting the short end of the proverbial stick. Nice job LP, of fucking over clients, to the tune of over 600 PIPS, for your own enrichment and benefit. When the revolution eventually comes, I hope these guys swing from the highest tree.
I’ve been saying for years, “don’t trade the Asian session”, and now last night you got a pretty good preview of what can go wrong when the crooks at the bar are running the show. Please, brokerage house managers and LP’s, don’t insult my intelligence with “deep liquidity” and “institutional pricing” or my two favorites “tight spreads & ECN STP [straight through processing]”. Just another reason why I have practically given up trading anything in the FX arena since the “blow ups” in USDCHF & NZDUSD before last night. There simply is no way you can adjust your risk to avoid these FX train wrecks if you actively trade; sooner or later, that bullet has your name on it, and it is an account killer if you are on the wrong side; stops most likely always filled at the extreme by the LP for their own benefit.
Remember, this is the same LP in GBPUSD [Standard Financial which is Citibank] who refused to fill my limit sell order in EURJPY, back in March, at my limit price of 121.175 when the market went to 121.270 BID within seconds from 121.120 before falling back to 121.08; I got filled at 121.08. The response from the LP? “We did our best; deal with it.” My response to the LP? “Fuck you if you ever think I’m trading through you again. Did your best? How’s that possible when I see 121.27 BID as a high, then several other bids before 121.08, and then ‘magically’ I get my fill at the bottom BID? You’re either negligent, incompetent, or complete thieves, neither of which is acceptable to me, so fuck off.” And that’s the last time I traded FX at ASSETS FX in my own account. For managed money, at that time as some might remember, we got the same treatment from the LP in GBPJPY in early April, and that’s when I realized FX simply can’t be traded anymore; literally everything is stacked against you.
Which brings us to today’s other shoe to drop; the NFP stupidity. Nothing like a $10 per Oz. melt up screw job on a nothing “fairy tale” report to make you want to turn the machines off.
Quite frankly, I feel like Al Bundy and want no part of this shit today and could care less where they take it; anything I attempt to do has been skewed to pieces by the FX GBPUSD debacle and the idiotic NFP report and I have no idea where my probabilities of success are. Instead, I’ve decided to celebrate “Stupid Shit Day” at the beach with the dog, and of course the appropriate Vitamin C therapy. I’m sooooo outta here.
Have a great weekend 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!”