“Good advice for trading!”
The dog ate more than I did yesterday; but still, it’s great to celebrate traditions with family & friends yet once again. And as I get older [gracefully to be sure] with each passing year, I love the look on kid’s faces when they see some good fireworks.
So, it’s the day after the 4th ; markets return and today we get FED minutes from the June rate hike meeting; oh joy. More mindless BS from the faculty lounge; I’m sure the word “transitory” will be in there at least a few dozen times.
Turning to today’s market … OMG, the market discovers gravity on the open. A shipload of trades today, and this market belongs in a mental institution; straight down, straight up, then go sideways for hours in a 15 point nothing burger, and now the glacial drift to nowhere in a classic “Flying Wedge of Death” [FWD], which I have stated before is the #1 guaranteed losing trading action most professional traders get hurt from and would rather kiss Dracula than trade knowing it’s a possibility. As if that’s not enough, throw in more slippage from the scumbag LP, and an increase in the spread from 2 to 3 points [for what exactly?], and it’s a miracle I’m only down a few tenths of a percent. Again today, a literal massacre on the downside to start things, where the first attempts of off some lows get obliterated in seconds via sell stops, and then the turnaround where once I liquidate after a nice pop 20 points higher, it hangs there for a minute and then blows higher without a care and never comes back down again the rest of the day.
Another day I feel like I’m getting bled to death with paper cuts by the Dow30; correlations with the other indices is out the window, and the only thing you have is the scumbag LP making a market, which you know going in is bogus; they run stops, and if you’re not perfect to a trade they hand out horrible slippage, where also today they increase the spread 50% … what’s not to like? I’m doing my best to try and not scalp this stuff, but the almost nightmare trading conditions set up by the LP some days can make life very difficult; today was one of those days. Literally, straight down 100 points on the open … then straight up, with a very good algo signal at the bottom that was my best trade of the day, and then a 50 point PPT blast in 13 minutes retracing about 85% of the drop … to nothing the rest of the entire day in a ± 15 point range chopfest, where here at the very end of the day, the Dow30 is trying its hardest to break above 21500 and kill more shorts yet again, but failed… first they kill the longs, now the shorts, and when the train starts going in one direction it has the potential to get “out of hand ugly”. In any event, the key here is relatively small losses … cuz when the other side comes, look out above! Onward & Upward!
And again, cuz this is really getting annoying to me, my Office 365 Excel is on the fritz, and again I have to call Microsoft, set up a tech appointment for tonight, and find out why the hell this keeps happening; and every time I get told it’s fixed now, no worries going forward …well, it better be, cuz after today if it goes out again I’m getting rid of it and switching to “Open Office. Org” which is free. I’ve had it with these clowns. So, I'll I get it up & working again, either tonight or tomorrow and post the PAMM spreadsheet.
Beach time ... dog says "hi" . we're outta here ... until tomorrow.
Have a great day everybody!
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