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Wednesday, March 7, 2018

A ‘GOLDEN RULE” DAY

“When you make the rules, you can order anything you want!”

“Them that has the gold makes the rules”... and with the ECB on tap 
tomorrow morning for the week’s big market moving event, today sees 
scumbag LP banks & their hedge fund pals shove the market anywhere they 
want with abandon … and when the balance in their equity run has more 
commas than you have zeroes in yours … “yea, they can pretty much do what 
they want”, and that “want” means plenty of stop hunts & mystery ticks to 
screw with the retail spec community … you can forget any kind of trend 
today.

This was one of the worst trading action days I’ve seen in a while … very tight 
range until Europe closes, and then a little downside just to pick off some sell 
stops … no, what makes today a horrible trading day is the intraday action; 
very “choppy” with extremely thin conditions … more times than I can care to 
count, we saw EURUSD go 5 - 7+ PIPS up/down within a second or two, and 
then come right back … rinse, repeat a gazillion times, and you got a decent 
synopsis of the day’s activity … a very hard day to judge with almost … almost 
… zero “setups” that meant anything.

Tomorrow, of course, is the big event of the ECB interest rate meeting and 
presser, starring Super Mario, and from where I’m sittin’, EURUSD is primed 
for a big move … if we go significantly lower, there will be some serious blood 
in the street, as the fourth trip up to 1.25 has failed … If we go significantly 
higher, the stops above 1.25 could be potential “gang busters” … sitting here 
around the 1.23850 - 1.24100 area, it’s a real possibility some major fireworks 
get set off tomorrow morning … in any event, it will make today’s pitiful 
trading range and action be forgotten quickly.

One trade today … PAMM up slightly, but nothing significant.

Throughout the entire day, I only saw one “setup” I thought gave me the edge 
… everything else was a literal “coin flip” … but again, considering the day 
we’re in, my long position moved in my profit direction but immediately stalled 
… and again, once I liquidated, I looked like a genius for about 1 minute before 
it took off to the upside, albeit only very modestly and briefly. No regrets on my 
part, too be sure, cuz you should know by now what happens when you hesitate 
to liquidate when you’re supposed to. It’s about an hour after my trade, and 
EURUSD is sitting right where it was an hour ago when I got long … “yea, it’s 
that kind of day”. Now, though, Europe is closed and it’s simply the U.S. session, 
where I don’t expect much to happen … yes, we’ll get some position squaring, 
but who knows how that shakes out … it looks to me the range for the day is 
in, and all that’s left going forward into Asia tonight is trouble.

Outside of the “Nork” news yesterday, today is what I expected yesterday to be 
like before SHTF. ECB tomorrow and then NFP on Friday, so definitely some 
market moving events that will shape things going forward into next week as 
well … looking at the week on Sunday night, I figured Tuesday and Wednesday 
to be pretty much nothing days, without much in the way of drama … we got 
the “Nork” news, and Cohn’s resignation from President Trump’s Cabinet, but 
markets aren’t paying attention to that right now, and instead are focused on 
what to expect from the ECB and the NFP on Friday. Quite frankly, walking 
away today up a “penny” is a victory in and of itself; this day had “trouble” 
written on it before Europe even opened.

Some days, you just have to bring “situational awareness” to the table and 
realize it’s going to be a nothing day … that doesn’t mean, however, you can 
ignore the probabilities of a “doji” or “Flying Wedge of Death” [FWD] and take 
the other side … doing that opens you up to tremendous stop risk on the wrong 
side of the market … “just ask some shorts today how that high for today was put 
in, and where their buy stop got filled … ditto for longs with stops below 1.24000 
on a couple of occasions … there’s only about a 3% - 5% probability of a “doji” 
on any daily candlestick, so why take a trade that only has a 5% success rate? Yea, 
it’s the day before the ECB meeting … so what? … show me the rule that says 
“doji’s” always happen right before the ECB meeting, cuz the last 2 meetings it 
didn’t happen either”!

Bottom line is simple: “take the setups if they are present [they weren’t]; make 
some money … run for the exit”! Now, leave it alone ‘till tomorrow’s “main 
event”. As I have said and written before, all that matters is “up money” 
… how much doesn’t matter, cuz getting rich from trading is a function of not 
getting “whacked”, and not counting profits while you are in some position; let 
the market tell you when to leave. “And trust me, some folks today got 
“whacked” … needlessly so in my opinion, but you simply can’t fix stupid in some 
traders who consistently do “stupid shit”; and when you talk to them as they are 
crying in their beer, they swear they’ll never do it again … fast forward some 
weeks or a month or two, and it’s the same shit all over again … problem isn’t 
trading, the problem is mental, and they simply can’t give up bad habits that 
destroy themselves … they mistakenly think every day is “Christmas” when it 
comes to markets, and whether they realize it or not, their risk profile goes 
exponential at exactly the wrong time, and then … BOOM! … the hammer of the 
trading Gods comes down and destroys those they first blind with greed … you 
think I’m kiddin’? … if you’re a losing trader, changing your trading habits is 
one of the toughest challenges you’ll ever face”.

And it’s the purpose and premise of the website, not just with my published 
papers and research, but with this blog as well, to shine light on what matters 
in trading, and how to get all of you who are serious about markets, out of the 
 “Pudding Business”, and doing that starts with your first priority 
… successfully control risk by only putting money at risk in high probability 
of profit success trades … you do that, and you got no worries going forward.

EURUSD has slowed down here in the NY afternoon … day is over as far as 
I’m concerned … we’ll see what Super Mario brings to the table tomorrow; as 
always, with him you just never know what comes out the Pie Hole when he 
starts the “blah blah yada yada” during the presser … I’m outta here … until 
tomorrow mi amigos … Onward & Upward!!

PAMM spreadsheet directly below.


Have a great day everybody!

-vegas

OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND
OPERATIONAL; SEE “PAMM/MAM MONEY PROGRAM” IN
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FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND
START YOUR JOURNEY FROM WHERE YOU ARE AT TO
“ESCAPE TO SUCCESS”!

   










 

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