WELCOME TO A NOTHING MONDAY

 

“FX trader as a kid … what could possibly go wrong?”

No adjectives really, to describe adequately today’s EURUSD trade, that 

wouldn’t get my mouth washed out with Lava when I was about 8 years old 

… now that I’m an adult, the mouth washing seems a better idea. To say 

today was “pathetic”, would be an insult to pathetic … good grief … no 

volume, no liquidity, & no range to a nothing day that can only get you hurt.

Another “bigly & yuge” treasury auction the main events of the day ...those 

went off according to the manipulative effect of the FED, who no doubt hit the 

CNTRL-P button to sop up the fiat paper and make it look like there’s no 

problem with running trillion dollar budget deficits. EXIT QUESTION: “Will 

it be like this in 5 years when the inept Treasury Dept. auctions off weekly T-bill 

auctions for a trillion dollars”?

Tomorrow sees “the most important CPI number evahhh”! … the trade 

obviously waiting and playing the “hurry up & wait” game we’ve all become 

accustomed to in financial markets, cuz nobody can do nada without some 

kind of breaking news as the “official” backdrop of the “talking heads”. Add it 

all up, and it makes for a nothing “Flying Wedge of Death” [FWD] day, where 

again, anybody who hangs around any position longer than he/she can hold 

their breath, risks getting that next spike right up your donkey … and so it was 

about 295 times today, where the first 4 hours you can’t get an uptick to save 

your life … somebody at Central Bank HQ throws the light switch … and on a 

dime, the market turns and spends the rest of the day moving higher, almost to 

the Asian high [so far].

And through it all, the market “setups” totally stink … a result of the low 

volume, tight range day with everybody on hold for tomorrow. For example, 

the day’s low price in EURUSD saw action within a PIP or two for about 9 

minutes … “sure, everybody gets a chance to buy the low of the day; why not”?

Only one trade today … PAMM up a few bucks, nothing special.

I wasn’t happy with my long entry fill … in my estimation, it should have 

been about 1.1 PIPS lower, and it was simply the case of getting filled on a 

“mystery” tick … got no “love” from the scumbag LP, that’s for sure. My rule 

when I get “hosed” upon entry of any position, is to look for any opportunity 

to get out at a profit … that opportunity came some minutes later, and I 

liquidated 1/10th of a PIP from the high bid of the M1 … I didn’t hesitate or 

question the decision, cuz when you get a bad fill it skews your profit picture 

… simply liquidate at the first chance and start over. And even though I didn’t 

know it at the time, that was the only good “setup” I saw the rest of the day.

As I stated in an earlier blog, you have to be really careful of tight range days, 

and for EURUSD that definition is less than 40 PIPS … getting long near the 

bottom, or short near the high, opens you up to “stop spikes” that can hurt you, 

simply cuz the early day’s high/low act as Chaos Theory “strange attractors”, 

and will tug a market quickly towards taking one or both out and causing 

losses … losses that have a high probability of being worse than you think, cuz 

you never know where your stop is gonna get filled until it’s over.

And with the day’s range right around 50 PIPS, and price hanging around the 

low of the day for 9 minutes, if you get long in here the probabilities of further 

lows are high … most days, 50 PIPS isn’t gonna be anywhere near the range, 

and playing the “doji” card cuz of tomorrow’s CPI report holding the market 

at bay for the day, is a very dangerous way to trade … you’re inviting a future 

disaster. So, chalk today up as a garbage day, the rest of the week a literal data 

dump of reports and news events the market is surely waiting with hushed 

anticipation … until the next “hurry up & wait” cycle. 

I made some good progress over the weekend with “The EURUSD Aggressive 

Scalper Tutorial” … I still have some issues to resolve, but I’m working 

through them, and I’m hoping it can be ready for release by the end of this 

upcoming weekend … I think it will help many of you with your trading by 

giving you a solid foundation for proper “setups” via short term [scalping] 

trading in the major liquid Dollar pairs that have extremely tight spreads 

[anywhere from 0.0 PIPS to usually no greater than 2 or 3/10ths of a PIP], 

and very low round turn [RT] commissions like we enjoy at Turnkey.

Here, late in the day, EURUSD trying to take out the high now, with a  

“vapors” move to the upside … just another leg in today’s FWD. Back at it 

tomorrow, this day being done an hour ago; if you make a trade now and it 

sours, you got no place to run to get it back. So, until tomorrow mi amigos 

… I’m outta here … Onward & Upward!!

PAMM spreadsheet directly below.

 

Have a great day everybody!

-vegas

OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND

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