WHO HIJACKED THE PONIES?

 

“Sorry, it ain’t the same feeling!”

Somebody has hijacked the ponies … I went to the ticket booth and bought my 

ticket, and when I got in, there was this line, but no ponies … where the hell are 

they? Outside of last Thursday’s very late afternoon [after our close] hiccup 

from the BOE’s Carney about maybe interest rates aren’t gonna rise after all at 

the May BOE meeting, thus creating another Charlie Brown moment when 

Lucy removes the football and panic sets in all around to the downside, there 

hasn’t been a whiff, scent, a peek, or hint of a “pony ride” anywhere on the 

horizon … it’s been nothing but endless “chop” and stop hunts.

Yesterday saw a complete short capitulation in USDJPY, where it was a 

complete "shitshow" stop hunt on the upside … today, this market can’t even 

put in a range of 23 PIPS after almost half the day is over, which tells you 

everything you need to know about the state of the trade … there’s nothing 

here but stops, ready to be brutalized by the scumbag LP banks, which of 

course we already knew. Ditto for GBPUSD, where there literally is no trading, 

simply a “lurch” from one price point to another, USUALLY only a PIP, but 

sometimes 1+ PIPS as somebody discovers the wonders of slippage from the 

HAL9000 [“Dave … Dave ...  we don’t have a problem do we Dave? … I can 

assure you all systems are running in perfect order and your fill is right on the 

market”.]

Which of course, creates a completely dysfunctional market in GBPJPY, where 

this kind of market behavior feeds on itself and traders leave the arena for 

psychological help at the bar next door to the office … throw in slippage, and if 

I had a nickel for every phrase today from traders around the world of, “WTF 

kind of fill was that?!!”, I’d be on the phone ordering my new yacht.

Pony ride? All we’ve seen so far is pony doodoo, remnants of ponies from a 

galaxy far, far away … right now penny stocks are looking good compared to 

this stuff. I’m telling you, this is a cruel “F-ing” joke. Overnight, I was looking 

at hedge fund results since the start of the year, and just like last year, record 

numbers of funds are “throwing in the towel” and closing their doors … we’re 

in a new paradigm, where nothing moves until it does, and when it does, it goes 

so fast and hard it literally takes your breath away … then stops ‘till next time. 

And this first quarter [Q1 2018] has been brutal [I’m being kind] for FX & 

commodity funds, where performance overall is the worst in over 30 years 

… you have to go back to the crash of ‘87, and its aftermath, to see worse 

results. USDJPY is the perfect “poster boy” for a crowded trade, and the blood 

flowing from yesterday hasn’t even been counted yet … add this to the mix, and 

it spells lower volumes, lower liquidity, and more bullshit from the scumbag LP 

banks … cuz one way or another they’re gonna make their money, and take it 

any way they can get it. My point in all this is simple: “stay focused, show 

patience & discipline, and don’t let the market force you into “stupid shit”, like 

upping leverage to make up for smaller ranges for example”.

Turning to today’s GBPJPY market … good grief, what a pile of hog slop this 

is … nothing here driving this market early but GBPUSD buy stops on the 

upside, after 5 straight days of “monkey hammering” … it comes “out of the 

blue” and ends as quick as it starts, cuz there ain’t anybody laying in longs 

down here in size.

A shipload of trades today … no way to sugarcoat this folks, PAMM down 

about $350 or 0.6%, thank you very much scumbag LP’s, where slippage has 

gotten totally out of control here … profitable trades down the drain, as fills on 

trades just get creamed … and I do mean “clubbed”.

Seriously, I am beside myself with rage at these scumbag assholes who call 

themselves “liquidity providers” … they are fucking thieves. One trade today, I 

go to sell [liquidate] at 31, and get filled at 24; another trade I go to buy at 45 

get filled at 48 … 2 minutes later I go to sell [liquidate] at 43 and get filled at 

40.4 … all told, my guess is about $350 - $500 in slippage … totally bogus 

mystery tick fills that are bullshit; all buys on THE FUCKING TOP OF THE 

TICK CHART … ALL SELLS ON THE BOTTOM OF THE TICK CHART 

… EVERY FUCKING ONE OF THEM, no matter what the market does. Of 

course I’ve complained to Turnkey … what’s the point? … absolute scumbags 

top to bottom.

Sorry folks, but I’m really pissed, and these assholes want me to trade bigger 

volumes? … rrrrriiiiiggggghhhhhtttttt dirt bags, go piss up a rope. And the last 

trade I made, I’m short, and when the price is on its LOW TICK at 151.790, I 

click “liquidate”, and get fucking filled at 151.831 … “wait … WUT”? 

… YOU’RE “HOOVER DAM” RIGHT WUT!… how do you make sense of 

this bullshit? WTF can I do, I’m clicking liquidate when it’s on its fucking 

LOW! And they fill me 3.9 PIPS off the offer on a fucking 1 ½ lot? “Oh sure 

Turnkey, sign me up for 10 & 20 lots … what’s the worst that can happen on 2 

million stuff, when your fucking scumbag LP’s clean my clock on a 1 ½ lot for 

almost 4 fucking PIPS, AS WELL as the shit fills all day long including the one 

you clipped us for 7 PIPS”?

This is totally unacceptable folks, and I don’t care what kind of “pony rides” 

they might have; it doesn’t matter when you get robbed on every damn fill! 

… and I mean TOTALLY UNACCEPTABLE! … and what pisses me off to no 

end, is that I’m not doing “stupid shit” here … I’m trading like I’m supposed 

to, and they’re taking me out back behind the barn and before shooting me in 

the head, I get the luxury of unsolicited LP bank sex, bent over the back fence 

nice and neat . Granted, the money isn’t huge … still only a few hundred bucks 

and a fraction of 1% of equity … but before I go higher volumes, I got to know 

how the rules are being played … And from what I’m seeing day after day, first 

in the stock indices, and now in the more volatile FX crosses like GBPJPY here 

this last week, it’s pretty fucking obvious you can’t scalp these markets cuz the 

damn banks aren’t going to let you, and they don’t give a shit what the 

bid/offer looks like on your screen … “fuck that … we’re gonna fill you where 

we want to and there isn’t a damn thing you can do about it”! Sure there is 

… I don’t need to trade you!

And after thinking about it for a few minutes after that last unbelievable shit 

fill, what I’m going to do is go back to trading GBPUSD; it’s settled down to 

the point where it’s tradeable, and it’s more volatile with better ranges than 

EURUSD. I’ll be using the “zone charting” techniques I discussed, and I’ll keep 

the same times, which is about 06:00 - 18:00, and if it’s interesting after 18:00, 

maybe a little longer. I’ll keep the GBPJPY M30 history, and continue to update 

it every month, and this weekend, I’ll do the same M30 for GBPUSD, from the 

start of 2018.

I’m the kind of guy, that doesn’t take getting “cheated” kindly, and if the 

asshole scumbag LP’s aren’t going to make honest markets in the stock indices 

and/or the FX crosses, I’m not gonna just sit around and take it … we’ll move 

to another market … that’s the whole purpose & premise behind “The 

Magnificent Seven” to begin with; we’ll trade where we get treated fairly, and 

where there is the necessary volatility, but I’m not going to let these assholes 

screw us with slippage that would make Vito Corleone blush if he were alive 

today. “And yea HAL9000, I got a real fucking problem with you”!!

So, it’s back to GBPUSD, and quite frankly, it’s gonna take a miracle to get 

me away from this market again … I think I’ve proven that the only 2 viable 

markets to trade and possibly scalp are GBPUSD & EURUSD … the rest have 

bogus, fake bid / offer screens, and the slippage is unfucking believable, even 

when there isn’t anything going on in the market … not that you can’t get it in 

these 2 pairs, but it’s manageable outside of market moving news. “I’m pretty 

damn sure if I was buying Cable to liquidate, that I’m not gonna get clipped for 7 

PIPS the first time, and 3.9 PIPS the second time, and that’s my point … screw 

these guys in everything else”.

And yes, I’m pissed, but like I said, the money is small and will be recovered. 

You “live & learn” with these assclowns, and like I told Turnkey management,  

“I don’t want to ever here about tight spreads with tier 1 liquidity providers 

… your LP’s in stock indices & FX crosses are THIEVES, and should be in jail 

… they suck, and quite frankly, you telling me “everything is F-ing AWESOME 

baby!, is utter bullshit. And to put an exclamation on that, your credibility is shot 

to hell as well, cuz you were the clowns that told me they were good LP’s … yea, 

that’s a fucking joke and you know it, so from now on, keep your opinions to 

yourself cuz I’m not interested. Your dollar pairs are OK, cuz they know they 

can’t fuck with those and stay competitive with the rest of the FX universe… well, 

guess where we’re gonna be from now on dirt bags”?

So, it is what it is, and I’ve “learned” enough so that my backside is sore and I 

can hardly sit down or walk straight … we’ll get on the profit path tomorrow 

and move forward, and Thursday sees U.K. GDP numbers early [4:30 A.M. 

EST] … the only positive thing you can take away from bullshit like this today, 

is to learn and not repeat what happened today, and to put it behind you, cuz 

there isn’t anything that is gonna change the outcome one damn bit. “So, on to 

GBPUSD, and the LP banks in GBPJPY can kiss my ass goodbye, and don’t let 

the door hit you in the face on your way out … I’m not leaving angry, just leaving 

…. I hope you starve to death”! And on that cheery note, I’m outta here for a  

“cold one” … until tomorrow mi amigos … Onward & Upward!!

I’ll have the PAMM spreadsheet updated sometime tonight, and post it here.

Have a great day everybody!

-vegas

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