“I see this and think, maybe there still is hope for America.”
Today is a special Holiday, in my book, to honor and remember those men
& women who have made the ultimate sacrifice in service to America; none of
us would be here trading, or doing anything else we all take for granted with
our freedoms, if not for these brave people … they deserve 1) our respect,
2) our continued remembrance of their sacrifice, and 3) our heartfelt love and
prayers that they may rest in peace ... May God bless all of them.
In addition to today’s U.S. Holiday, the U.K. is on Holiday as well, as
apparently they need another banking Holiday … “you know, cuz they work so
hard for the betterment of humanity and all that PR crapola” … so, even though
markets are closed practically everywhere, doesn’t mean news stops, and when
things resume tomorrow back to normal, there’s a lot to digest in the E.U. & the
I looked at the trading action early from late Asia, and after about 20 minutes
decided the day wasn’t worth it … no volume & you know the rest … maybe
they can break the 1.33000 level, but I doubt any tradeable decline could result
from it, since both dips and rallies will be strictly stop hunts for the foolhardy
… the upside could see some rallies, but with EURUSD collapsing cuz of Italy,
Spain, & possibly Portugal [now in the mix for domestic trouble], that’s an
unlikely scenario … however, the last thing you want is to be in something, and
then “the lights go off, people hit the exits, and it’s simply you and the damn bank
with a wider spread” … no thanks, count me out.
Looking at volatility, current intraday levels are down approximately 25% from
Q1 2018 in GBPUSD … it feels worse than that to me, but that’s what the
numbers say for what it’s worth … however, it’s not the numbers per se that
make it feel worse, it’s the lack of follow through on either side, and ends up
giving us some variation of “doji” after “doji” on the daily candlestick chart
that’s the problem … the algorithm simply has neither time nor volatility to
react fast enough for the rapid changes in short term trend.
No trades today, simply cuz it’s a nothing day ± a few PIPS around the 1.33000
level that will go nowhere … great for getting chopped up. We’ll attack this
animal tomorrow when things return to normal. Until then mi amigos, I’m
outta here … Onward & upward!!
PAMM Spreadsheet directly below.
Have a great rest of your Holiday weekend everybody!
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