“Oh Oracle of trading knowledge … was this the Cable rally?”
Today’s minor rally in GBPUSD, has to be the sickest, most pathetic short
covering rally I think I’ve ever seen after getting “monkey hammered” 900
PIPS lower in about 3 weeks … “this is all you got? … seriously, cuz if so, this
stuff is in big, big do-do trouble on the downside”.
Granted, it’s a Holiday in the U.K., for whatever reason, so volumes are
subdued and at times literally non-existent, but this is pathetic … there is no
volume, no liquidity, no price discovery, no nada … anything you do is gonna
end up as heartburn … Oh, and of course, the big enchilada on Thursday with
the BOE interest rate clusterfark hnging in the air and choking anything and
Just a few long trades today … PAMM literally down $12 before commissions,
or something like that … simply nightmare trading conditions.
Directly below, the day’s Cable algorithm on the M15 … I don’t think it can get
any worse than this, in terms of price movement, but we got Tuesday &
Wednesday ahead of us before the “big meeting” that will resolve absolutely
nothing, except more confusion.
There really isn’t anything to say or comment on today about GBPUSD … it’s
just a big bucket of slop … correctly predicted how the move up would start,
which was off a bottom and then go straight up and trap some traders, but
after that initial 40 PIPS in minutes off the low, it’s like watching the fattest kid
in sixth grade run up a big hill … clunky, choppy, slow, and not very pretty to
Forget running any stops for gains on the long side … it was a slog up, and
every new PIP high today was met with solid selling … in other words, nobody
pushed the panic button. And I’ll repeat, if this is the best they can do in rally
mode, look the hell out below, cuz 1.20’s here we come again.
We’ll see what happens tomorrow when the trade comes back from the 3 day
weekend; until then, this market is in a coma right now and is in the middle of
a 20 PIP range over the last 4+ hours … how many different ways can you say
“dead”? I’m outta here … until tomorrow mi amigos … Onward & Upward!!
PAMM spreadsheet is directly below.
Have a great day everybody!
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