THIS IS THE RALLY?

 

“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 

everything Cable.

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 

watch.

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!

-vegas

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