“Serving humanity since the dawn of time!”
It’s good to be back in gold … now, if the “Hoover Dam” FEDS & the BIS can
just keep their grubby mitten’s off the price, via the “Rally Protection Team”
[RPT] and let it trade naturally … “well, a tall order, but since Trump became
Preezy & Spicoli at the FED, there has been very little price suppression via the
fat finger”.
Again today, over in currency FX, the manipulation games continue unabated
… everything moving solely on PIE HOLES & Apparatchiks … one day it’s
straight up, the next straight down, and the mystery ticks & spikes enough to
drive anybody insane … stops acting like gigantic magnets, the scumbag LP
banks running them with abandon & in the process screwing over corporate
orders via the prop trader go between scam.
Gold daily ranges are picking up steam … the trading action is good, with the
very best bid/offer spread in the biz, 7 AM - 2:30 PM EST, being in the 7 -11
cent range per OZ., right along with an almost meaningless RT commission of
[at current price] approximately 2.4 cents per OZ. … staff has scoured
brokerage houses near and far, and nobody beats Turnkey for gold trading via
XAUUSD in 1 OZ. increments … nobody … and while I’m not suggesting
anybody trade like this, for accounting purposes the margin is 100/1, meaning 1
OZ. of gold traded at $1200, has an approximate margin of $12 … there aren’t
any account minimums, like at many houses, to be able to take advantage of
these trading conditions, which allows anybody with anything in their account
to trade gold and build the account … quite frankly, there isn’t any excuse NOT
to trade it with these conditions … and while I have been as harsh a critic as you
can find with their FX and stock indices LP’s, in gold [and most likely silver as
well], they are about as good and fair as you will find … got zero complaints
with them, with no appreciable slippage like in other markets.
More importantly, though, are two [2] items of extreme importance; 1) the
utter lack of PIE HOLES & Apparatchiks “talking” about gold, which literally
means trading action can be concentrated around “fear & greed”, the two [2]
fundamental factors behind gold that are predictable, and 2) if you assume 10
cents per OZ. = 1 PIP, for comparison purposes to currency FX, there isn’t
any USD currency FX instrument that currently has well in excess of 100 PIPS
per day range … gold by comparison is running right around the $12 per day
range area, giving us plenty of room for trades … given the nature of the
trading action, the spread & RT commission, the range, and most importantly
our proprietary algorithm for trading this market, this is a slam dunk!
I have personally traded gold from the inception of trading in the mid 1970’s
to the present … I stood in the gold pits of Murder, Illinois [a/k/a Chicago] for
3 years, before moving onto other markets cuz gold basically died for 20 years
[1983 - 2003] … I can tell you flat out, that if left to its own devices, the market
only has two [2] “fun-der-mental” attributes that move it up/down; fear &
greed. From 2012 - 2016, gold went through a massive price suppression
scheme orchestrated by the FED & BIS … hopefully, that sad chapter is over
with and done for good.
Gold is still mostly a North American market, although the rise of China has
led to more range movement in the Asian session … however, the
“Chuckleheads” still inhabit the Asian session, and gold being one of the
favorite markets for Mrs. Wantanabe & Gal Pals, they continue to
“get it wrong” with gold price … something to watch and keep in the back of
your mind, cuz when Asia rallies, New York drops and vice versa … just
guessing, but this phenomena is good about 80% - 90% of the time.
Turning to today’s gold market … financial markets today are freaking out
over global bond yields blowing higher rather quickly … rumors again fill the
currency FX space via “Brexit” and all the other happy horseshit that hits the
space almost every day. Gold, for its part, is still in a weekly congestion area,
which hasn’t seen price break out of the 1160 -1215 area, weekly candlestick
from 7 weeks ago … we’re literally stuck inside a current 7 week candlestick
formation … think of it as a coiled spring … whichever way it goes, it’s likely
there will be some power behind it … first tests are likely to rebuffed, but
follow through should come to the fore.
Tomorrow is NFP Friday … oh joy, oh fun … more bullshit from the folks
who bring plenty of it every month … whisper jobs number is a massive 500K,
and if we get anything like this, the initial reaction from gold is likely to be
lower … although lately, dollar strength has not hurt the gold price like most
think.
Intraday volatility in gold has remained remarkably consistent, with some days
seeing marginal spikes higher on bigger range days over $15 per OZ., and it
leads to more active trading than other markets, with the attendant higher
profits I want. Today, though, sees a more subdued trade, more than likely cuz
of the NFP mess tomorrow morning at 8:30 AM EST … position squaring the
theme today, after both shorts first, then longs get shaken from the market.
Only one algorithm trade today … PAMM up 0.2%.
A very good algorithm buy signal and liquidation, with excellent fill prices on
both sides … as I said, they are very good in gold.
Our gold trade today was not taken over on C2 … why not? … “well, yours
truly forgot the idiotic Dodd/Frank rules instituted when President Empty Suit
was in office in 2010, that stipulate US broker dealers can’t allow trading in
XAUUSD … only gold futures … this is nothing more than Obama throwing the
CME a “bone” and making sure you trade futures for gold”. What a fucking
joke.
In any event, over on C2, the signals for gold will be via the CME’s “e micro
gold futures contract”, where at present the December 2018 contract is the most
liquid front month being traded … contract size is 10 OZ. per 1 lot, and
minimum tick size is 10 cents per OZ. Therefore, I’ll start tomorrow on C2
using 50 OZ [5 lots] to trade the e micro contract. For those that wish to use
“auto trade” @ C2, simply pick the e mini or the regular futures contract, and
the appropriate contract size for your account … simple as that. For others,
you can use the signal service and trade at Turnkey in your own account, or
enroll in our PAMM … all options I got covered.
And I know what some are thinking … “why the hell does the government do
shit like this”? … good question, but to ask the question is to answer it
… “they’re F-ing control freaks and it’s a payoff to the CME from a Chicago
homeboy … it’s got nothing to do with anything other than money”. However,
it’s easy enough to sidestep this bullshit … open an account at Turnkey online
and start trading within a couple of days [however long it takes to get your
account funded] … U.S. citizens welcome . And for those that don’t know,
Turnkey reimburses deposit wire transfer fees into your account … simply
send them a wire to fund, make a “screenshot” of your bank account for the fee,
and they will deposit the fee back into your account … so funding costs zero.
Withdrawals over $200 are wired back to your bank free of charge, although in
the U.S. some banks charge for incoming wires. My bank doesn’t, so
withdrawals are free here as well. The same is equally applied to those that
wish me to trade their funds via the PAMM.
So, onto tomorrow’s NFP stupidity … the rest of this day is a bucket of hog
slop … I’m excited about being back in gold with our trading algorithm
… until tomorrow mi amigos … Onward & Upward!!
PAMM Spreadsheet will be back up this weekend on the Sunday Update blog
post, along with some important gold trading statistics you should follow and
keep track of for trading success.
Have a great day everybody!!
-vegas
OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND
OPERATIONAL; SEE “PAMM/MAM MONEY PROGRAM” IN
“DOWNLOAD LINKS” SECTION IN RIGHT HAND COLUMN
FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND
START YOUR JOURNEY FROM WHERE YOU ARE AT TO
“ESCAPE TO SUCCESS”!
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