I’ve literally never seen anything like the volatility we see now in crypto pairs, and
I’ve been around since the beginning of the modern era of financial derivatives
trading … the only thing that comes even close is the Hunt brothers silver squeeze
in 1979 - 1980 … but, that was a much different dynamic revolving around futures
… and in the end, silver trading was essentially ruined because of it … fast
forward to crypto, and see my shockingly shocked face, as we enter the paradigm
of crypto trading that is sucking the air out of every other market known to man
… and the hot money is flowing to it like moths to a flame!
Of course BTCUSD leads the way, but plenty of others on a percentage basis make
BTC look slow … is that possible? … Yup, and one glance at the
“Thelma & Louise” in Ripple [XRPUSD] today will make your head spin
… today’s range so far about 1100 points to the downside, or about a 40% haircut
from an earlier high seen in the Asian session … thanks so much to the
Apparatchiks at the SEC for keeping us all safe from financial shenanigans
[except of course those involving Squid & JPM cuz it doesn’t matter when
they do it]!
BTCUSD today, another fun filled get ripped off from the HFT LP … I swear, they
sure learned the LP biz the right way from the scumbag LP bank LP’s over in
FX & “Stock Bellies” … today’s bid/offer spread a nightmare, seeing the entire
day between $15 - $40+ … “hit the offer to buy, and oh looky here a fill $10+ higher
than the offer … hit the bid to sell, and oh looky here a fill $10+ lower than the bid
… y’all having fun yet? … directly below the PROOF, the order box at Turnkey
during the day … nothing magical, simply thieving at work cuz they can … duh,
market conditions, duh!, remember?
I’m pretty sure whoever it was that got that uptick spike from hell, is really happy
he clicked the buy button … “folks, I can’t make this any simpler … YOU CANNOT
MAKE CONSISTENT MONEY TRADING BTCUSD WITH A $20 - $40+ BID/OFFER
SPREAD! … you might as well be in Las Vegas playing Keno, cuz all they will do
is grind your account down … the brazen balls of these assclowns pretending this
is a “market” is insulting … this is thievery, and it makes the LP Goons over in FX
look like Pikers!
Looking at the other pairs today, all a hot mess of boiling shit for spreads that
are complete ripoffs, except LiteCoin, which for the most part until SHTF with
new lows for the day taking out the $122 level on the downside, saw a spread
between $0.10 - $0.23 with some very brief occasional blimps … at the new low,
that spread ballooned out to over $1.20 … and yup, right at that low the trading
algorithm (MODIFIED TUNNEL TRADING [TT]) gave a buy signal off an exhaustion
level … Oh boy, goody goody, am I supposed to pay about a $1.25 over the bid
low at $119.51 and get long at 120.75? [and that assumes I’m on the low bid … if
I’m coming off the low it’ll be far worse!] … hell no, you’re an idiot if you click
the buy button, so you simply have to pass on the signal … outside of that
clusterfark, LTC not in “buy mode” from algorithm parameters … and as we head
into the New York afternoon, it still looks weak and moving sideways … can you
say “Loser Formation”?
No trades today in the Turnkey PAMM / MAM … I can’t make the trades if either
the algorithm doesn’t call for any, or the scumbag HFT LP’s refuse to make a
legit market with an honest spread … and don’t even go there with the “duh,
market conditions, duh!, bullshit they spew at every opportunity … they’re thieves,
and when they see an opportunity to screw you with a mystery tick fill [buy or sell],
they most certainly will while padding their own pocket in the process … and if
you’re not on an “open order book” platform, where all orders can be seen by
everybody, how do you know they’re being honest? … trust me, they ain’t!
For “The Syndicate” today, multiple trades in LTCUSD, and we’re UP SLIGHTLY
MORE THAN 0.28%
The difference here of course, is that we’re LP’s [market makers] over on
PHEMEX … LTCUSD I think the “perfect” crypto trading vehicle … it has
everything I’m looking for in a crypto pair to trade, NOT DATE THEN MARRY!
… and since we get paid a “maker” fee on trades, if you know what you’re doing it
makes profits come a helluva lot easier!
Over on the PAMM / MAM, we are at the mercy of the HFT LP’s, and we get no
such paycheck for trading … there’s a meaningless commish on each side of the
trade … for those of you who would still like to join “The Syndicate”, the door is
still open … it’s still “informal” cuz we’re small, and it makes no sense to me to
go through all the bullshit [there are no money management programs I’m aware
of on “open order book” platforms] of dotting “i’s” and crossing “t’s” and
spending the money while we’re small … and yup, there’s an element of trust here
as well, something nobody has to worry about in a PAMM / MAM hosted by a
brokerage house … when my participation allows me to pay for everything, that’s
when I’ll jump through the hoops … “The Syndicate” has morphed somewhat,
first thought about then made real when BTCUSD was a helluva lot lower than it is
now … there’s no way you can make a market in Bitcoin, cuz if you get stuck the
“taker” fee is a killer to profits, not to mention any loss on the trade … the other
pairs, like LINK or XRP don’t have what I call “tradeability”, meaning up/down
action consistently … they’re more “one way streets” of roller coaster hell
… LTCUSD is as close to perfect as I’ve seen! … so, if you want to join us, email
me and let me know and I’ll send back some info to you … ‘nuff said.
Each day that goes by, you just have to wonder if today is the day the
“Grim Reaper” comes for BTC, like it has for Ripple, and by extension the other
crypto pairs as well … an awful lot of greed & hype built into price already, and
as we know from previous bouts, the “selling tsunami” when unleashed can be a
killer … whales keep taking this shit higher, higher, and then higher still, without
much of any “backing & filling”, except for Ripple which has gotten mauled to
death by the SEC … I’m as bullish as the next guy on crypto over the long term,
especially Bitcoin, but recent action should have your eyes wide open to sudden,
massive selling pressure coming out of nowhere … get caught up in that, and it
makes for an ugly day indeed … and yes, I said before, crypto IS sucking the air
out of everything else being traded, and you just have to wonder how long “LONG
Dumb Money” is gonna keep their positons without getting steamrolled into the
asphalt … cuz you should know as well as me, not anywhere near all the bulls
will come out of this clusterfark alive and financially healthy … there’s gonna be
casualties everywhere … just make sure you ain’t one of ‘em!
Here in the New York afternoon, LTC along with BTC are “dead cat bouncing” … a
little short squeeze by the Wall Street criminal types I’m sure, setting off some
light buy stops so they can take the other side … with today’s bloodletting in LTC,
is it too much to ask for the “Chuckleheads” tonight in the Asian session to sell it
into a hole? … it would surely make for a nice turnaround later in the day.
I’m outta here … until tomorrow … I’m full steam ahead! … Onward & Upward!!
-vegas
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