Whatever your definition of “panic”, or “SHTF”, was before crypto trading came
along, after these last weeks of insanity they don’t mean the same thing as
before … quite frankly, the “Chuckleheads” last night in the Asian session
outdid themselves for pure, unadulterated stupidity, falling for 2 rumors on
crypto which were bullshit … “but, when the entire universe is long crypto, you
need “scare the hell out of ‘em” for the masses to motivate them to liquidate,
which they dutifully did right over the frickin’ cliff … and after Mr. Burns & crew
back the proverbial truck up and buy your panic, it’s mission accomplished
and now let’s start the whole process over shall we?
And in case you haven’t noticed, crypto is simply mirroring the complete
unraveling of the social fabric in the U.S., which is now the “U.S. of China” … and
if you think it can’t get worse, man-’O-man are you in for surprises galore when
the Communist Fraudsters take over and set about the complete destruction of
what once was a country … remember “free speech”? … somebody tell the tech
Nazi leadership when you get a sec between football games.
Today seeing October 1987 crash losses in crypto … way to go analysts at
Morgan Stanley, buying the top … hey, somebody had to do it! … who knows
what tomorrow brings in crypto, whether this is a blimp on the radar screen, or
something lasting much longer & deeper than folks will admit … one thing for
sure, though, count on turnkey to FUBAR every crypto market they touch!
… today seeing some of the most outrageous bid.offer spreads I’ve ever seen,
with ETH at times over $25+, and most of the day at $5 - $15, and BTC with a
$300+ spread, and most of the day between $50 - $200 … what a fucking joke,
and they call this a “market” … this is the bad news for today.
The good news is gold starts the new year with conditions only slightly worse
than last year at this time, before the complete hijacking of the market during the
hoax pandemic, that saw bid/offer spreads in gold go into orbit … that started to
change around Thanksgiving, and slowly since then spreads have come in, and
today we see the bid/offer spread spend most of the day between $0.15 - $0.30
with some pennies fluctuations around those … that’s only less than a dime per
OZ. from 2 years ago, and given the volatility [20 Day Range MA
currently = about $30!], the current spread is acceptable … adding another item
to the list, the MODIFIED TUNNEL TRADING [TT] ALGORITHM works exceptionally
well with gold … I’ve taken crypto concepts and applied them to gold, rearranged
the dynamics to account for its personality, and BINGO!, BANGO!, BOOM!, it’s
worth trading in the current environment … about time the slimeball London
dealers got their shit together and brought it back … I never left gold, gold left
me!
As today is showing rather spectacularly, Turnkey cannot be counted on to
maintain any kind of legit spread in any of their crypto pairs … $10 - $25+ spread
in ETH, & $50 - $300+ spread in BTC is not what I consider fair market value
… especially when you consider the alternatives in trading crypto … today for
example, while BTC was “enjoying” a $150-ish spread at Turnkey,
“Priscilla The Trading Gorilla” was trading BTC at PRIMEXBT with $0.50
bid/offer spread, and paying 0.1% for RT commish, which equals about $31
… let’s see, pay $31 bucks and change or pay $150+ WITH SLIPPAGE, and hand
money over to the thieves at Turnkey? … “gosh, I dunno, that’s a tough one!
… NOT”! … what utter bullshit, and of course complaining about it only brings
the “duh, market condition, duh!” horseshit back in response.
So starting with the European open tomorrow, my first priority is crypto and I’ll
take a look at the conditions, and if they’re bullshit [most likely], I’ll be back in
the friendly confines of the spot gold market, where I’ll be utilizing the MODIFIED
TT ALGORITHM to trade gold … all I can say is, about frickin’ time they got their
shit together … so, crypto first, and if they FUBAR that, it’s on to gold … and
while I do realize gold isn’t in any way, shape, or form a free market like crypto,
the algorithm nails the market exceptionally well despite the manipulators … and
quite frankly, the “Rally Protection Team” [RPT] isn’t anywhere near as active as
they’ve been in prior years, and with the Communists set to print untold trillions
in “funny money” from the CNTRL-P machine, gold doesn’t look to be in any
major trouble price wise with profligate spending starting next week … usually
they show up after multi week or month rallies they want to stop, like what we
saw in early August … given the quite good ranges being seen, which are well
over $25 most days, I don’t find a 20-ish cent spread a problem … and given the
excellent latency Turnkey has in FX, slippage shouldn’t … SHOULDN’T … be a
problem … we’ll see about that one, cuz Turnkey is after all Turnkey, and I don’t
really trust them for fair fills … but no matter cuz it’s better than paying top dollar
plus some for shit fills in crypto, so we don’t really have any other options
available to us other than gold … it’s fortuitous for us this market has come back
almost to where it was before they messed it up last March … let’s hope they
keep it this way going forward! … and as I said, the algo does very well in gold,
so if its conditions are decent, why not trade it when crypto is messed up?
Impossible to trade any crypto today at Turnkey for the PAMM / MAM, and no
trades for “The Syndicate” over at PHEMEX … all crypto today has gone “bat shit
crazy” to the downside, and making any market anywhere is a joke … I can handle
crazy, but these moves are past crazy, and into “The Crypto Twilight Zone”, and
all you’ll get here are problems galore … no thanks, I’ll be back later when shit
settles down some … today’s trading action literally insanity on steroids.
Tomorrow will see us back in markets … until then … I’m full steam ahead!
… Onward & Upward!!
-vegas
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