Another day, another bag of flaming dog poo coming into dawn in New York
… not much even to comment about until ranges & moves pick up across the
board … yes, this is pathetic, and all anybody can do is wait it out … “Europe,
what the Hell are you doing?” … all we get are “speed of light … crickets”, today
being a prime example, where more than 50% of the day’s range [at the time] in
USDJPY happens in a microsecond at 10 AM EST … followed of course by a
spread that blows out to 5 PIPS at Turnkey … what a bunch of LP thieves, but
sadly we already know that.
There simply is no volume, less liquidity, and quite frankly the system is broken
… across markets, from “Stock Bellies” to crude oil, open interest is the lowest
in at least 7 years in futures, and volume is almost non-existent … nobody is
willing to hedge, nobody is willing to make a market, and resting orders have
disappeared … and when markets go, civilization isn’t far behind! … all that’s
left are scumbag banks front running orders with their illegal offshore prop
accounts.
This is no secret, as numerous articles over on ZH the last few months have
pointed out the depths of the problems … and nowhere is this more apparent
than in FX, especially USDJPY, where I’m beginning to wonder when Japan
renames its currency to the “Peso” or “Bolivar”, and how much more pain can
consumers take before protests & riots start to break out … watching USDJPY,
you wonder if there is anybody anywhere in an institutional capacity that is
making some kind of market … USDJPY is a cross between the go-go days of
Bitcoin, and pork belly spreads, and each day brings more bullshit than I’m willing
to handle and process … the moves reflect the 10 YR. Treasury rate, but the
correlation is all over the place … one day rates go up and USDJPY hardly notices
… the next day rates go up lower than the day before, and it explodes to the
upside … meanwhile both EURUSD & GBPUSD are “mental basket cases” that
belong in a frickin’ psyche ward … long or short, good luck getting any follow
through for your trade … and yea, you’re still subject to the spikes from Hell
[up & down], so you get no break there, and one look at the daily chart and you
wonder why even trade it, it looks so pathetic … I agree, it’s terrible action, so
why pay attention to it? … which brings us back to USDJPY, cuz it’s the only one
that has “RANGE” … ALBEIT, NOT GETTING PUT IN ANYWHERE NEAR LIKE I
WOULD LIKE TO SEE IT! … the biggest problem is lack of consistency in VIX
… one hour the “Trading Ratio” [TR] is 2 … 2 hours later it’s above 5, but after
about 45 minutes goes back under 3 … what bullshit, and it belies the fact there
is no volume to speak of in any consistent manner … and then can easily go
into the “Loser Formation” for hours on end before the next C-4 explosion to the
upside / downside … scumbag banks watch this order flow carefully, but
unfortunately we have no way to get the same info … we got MFI, but that
includes all volume, not just spec, and while helpful, it’s not the “golden ring”.
Manipulators have learned very well, that in FX it’s “never give a sucker an even
break”, meaning when it runs it continues to run cuz they ain’t gonna let it
correct, and if you want in, you buy the rally or sell the break … and when it’s over,
it’s over, and it can do anything it wants … rallies that go nowhere, breaks that go
nowhere, now back to the middle or the other side … this is the infamous “Flying
Wedge of Death” [FWD] that killed so many floor traders back in pit trading days,
as they were always looking for an extension of the range … and during periods
when that didn’t happen, they ran out of money first before ranges expanded!
… during this Summer, ranges have held up pretty well, but these last few weeks
have really sucked … hopefully that will end now that we’re into September
… but remember, it ends when it ends and not before!
Coming into the New York session, USDJPY had one of the worst multi hour
sessions I’ve seen in a while … then came some stats from the math Whiz Kids
and we popped higher … a couple of buy signals I could have taken but didn’t,
simply cuz the spread at Turnkey was a joke for a good hour, well above 2 PIPS,
and I ain’t trading that or handing these assholes free money … I did have one
algorithm buy signal in USDJPY … TURNKEY PAMM UP SLIGHTLY … it ended up
being a scalp, cuz once in it, it very quickly moved over 80 in the MFI, which is
“danger zone” territory, so I liquidated … 10 seconds later it’s 10 lower, which tells
you all you need to know about volumes & liquidity … wasn’t looking for the scalp,
just happened to turn out that way, this time cuz of MFI.
Tomorrow is NFP Friday, oh joy oh fun … and about an hour after that into the
London Fix, and things will dry up going into Labor Day weekend “el mucho
quicko” … maybe even sooner, dunno … onto tomorrow … I’M OUTTA HERE
… “The future’s so bright I need 2 pairs of sunglasses 😎😎, and my own Brinks
armored truck” 💓!! … Onward & Upward!!
-vegas
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