“Speed of light … crickets” trading, all inside condensed ranges of the “‘Flying
Wedge of Death” … “look Mom I’m moving”, and then 10 seconds later it’s
headed the other way with some kind of spike from Hell, as the order flow
shifts from buy to sell and back again … that’s the scenario in GBPUSD / CABLE
… in oil it’s just the freight train running down the tracks destroying accounts in
rapid succession, with almost ZERO corrective activity … ALL moving
practically whenever some PIE HOLE Apparatchik or POL speaks, and then
it dies again ‘til the next time … “markets, you’ve fallen, GTF back up!”
To put it bluntly, we are simply not seeing any of these markets move in either
direction, correct, and then resume the trend in any meaningful way … it’s either
chop or the freight train running down the tracks … you either buy the rally to get
long or sell the break to get short, and pray there’s a bigger fool than you to bail
you out … and if not, well now you’re stuck at extremely disadvantageous levels
either long the top or short the bottom, and there is no corrective activity that
extends the range after it’s over, and now you got a real problem cuz it’s not
moving anywhere for you to make the money back where you got clobbered in a
lightning strike up/down … and in a nutshell, this is the main problem right now
in both Cable and oil … and if this isn’t bad enough, we are seeing an inordinate
amount of movement in “off hours”, where Cable moves better at 5 PM EST than
it does at 5 AM EST when Europe & the U.K. are in their prime trading hours
… ditto with oil where late New York trading sessions see either liquidations or
short covering … today a perfect example in crude oil … nice $4+ range that is
almost worthless, simply cuz everything is a straight shot up or down … oil can’t
rally to save its life, until the mid New York afternoon, where it rips straight up to
absolutely crucify shorts … where are the ups / down that are corrective activity
during the main parts of the trading day? … it doesn’t matter if you want to be
long or short, cuz the problems are the same … you either position yourself at a
big disadvantage upon entry or you sit and wonder where the corrective activity
is … “R U hiding somewhere?” … no, it’s somebody muscling the market and
carving new donkeys along the way, and when they’re done it either rips higher
straight up or it goes into the Loser Formation, neither of which helps us with
algorithm buy signals.
Moving over to GBP / CABLE, you get the same phenomena but only in much
less degree form … and you got the manipulator banks to deal with … today
sees Cable for over 6+ hours in a frickin’ 50 - 60 PIP trading range excluding the
top / bottom move to new high and then new low that came and went in minutes
… for all practical purposes, it’s simply wicked chop with spikes from Hell that
trap both longs and shorts … you’re up on a trade, and then blink your eyes and
you ain’t … and now you can wait 45 minutes or longer while it fiddle farts
around within 3 or 4 PIPS from your entry and does nothing but raise your blood
pressure cuz it can’t frickin’ move to save its life … and then of course comes
the “BINGO, BANGO, BOOM” spike out of nowhere, where you’re wondering
which POL or Apparatchik said something … but there’s no news and it’s simply
order flow the banks used their front running techniques on to screw with specs
… now rinse & repeat the entire day, and you have GBPUSD / CABLE … and if you
get monkey hammered on anything, you have no way short of escalating risk to
the moon to make anything back … and the result is, another “inside day” where
it’s simply the yo-yo “Flying Wedge of Death” [FWD] that frustrates traders to no
end and creates losses cuz the market can’t extend its paltry range to anything
approaching the 20 Day Range MA … moving bat shit crazy [BSC] in the Asian
session cuz of the ChiComs doesn’t help us one bit.
And it leads to weak algo buy signals cuz the buy fuel isn’t there or is in very
short supply … in other words, “F’d UP” markets in FX … very inconsistent VIX
throughout the day … spikes and then NADA, rinse & repeat … even the idiot
Brit POLS and central bank Apparatchiks can’t get it to move, and it makes for
some ugly trading action … the good news? … it never stays like this for too
long.
No trades today … not for want or lack of effort, simply cuz there’s nothing
here, especially in oil throughout the day and into the New York afternoon
… finally got a short covering rally after 1 PM EST, but trading oil in New York
afternoons isn’t something I look forward to … where the Hell were you at 10 or
11 AM when it mattered? … when price action was good and there was plenty
of time for trades in the mainstream of the day? … well oil, WTF!? … I hate this
sitting, but it’s better than losing money … onto tomorrow.
… 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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