Longtime readers know that for weeks / months / years, I’ve been screaming at
houses like, first Turnkey when they were around, and then Coinexx for the last
couple of years, to do something / anything with these Asshole liquidity
providers [LP’s], and force them to offer us “fair & honest” markets via their
bid / offer quotes, and when they won’t listen, get rid of them faster than a bad
rash … and for what seems like forever, every phone call with management
types, every email I send ends up in the “junk mail” box … with what I imagine
comes with haughty laughter and giggles aplenty.
Just as an example, let’s look at XAUUSD, run by the criminal, mob style RICO
syndicate known as the LBMA [London Bullion Market Association] … tied at the
hip with the BIS [Bank of International Settlements, the central bank of central
bankers] & the equally criminal enterprise known as the COMEX [gold futures],
you’re looking historically at one of the worst markets on the planet for
“spoofing”, front running of orders, and criminal behavior in filling stops [buy
stops as well as sell stops] … and for those doubters out there, just go look up
all the recent court cases, both civil & criminal, and then get back to me.
There is absolutely no excuse to run a market like XAUUSD [Spot Gold] with an
approximate 30 cent bid / offer spread [often times MOAR!] … throw in
horrendous slippage on fills [DUH!, market conditions, DUH!] and the criminal
butchering of stops, and until recently trading this market is worse than putting
money into a slot machine at a bar … “they rob you blind on winning trades,
and pour salt in your stab wound on losing trades and take MOAR!” … if you
think this market is run “fairly & honestly” with these conditions, you got a
screw loose!
And I’ve been screaming at them forever to do what’s necessary to change
things, not only in gold but crude oil & “Stock Bellies” as well … and quite
frankly, it’s been “crickets” from them, where if you can get them to talk to you
they’ll tell you they’re just the middleman brokerage house and have nothing to
do with spreads, how they’re set or established, and everything is out of their
hands … oh really? … OK, so why don’t you tell them to “shape up or ship out”
cuz your customers are getting hosed? … and then get new LP’s … digging
deeper you find out there most definitely exists what’s known as an “LP Club”,
and those brokerage houses that don’t toe the line and support the scumbag
LP’s, will find themselves as a brokerage house with no LP’s, as they refuse to
give you service to their proprietary platforms … now, it should make perfect
sense to anybody wondering why all of the houses don’t give a shit about your
rotten fills or how bad you think you got screwed.
So why do the scumbag banks even need a brokerage house middleman?
… EASY PEEZEE: "They’re there to deal with customer bullshit the bank doesn’t
want to deal with” … and for that they get a piece of the spread / slippage /
commissions [if any] pie … the bank wants complete anonymity, secrecy, privacy,
and nothing to do with the trading customer … and maybe if you’re a big enough
volume trader at “House A”, and the accounts manager sees the “mugging /
robbery / rape” of your fill, he/she might throw you a bone and either rebate a
part of the loss or give some free commission trades to try and mollify you, so
you’re not as pissed off as before, and give the impression they “care” … trust
me, they don’t!
The other day, I get to my screens and Miss Gimpy is already up & trading
… and she says to me, “hey, look at gold and the spread at Coinexx” … my first
thought was, “where have these Assholes blown the spread out to now? … and
I’m mildly surprised to see the bid/offer spread in gold at 5 - 7 cents [RT
commission of about 2 cents per OZ. at Coinexx], where not insignificantly it
held the entire day … she decides to call them and ask if they got a new LP or
group of LP’s in gold … and of course, their comment is “NO, nothing has
changed.”
Why do I say “of course”? … cuz offshore brokerage houses WILL NEVER EVER
EXPLAIN ANYTHING REGARDING THEIR OPERATIONS, THEIR MARKETS, THE
LP’S THEY USE OR DON’T USE OR WHY THEY USE THEM, OR ANYTHING
RELATING TO TRADING IN GENERAL … now STFU and get back to trading!
… you will never find out from them who filled your order, or why exactly it’s off
the market, other than the “standard operating procedure” [SOP] comment of
“DUH!, market conditions, DUH! … they will NEVER EVER SAY ANYTHING IN
CHAT OR IN AN EMAIL THAT GIVES THE SLIGHTEST HINT AS TO WHAT THEY
ARE DOING OR HOW THEY ARE DOING IT, AND/OR NOT DOING … AND THEY
OPERATE THIS WAY, CUZ THEY NEVER KNOW WHERE THAT NEXT LAWSUIT IS
GOING TO COME FROM!
Quite frankly, I know COINEXX, LIKE EVERY OTHER BROKERAGE HOUSE, is a
bunch of LIARS, HYPOCRITES, AND COMPLICIT WITH THE THIEVING LP’S
THEY USE FOR FILLING ORDERS, SIMPLY CUZ ALL OF THE OFFSHORE ONES
GET KICKBACKS FROM THE BANKS AND/OR HFT’S … so of course, Coinexx is
never going to let anybody know that they have replaced that scumbag bank LP
in gold, who is a member of the LBMA [probably JPM or BofA], and replaced
them with a multi TRILLION DOLLAR HFT [e.g., Black Rock, Citadel, or maybe
Virtu] … and if I had to bet, I’d bet that the HFT is also paying Coinexx for
customer trading information, to the tune of tens of millions of dollars, to know
all of the gory details of each accounts trading habits, volume sizes, stop levels,
etc., stripped of personal details cuz they don’t care about shit like that … I’ll go
further! … my guess is, is that it’s the same HFT that took over the WTI &
BRENT CFD’S AND MADE THEM 1 - 2 PENNY SPREAD MARKETS … they did
oil first, and in the process showed the house how it’s done … we’re not
supposed to notice, BUT WE DID! … now comes gold and silver, and the LBMA
thieves are out the door!
But, we ain't ever gonna know “officially” this is what happened, cuz nothing is
ever divulged to the public … nothing! … and the main reason I think this is the
most likely scenario, rather than the LBMA just trying to raise revenue by cutting
the spread, is cuz the spread has come in from about 25 - 30 cents to 5 - 7 cents
in one single swoop … LBMA scumbags are greedy fucks and you know it!
… how likely is it they make that gigantic cut from the 25 - 30 cent level to 5 - 7
cent level? … I don’t think so … as an aside, I’ve been screaming at Coinexx
forever about houses like Fusion Markets, where their XAUUSD market has been
at the 5 - 7 cent level for quite a while … I’ve said to Coinexx, “do you think
Fusion is intentionally LOSING MONEY by offering gold at 5 - 7 cent spread?
… are they that fucking stupid? … no, they aren’t! … so why don’t you use their
LP’s and do the same?!!” … why should I pay 30 cent spread when I can pay
6 cents? … you offer me nothing to justify that extra free money! … and if I’m a
decent trader, over the course of a year, that “free money” I’m handing you is
in the THOUSANDS OF DOLLARS! … why can’t you get up off your collective
asses and bring this market to your clients? … well, the answer is money of
course … cuz you got to recognize that under the old regime, they got a piece
of everything, including the thieving slippage from the LBMA scumbag bank
… now, along comes the “win / win” scenario, where the TRILLION DOLLAR
HFT PAYS THEM MILLIONS, AND THEIR CUSTOMERS GET A BETTER
MARKET, which should see higher trading volumes! … even for a complete
dumb ass brokerage house owner operator, what’s not to like about this?
And they can crow about how they’re bringing better trading to clients all they
want, and I get that, but I’m under no illusions it’s anything but they make more
money than before … “Fuck the client”, your money is our money you’re just
holding it for a while before we collect it back from you! … but no doubt, it does
benefit us as potential gold traders, even with gold VIX getting monkey
hammered … they did it first with oil, proving to the house they could & would
deliver the goods … now comes gold & silver … the only thing that could screw
this up, is if the brokerage house comes to the conclusion they’re getting hosed
by the HFT for some reason and cuts the deal off, and we wake up the next day
and spreads are back to 25 - 30 cents in gold … and if that happens, I’ll be the
first one all over management cuz I know it won’t be happening at Fusion
Markets, and stinks of a “bait & switch” marketing scheme dreamt up by some
MBA who can’t trade his/her way out of a wet paper bag … so we’ll see what
transpires here in the coming days / weeks … but this idea nothing has changed
is BULLSHIT!
Speaking of gold given the new spread, directly below first the m15 for Friday’s
trade, and then below that, in succession the m1 from 15:00 server time
[8 AM EST] to 22:30 server time [3:30 PM EST]
On the m1’s, in the “RSX OF MOMENTUM” oscillator, please notice that I have 4
lines … 75 & 85, and then at the bottom 25 & 15 … this is the smoothed
momentum oscillator that is from 0 - 100, and readings on the top in this 75 - 85
“zone” are telling you price momentum to the upside is getting dangerously
HIGH … likewise, readings at the bottom in the 15 - 25 “zone” are telling you
price momentum to the downside is getting dangerously LOW … in both cases
market reversals are coming! … where we get the real extremes are when price
momentum is above 85 or below 15 … now, you can expect real soon price
reversal, or at a minimum price moving sideways to take away price momentum
… it is not unusual to see this oscillator going up while the price action is going
sideways to down, simply cuz it’s telling you momentum in your price direction
is waning … THIS IS A MOMENTUM OSCILLATOR, NOT A PRICE OSCILLATOR!
My default setting for the “RSX OF MOMENTUM” OSCILLATOR is 7, 7 … that’s
what it’s set at for gold … in most other markets I’ve found the settings at 9,9 to
be more effective … find your specific market and experiment with the settings
you think match up best at tops and bottoms.
For example, in USDJPY from Friday around the NYSE open [16:30 server time,
9:30 AM EST], we see the following for m15 and m1 directly below.
Hopefully, the problems experienced over at IQCENT with their platform are over
… over the weekend, I’ve gotten several emails from management apologizing
profusely, and while nice, just fix the “Hoover Dam” thing and let’s move on
… cuz here’s the deal … when functioning correctly, there is no better place to
trade CRYPTO [BTC, ETH, DOGE, XRP] and the FX pairs EURUSD & USDJPY
… in fact, not just from the perspective of the LOWEST TOTAL COST TO TRADE,
there are SIGNIFICANT OPPORTUNITIES to engage in arbitrage for scalpers
… and for that, due to the nature of the rest of the industry standard regarding
“gas fees” [commissions], where BTCUSDT IS THE PREMIERE TRADING
VEHICLE, the ability to trade and PROFIT while the rest of the trading world is
praying for a $30 move so they can breakeven on their position, means there
are literally MULTIPLE dozens if not hundreds of trades per day in the $10 - $20
scalp range WE CAN MAKE BUT OTHERS CAN’T!
You can scour the internet and research brokerage houses ‘til you’re blue in the
face, you won’t find any better trading deal than what IQCENT delivers in
BTCUSDT … yes, there are some “quirks” you have to learn and bring yourself
up to speed on, otherwise you end up buying high / selling low, so you can’t do
“stupid shit” when trading Bitcoin, but somebody tell me where else you gonna
find A 1 PENNY BID / OFFER SPREAD WITH NO COMMISSIONS? … and not just
in BTC, but in ETH, DOGE, & XRP as well, if you like to trade those … WHERE!?
… and if you’re literally dying to make money from trading, THIS IS THE
MARKET TO GRAVITATE TOWARDS CUZ CONDITIONS SIMPLY CAN’T GET
ANY BETTER!
From a strictly LOWEST COST TO TRADE MAKE MONEY perspective, the crypto
pairs cannot be beaten by any other market … hands down they are the clear
WINNER … doesn’t matter if you love ‘em or hate ‘em, THEY ARE AVAILABLE for
you to trade and profit … granted, the one drawback to the crypto pairs is their
limited leverage of 10:1, and when you get 500:1 marginable leverage with
EURUSD, and 300:1 marginable leverage with USDJPY, and you have the
LOWEST COST TO TRADE IN THE WORLD AVAILABLE TO ANYBODY, if those
pairs can maintain any kind of session VIX, they are as competitive as crypto
… right now EURUSD lags badly and USDJPY is holding its own, but slipping as
intervention fears mount … crude oil at 1 - 2 cent spreads challenges crypto, but
it to doesn’t have much “ooomph” in the VIX category right now, with some days
seeing really bad “Trading Ratios” [TR] and trading action … gold with 5 - 7 cent
spread with a meaningless round turn [RT] commission of about 2 cents per OZ
at Coinexx, can compete with crypto, even with lower VIX that sees ranges under
$15 per trade session … but FX, gold, & crude aren’t open 24/7/365 like crypto,
and given our trading conditions of a 1 penny spread and no commissions, even
when Bitcoin looks and feels like death warmed over with barely a pulse, it still
movies $300 - $500 in a 4 - 6 hour timeframe … you can’t sit there and
“blah blah, yada yada” and talk to me about making money and then tell me,
“oh yea, I hate crypto” for some unknown reason … I’m not your MOM or your
psychiatrist, I’m here to make money, and 1) in case you haven’t noticed I
HATE giving money away for nothing, and 2) I refuse to overpay to trade
anything … why the Hell do you think I paid all that money and commuted all
those years going into and out of Murder, Illinois to trade on the trading
floor? … cuz I liked the place? … Puleeezzzzeeee, gimme a fucking break here,
it was the one and only place to trade at the lowest possible rate and be at the
center of trading action … ain’t no other reason!
Directly below, the current week’s 20 Day Range MA’s of selected markets … I’ve
updated BTCUSDT, and now include the NY session 12 hour day from
12:00 - 24:00, and show both the “average” and “median”, as like USDJPY we
can often get wild and crazy days that skew the averages … it’s nice to have the
“median” to compare to make sure the data isn’t skewed heavily.
Tomorrow on the blog, I’m gonna spend some more time with gold & Bitcoin
[BTCUSDT] … let’s hope the spread in gold can hold and let’s hope as well
IQCENT got their shit together over the weekend and fed the Gerbils running the
Hamster wheel, so the platform works … big week for data with the CPI fairy tale
bullshit on Wednesday … onto the week!
… 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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