The monetary & fiscal policy “chickens” of the “U.S. of China”, are very quickly
coming home to roost … “you can pick your sin … you CANNOT choose the
consequences”! … we start another week of trading, and looking at the crypto
sphere, the mad rush [a/k/a “FOMO”] continues into ETHUSD, at the expense of
lesser alt-coins & BTCUSD … with a complete mental basket case in the WH, and
a “do nothing”, giggly “Manchurian Candidate” VP who couldn’t run an ice cream
concession at the beach and make it work, the entire country is being run into the
ground … hyperinflation right around the corner, and ZH asks the question today,
“what happens when you have to spend 40% [or more] of your paycheck to buy
food”?
It’s taken 108 years for the FED to get us here, but they sure aren’t wasting any
time destroying and debasing the dollar, are they? … In Reagan’s first year [1981]
the total federal budget was approximately $681 billion dollars … today, the frickin’
FED QE’s that via the CNTRL-P MACHINE that goes “Brrrr … 24/7/365”, IN A
MONTH! … sins … consequences … as a nation, the “U.S. of China” is running
out of time and the math is catching up … “oh, and what financial space notices
this with utmost interest? … why crypto of course! … can’t control it and can’t
manipulate it, all you can do is “scaremonger” it to a dumbed down public, and
hope you can “kick the can” down the road long enough so you’re not around
when heads start getting separated from shoulders”!
But no worries for most Sheeple, cuz at the top of the “worry list” is whether or
not Aaron Rodgers stays with the Packers … bread, circuses … anything to keep
you distracted from the complete disintegration of society as you know it … but
yea, banks are “safe”, the Gubermint can be trusted [cough, bullshit, cough], and
the “Clown College” [Congress] is doing a wonderful job aren’t they? … reminds
me of a certain group of people in a certain country circa 1933, and what can
possibly go wrong?
ETHUSD rocketing past $4,000 this weekend, and early Monday saw more buying
in Asia & European sessions … if this keeps up, this isn’t going to end well
… parabolic moves never turn out well, and this will be no different … from strictly
a trading perspective, what has me puzzled at Turnkey is their “best in the world”
trading conditions in BTCUSD, and “worst in the world” trading costs in
everything else, including ETHUSD … it’s inexplicable, and they ain’t talkin’!
It started about a month ago, and the complete “FOMO” being seen in ETHBTC,
is something you have to be cognizant of when trading BTC straight up … all of
this buying in ETH is coming mostly from BTC liquidations, and the spread has
moved mightily to the upside very fast … of course, when “profit taking” [thank
you Bob Pisani, CNBC hack] does come into ETH, look for BTC to rocket higher.
Well, isn’t this a fine kettle of fish! … hyper frenzy trading in both pairs, and
usually both pairs are moving inversely to each other, except when they don’t!
… is that clear? … and in the midst of all of this FUBAR movement, Turnkey LP’s
doing their best to make life miserable … ETHUSD bid / offer spread today, flying
at the speed of light between $3 - $20, and there is no way in hell you can trade
this pair without getting screwed royally by the LP … every buy sees the offer
“mysteriously” spike higher to fill you, and every sell sees the bid “mysteriously”
spike lower to fill you … this is as big a scam as you’ll find, and Turnkey refuses
to address the issue at all, most likely cuz the scumbag LP tells them not to
… whatever, it is what it is, and I find their silence telling … so, at least for today,
ETHUSD trading for the PAMM isn’t gonna happen … then there’s BTCUSD,
where Turnkey has the best pricing out there for LOWEST TOTAL COST TO
TRADE … simply inexplicable as to why the other pairs are pure shit, but hey I
guess they don’t like the business, cuz what else can be said?
One decent algorithm signal in BTCUSD today … TURNKEY PAMM UP SLIGHTLY.
There were multiple signals today, but at least 2 of them got blown through so fast,
if I had punched the buy button, I hate to guess where my fill would have been
… pricing in BTC is about as treacherous as swimming with sharks and you just
cut yourself shaving 1 minute ago … what could possibly go wrong? … spread
was OK most of the day, but there were times within microseconds where the
spread went from $5 - $70+ and then back again … buy it, and that spike up is
yours Skippy! … directly below, screenshots of the bid / offer TWICE during the
day, where there is no discernible rationale for the way bid and offer are quoted
… “every spike up in the offer, and somebody somewhere just got screwed on a
buy fill … every spike down in the bid, and somebody somewhere just got
screwed on a sell fill … and don’t forget to pay attention to the grid”.
Quite frankly, with no accountability and ZERO TRANSPARENCY, the LP can fill
you anywhere they want, and that means you get mugged and robbed, absolutely
GUARANTEED! … the only saving grace is that even with this robbery, your total
cost to trade is STILL LOWER than the “open order book” platform where
“gas fees” [commissions] are outrageously high … we’re still better off, but they
are still thieves as well! … as I said the other day, I expect to get “clipped” slightly,
simply cuz these HFT’s aren’t in biz to give shit away for free … by the same token,
paying $50 over the market for a fill doesn’t define “slightly clipped” … I’m thinkin’
“paper cut”, not taking my left arm off at the shoulder blade … from the trade I
made for the PAMM today, we suffered a couple of dollars on each side getting in
& out, so for BTC that’s acceptable … $50 or so would sure as hell not be
… having said that, you just have to be cognizant of the flow of the spread, and
not click the buy button on moves up, or the sell button on moves down … overall,
I’d give Turnkey and their HFT LP in BTC today, a grade of B- … the rest of crypto
at Turnkey gets an “F-” … if I could give out a worse grade, I certainly would.
Tomorrow’s another day, though, so I battle on with these shit weasels.
Over at PHEMEX, while Turnkey can’t figure out how to offer a market in ETHUSD,
“The Syndicate” is trading ETHUSD “spot”, paying between $1 - $2.50 for a
spread, WITH ZERO FEES … multiple trades today in ETHUSD, and we’re UP
APPROXIMATELY 0.51% … all of that came right after the European open, with
some outstanding algorithm buy signals … as time wore on, price slowed down
and became more choppy … and ETH just keeps climbing higher no matter what,
sucking in more buying at higher levels … this shit needs to slow down, or the
end is gonna be messy as hell … still, happy with the algorithm & results in a
market that really moves!
Before I go today, since crypto trades round the clock, and we’re not stuck in any
particular time zone or world session for trading action, there may come times
when I trade, and it’s after the blog post but before the end of the day at
5 PM EST. … from my perspective, the day ends with the blog post, and anything
after that until the next blog post, where I’ll report for the PAMM / “The Syndicate”
results … just wanted to clarify that.
… outta here … “the future’s so bright I need sunglasses”! 😎
… Onward & Upward!!
-vegas
