“Ok Missy, go ahead and try and explain this trading day.”
Well, that makes two of us … I dunno either. Directly below, the M30 chart
tells the whole story … a low range, no volume, no liquidity day, where very
little market action made any sense whatsoever … you’ll have a hard time
finding another day as poor as this one on the daily candlestick.
As I said yesterday, the paradigm we find ourselves in trading GBPJPY, is one
where I have to be positioned for any and every “pony ride”, within reason.
Carryover range from the first part of the Asian session is normally relatively
low … that leaves me with a wide field during our 12 hour window from
06:00 - 18:00. Some days I will get a nice signal on the M1, other days I won’t
… it doesn’t matter, cuz from that open, when it starts to move I got to be in a
position of some kind … I don’t have a choice here … nobody from Citigroup is
gonna email me and tell me, “hey, in 3 minutes this shit is gonna explode higher
[lower]”. I tried that already, and unbelievably, they said no.
Point being, on shit days like today, with very constricted ranges, and price all
over the place, we have a much higher probability of losing money; my job is to
make sure it isn’t very much and is manageable and relatively small
… therefore, expect very low range days to not yield very much if anything
… the payoff is much larger gains on days when the range is either “normal”
or very large, and on those days, gains will be in the thousands.
And while scalping is possible, I simply have to give each trade “more room” to
work … if I don’t, I ultimately end up scalping a position for 3 PIPS profit, and
10 minutes later it’s 100+ PIPS higher/lower, and the “pony” left me standing
at the stable. We all know this stuff moves, and while today isn’t quite
considered “tail risk”, it’s damn close … the vast majority of the 12 hours inside
60 - 70 PIPS, with the “Flying Wedge of Death” [FWD] making a house call.
A shipload of trades today, long and short … PAMM down about $113, or about
0.2%.
I’m not unhappy about the trades I made, or where I liquidated them all
… fact is, when it doesn’t want to move, there isn’t anything we can do about it
… didn’t get caught in any “mystery ticks” [came close], or gaps in price [which
were plenty], and everything pretty much went according to plan … problem
was, the market put in a day’s range that fell in the 1% range of days traded
for range.
So, while I never like losing, I did today what I said yesterday I was going to do,
and that means, day-in & day-out, there isn’t gonna be one damn legit “pony
ride” we aren’t going to participate in and capture at least a good portion of it
… we’re gonna be there! Next week, volumes will pick up … all we need now is
for GBPJPY to cooperate and at least be “normal” [110 - 150 PIP range day
… bigger would be appreciated!]. And, USDJPY today finally came out of its
coma … too bad it went the same direction as Cable for the entire day. Anyway,
movements in the denominator pair are always worth more to the cross price
than the numerator.
All in all, just a crap low range day … we take the bad with the good, and it’s
on to next week … I’m outta here … until Monday mi amigos
… Onward & Upward!!
I’ll have the PAMM spreadsheet updated either tonight or tomorrow and post it
here.
Have a great weekend everybody!
-vegas
OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND
OPERATIONAL; SEE “PAMM/MAM MONEY PROGRAM” IN
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