“It’s Friday! … welcome to the FX shitshow!”
If you’ve been trading for longer than 5 minutes, you should know that
Friday’s are in a class by themselves … especially, after Europe closes and
things are left to the New York banks and other financial predators lurking in
the shadows waiting to raid your wallet … “why should this Friday be any
different”? And while everything across the MT4 board is “relatively” quiet
today, there’s all kinds of fun & games to report on … cuz the banks got to
make some money somehow, and if that comes from you, so be it.
Three hours into this day, and FX was in a literal “coma” … Cable with a
twenty something PIP range and sitting “dead in the water” .... Bingo!, here
comes some totally useless “Brexit” news, and it’s rocket ship time ramping
Cable about 20 PIPS to a new high … and what was the startling news? Well,
May has formed 2 committees to look into solutions to her Irish border issue,
and find some solution … “Wait … Wut? You’ve been at this for 2 years almost,
and you’re just getting around to forming some dumbass committee”? Picking
myself up off the floor with laughter, the message is clear from the BBC in
releasing this drivel … it’s a planted story to rally Cable, cuz the banks are
long and need to sell to somebody before the weekend.
Well, here we go with round 2, as an “out of the blue” ramp comes taking out
buy stops from yesterday’s interim highs around 1.35570. Why stop the fun
there? Here comes round 3 minutes later, with inane comments from FED Pie
Hole Bullard, saying interest rates are “neutral” now, and it’s a blast to the
highs up around 1.35950 … and then here comes the selling. Directly below,
the M5 shows it all, and take away the 60 PIPS that came in seconds, and the
tradeable range is about 35 PIPS, and outside of those 3 spikes, it’s a real grind
to get this stuff to rally.
And as Europe is closing, another Pie Hole from Europe steps up and offers
that “in his opinion”, “Brexit” has some problems going forward, and with that
the scumbag LP banks “gut” Cable by 25 PIPS, thus wiping out those with sell
stops and filling everybody at the bottom, and then it’s right back to where it
was 2 seconds ago … “ho hum, another drive by shooting in Cable as the volumes
and liquidity goes to zero, and it’s biz as usual for the TBTF banks, who are
“liquidity providers” don’tchaknow”? Directly below, the “fun” on the
downside.
Three long trades today … PAMM up pennies after the dust settles, so nothing
significant.
After all the blasts up today on spikes, after some liquidation, I got long. And let
me tell you, it was a complete grind to just get outside the spread on the upside,
as the market simply just did not want to move … and after all three trades, the
market was lower from my entries when the next blast up spikes came on
“news”, no matter how inconsequential they were in substance. And on the
fourth blast up from Pie Hole Bullard, I simply left it alone, cuz I’m not
chasing this stuff higher, hoping it can go into the 1.36’s … I simply know, that
when it’s over, buying it isn’t going to be the play, cuz it just rolls over and dies
or goes down. The complete trading day with Cable algorithm on the M5 is
directly below.
A few words on crude oil … a very slow day, but before the U.S. session began,
the spread in WTI spent most of the night at 3 cents, which if that could be held
and maintained would make an oil CFD worth trading. Directly below the
“market watch” showing this.
However, as soon as oil started to threaten the low of the day, thus widening the
range, the scumbag LP’s raised the spread to 6 cents … throw in some slippage
if your on the wrong side getting out, and they’ve just clipped you for
approximately 5 cents, over and above what your loss should have been.
Directly below the evidence.
Meanwhile, oil futures trade in 1 penny increments with hundreds and/or
thousands of contracts bid & offered on the 1 penny spread … but somehow,
the banks who created this idiotic 10 barrel CFD, think you’re stupid enough
to trade it and hand them free money … incredible. “What’s next, a 1 barrel
CFD? Can I use “Chuckie Cheese” pizza coupons or Burger King discounts, and
have the amount credited to my account to meet the $7 margin? Who the hell are
you marketing this crap to, cuz as far as I’m concerned, if I owned Turnkey, I’d
remove these markets cuz it’s embarrassing … there can’t be 6 people in the entire
world who are dumb enough to go for this … but hey, what do I know”? Crude oil
is a great market, it’s simply too bad that bankers are retarded and look not to
create a fantastic CFD & CFD market, but look to rob people blind with
bullshit CFD’s through their collective hubris & stupidity … maybe someday
they get their act together, and all we can do is wait and hope that can happen
soon.
Back to GBPUSD … only the first move up today had no specific news
attributed to it, and that rally fell apart quickly … other than that, what
we’re left with after today, is another “doji” spindle, where 7 of the last 8
trading days have long tails on both sides, with very little “fat candle”
manifesting itself for the day. Directly below, the daily candlestick.
And as I said yesterday, unless the “doji” has a wide enough range, hopefully
not put in via news spikes from hell, it’s going to be tough to make any money
trading … “choose the form of your destruction” my mentor Bert used to tell
me, and when you see it manifest itself as you’re trading, do everything in your
power to defeat it, cuz these are the days that give us our “tail risk”.
Cable has been a real “B. I. Itch” these last 8 days, with only one of the eight
holding either a rally or a break in price … and most unusual, today marks the
fourth day in a row of the markets inability to go anywhere, up or down, but
simply to “chop” and run stops … “seriously Mr. Market, get your head out of
your donkey and go somewhere … up/down, I could care less, but what we’ve
seen these last four days is bullshit”.
Without the unexpected various news items today, I don’t think Cable would
have moved much at all … and unless it’s moving, I don’t want to sit in
anything, cuz markets set themselves up for large spikes as a result; and if it
can go for you, it can also go against you, and there’s simply no way to recover
from the “drive by shooting”. So, another bullshit day headlined by rumors,
opinions, and stop hunts, with no volume, no liquidity, and mostly no interest
going into the weekend. It is what it is, and I simply deal with it and move
forward … not getting burned on a “doji” day in my book is a victory,
something to survive and keep your nose above the waterline.
Updated “supplemental” GBPUSD algorithm will be posted Sunday night
...and with that, I’m outta here … time for a cold one … until sunday night mi
amigos … Onward & Upward!!
PAMM spreadsheet directly below.
Have a great weekend everybody!
-vegas
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