WHAT THE HELL WAS THAT?

 

“Oh Oracle of trading knowledge! … what’s going on in Cable?”

I’m embarrassed for the FX market as a whole … “seriously, why not just shut 

the damn thing down and we all go home and sleep, cuz there’s surely no excuse 

 for this bullshit” … directly below the evidence of one of the worst trading 

days I’ve ever seen in GBPUSD, via the M5 with algorithm.

 

Granted, European markets closed for some Holiday, but so is Christmas, and 

there was more action on Christmas Day than today … no volume, absolutely 

no liquidity, as the fills today were some of the worst I’ve ever seen in a market 

that is not moving … but remember, the scumbag LP banks got to make money 

somewhere, and on days like today, they get it via slippage. Even trading a 1 lot, 

they can’t help themselves but fill everything off the market by at least ½ a PIP 

on every order … “Gads, what a complete and utter shitshow of an excuse for a 

trading market”. Once the opening half hour was in the books, except for a brief 

few minutes below 1.34000 & above 1.34300, about 95% of the day a “chopfest” 

inside 1.34050 - 1.34280, a whopping 20 something PIP range for which you can 

get 2 things; 1) a position held for way to long, and 2) a terrible fill from which 

to climb out of … that’s about it. And after we got ripped the final time on exit, 

I called it quits, cuz why hand them money?

A handful of trades today … PAMM down collectively about $8 and some 

change … another day of “treading water” in a market that refuses to move.

The biggest “piss me off to no end” order of the day, is when I go to buy with 

the offer at 1.34206, and get filled at 1.34229 … a “rip” of over 2 PIPS for no 

damn reason, and as soon as I’m filled, it’s right back to 20 … other orders 

ripped as well, and it’s the reason I kept volumes to a minimum.

Day 13 of the Cable “shitshow” streak, and if it’s not too much trouble Mr. 

Market, “could you please go somewhere in 11+ hours, more than 20 frickin’ 

PIPS with some follow through”? 

All we can do is “wait it out”, and it ends when it ends, but the surprise for me 

is the utter lack of any rally moves of any significance the last 13 trading days 

… one day last week, we had the bullshit “vapors” rally on bogus “Brexit” news 

one late afternoon in New York, that carried over into Asia, but that sold off 

quickly, and then nothing in Europe followed … other than that, this stuff can’t 

even hold a rally on EURUSD & XAUUSD new highs for the day, and the 

sellers are lined up out the door … but, we can’t break either, and you’d be 

hard pressed to find closing prices 13 days in a row in this tight of a range 

going back many, many years.

So, again “treading water” keeping the proverbial powder dry, cuz this stuff is 

like a coiled spring, and when this “shitshow” of extremely low volatility ends, 

ranges will expand dramatically. Don’t like losing anything, but my “big girl” 

panties aren’t gonna get bunched up over $8 … more important, is not doing 

“stupid shit”, cuz in this stuff today, you can’t get it back when there is no 

movement in price M5 candle after M5 candle, and all you get for your effort 

is slippage from the scumbag LP’s.

Tomorrow sees nothing from the U.K. in terms of economic releases, but at 

4:15 A.M. EST., we got 4 … count ‘em … 4 BOE Pie Holes speaking on the 

“chicken lunch” circuit, including Chief Clueless Twit Carney … they’ll all be 

on the same page, lest they completely embarrass themselves and make a clown 

show of it … “what can possibly go wrong here, if they surprise Cable in unison 

and price takes off in either direction”? Given their predilection of “talking up” 

the economy, less the Sheeple lose confidence in their comical self-anointed 

omnipotence, I’d have to give the edge to the upside surprise element over the 

downside for 2 reasons; 1) we’re down “bigly & yuuuuge” from the high on 

April 17th, and shorts might be nervous, and 2) it seems to me they don’t want 

to be “gloomy” about economic prospects going forward and being proven 

wrong 2 months from now with egg all over their collective faces; far better to 

be optimistic, and if things “go south”, blame the “FUBAR POLS” & cite the  

“go to bogeyman” for all things negative in the U.K., “Brexit”. Of course, they 

are all just like their FED counterparts … faculty lounge types who couldn’t 

find their asses with both hands if they had a Rand-McNally roadmap, so 

anything is possible … “so, I’ll be looking for that first move out of the box, if 

not too violent, on the magic words pouring from the lips of the Pie Holes” … fun 

times, I’m sure.

Not much else to say about this market, since it won’t move … this too shall 

pass, and tomorrow would be a good time to break this crap and get a range 

well over 100 PIPS in our 12 hour window … “I know, I’m asking for the 

world … you know, what happens 99% of the time up until May 2? … yea, 

that”! We’ll see what tomorrow brings and trade it accordingly … and with 

that, I’m outta here … until tomorrow mi amigos … Onward & Upward!!

PAMM spreadsheet will be up in a couple of hours, directly below.

UPDATE: 6 P.M. EST: PAMM spreadsheet directly below.

  Have a great day everybody!

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