“Where do I start with this full retard day!?”
I’ll have much more tomorrow, when I have some time to reflect on this day, as
there are so many teachable moments in today’s trade … OMG, what a frickin’
mess! ...and of course, it started right from the day’s open, where we had a $20
range in less than the first 20 minutes of trading … if inmates can ever run an
asylum, today would be it, cuz some people with some bucks got their asses
handed to them today in spades.
And, with nutty conditions comes more scumbag bullion dealer bank
“scumbaggery”, as in widened spreads and vastly higher slippage on fills cuz they
can … they’ll tell you it’s a function of market conditions, which is bullshit, cuz it’s
simply a matter of greed when they got plausible deniability from the market
… they know exactly what they’re doing and how they can extract more free
money from accounts.
Turning to the market, though, clearly somebody panicked late yesterday
afternoon, and further terrible economic news coupled with Trump nominating 2
new FED Pie Holes that believe in backing the dollar with gold, got the gold spirits
running hard & crazy … today’s daily candlestick looks horrible, if that means
anything, but the scumbag banks have handed out some hefty losses today on
both sides of the order book.
So, here we are in this clusterfark of a trading day just before a Holiday, that was
completely ruined, less than 20 minutes into the day from the open last night
… spreads widened, position squaring factored into this crap, and traders
panicking everywhere from both sides … OK, now what? … I’m not being
rhetorical … cuz what I know from decades of experience is the only logical
outcome is that EVERYBODY GETS HURT, except of course the banks.
Using the new algorithm for gold trading, and what will become obvious to those
who choose to follow it once it’s released in early September, is that there are
different levels of buy signals for different styles of traders … from when I start
trading for the PAMM, somewhere usually around 7 AM EST, what we have seen
today is six … yes 6, what I describe as the weakest of buy signals, for overly
aggressive scalpers only … and just so you know, that doesn’t describe my style,
so I ignore them … we have had ZERO buy signals for the New York day [so far] in
the category of trader that I am … I’m NOT super conservative and I’m not super
aggressive, and I would label my style as somewhat conservative and cautious,
but not overly so … in other words, I like decent reward / risk environments that
make sense for a trade … and when conditions get bat shit crazy, spreads widen,
and ranges are all over the place with Asia going full retard before we even start, it
most definitely limits our options … this is why today [so far] I’ve made no trades,
while super aggressive scalpers would have made about a dozen trades … if I add
up those dozen trades, it looks from eyeballing it, that it would be about 8 - 4 in
favor of the winners, so maybe you’re up some [not a lot] for the effort … to some
this is acceptable, to me it’s not.
Our new algorithm for gold is scary good, cuz no matter which trader level or style
you place yourself in, it keeps you out of trouble and lets you win over the course
of the day … trading simply is 1) identify your style, and 2) follow the probabilities
of success for your style to profits.
Over the course of my career, I’ve seen days like this in many markets, and while
the urge is there to get in there and mix it up, it’s a very troublesome scenario
when losses start to mount cuz of bat shit crazy up/down spikes … and this day
has certainly seen its share of nutso action and panic … get caught up in it, and
the butthurt won’t stop for a while.
Now that Europe has closed, trading has ceased to exist from earlier … there
simply isn’t anything left on the order books for the banks to screw over in their
haste for your money … “thanks, come again! See ya after the 4th”! … and away
everybody goes to the exits.
In tomorrow’s blog, I’m going to expound upon the teachable moments from
today, and why they are important for you to tattoo to the inside of your eyelids
… ignore them or don’t take them seriously, and don’t bother trading, just send
me a check and get on with your life … I promise I’ll spend it better than the
“Hoover Dam” banks!
I’ll leave today with one simple observation … these moves in the dark, which
come from 4 PM EST - 8 PM EST when trading is in limbo in Australia & New
Zealand and are happening way too frequently IMHO, aren’t accidents … they’re
intentional from either someone or a group of somebody’s looking to manipulate
a market with as little capital as possible, and exert their will upon a market
… add the “Chuckleheads” to the mix when Asia opens, and you got yourself a
toxic brew of market shit stirring, where everybody openly wonders, “WTF is
this”? … and it goes downhill from there … today a classic day in this regard
… more tomorrow mi amigos.
So, no trades today, but let’s hope tonight and Friday can see at least some
semblance of order … blog post tomorrow on the 4th … until then mi amigos
… Onward & Upward!!
Have a great day everybody!
-vegas
No comments:
Post a Comment