ANOTHER COMPLETELY USELESS NFP FRIDAY

 

“Oh, I see you were looking at EURUSD trading action today!”

It’s like somebody gave financial markets a shot of Novocaine last night … and

then added sleeping pills … with all that’s swirling around us, from politics to

BREXIT, and add in today’s fairy tale dust NFP report, you’d think there would be

some movement … you’d be wrong.

Directly below, the day’s EURUSD m5 candlestick chart, with some important

commentary.

WTF?

And so, I’m supposed to believe coming into today that EURUSD is gonna have

about a 20 - 25 PIP range over 10+ hours? … [“honey, where’s the tequila”?]

… about as wicked a “Flying Wedge of Death” [FWD] you’re gonna see inside

what I would describe as a “death range” … good grief, move somewhere!

… [Nope, we’ll just sit here and chop people to pieces, as they think it just

“has to” see the range expand … and natch, that means plenty of folks buying

1.17170 - 1.17200 and selling 1.17100 - 1.17080 multiple times, expecting a

different result, and then watching the losses mount as it’s “yo-yo city” on the

wrong side of the yo-yo … amazing yes, but given the fact that these last months

have seen heavy doses of low probability events taking place in markets, isn’t it

about time the other side of the probability curve sees some insanity?]

Algorithm trade signals today in EURUSD completely on top of each other, and

literally at some times, buy & sell were less than 1 PIP from each other

… whaddaya do? … you sit and watch in horror is what you do … what the hell

makes any sense other than that, cuz it ain’t going anywhere” … even the sickly

Yen had a bigger range today … Cable basically “frozen” today, as numerous

attempts by the usual suspects with various BREXIT RUMORS FAILED to get

anybody to take the worm and chomp on the hook … oh, they tried but the fish

are wary as hell after yesterday’s clusterfark.

The amazing thing about EURUSD today, besides it going nowhere fast, was that

IVIX INDEX levels held up rather well … the entire European day between about

56 - 66, which isn’t setting the world on fire but isn’t chopped liver either … given

the fact we never moved more than about 10 PIPS from the midpoint, it tells you

just how vicious the FWD was, cuz the M1’s were still moving … only thing was

they weren’t moving anywhere of significance … and that means plenty of rope

for folks to hang themselves with buy/sell signals that simply did not work.

No trades today in the TURNKEY PAMM / MAM.

Seriously, what’s there to do? … for a non Holiday trading day, this is about as

sick as I’ve ever seen it in EURUSD over an entire European day … not that

anything else was doing anything … the DAX30 putting in another sub par

range versus its 20 Day Range MA, and basically acting & trading like it’s on

meth .. spikes from hell the norm, but really except for an occasional burst, no

follow through without some serious bumpy trading action … this market is

seriously screwed up.

Traditionally, the Monday after NFP Friday is NOT a good trading conditions

day … more often than not it’s a bucket of slop … we’ll see what Monday brings

when we get there, but I don’t see how it’s worse than today … I just shake my

head and think 20 PIPS over 10+ hours, and then how I could have had a career

at the circus shoveling dung out of the monkey cages … whaddaya gonna do?

Blog update on Sunday … outta here … until then … Onward & Upward!! 

-vegas