Trading is losing the language … it doesn’t mean anymore what you think it means,
cuz from minute-to-minute it changes and then leaves you in the dust … lately,
these days of BS tight ranges seem to be getting worse … today about as bad as
you can get … however, not totally unexpected since Asia & Europe closed for
Easter Monday, and that simply leaves the virus scum of Wall Street to
manipulate traditional markets … cuz without the stealing / thieving / robbery
during Asia & Europe, how are the money launderers in New York supposed to
proceed? … “what do we do”?! … well, that’s easy to answer, you just
“Flying Wedge of Death” [FWD] anything and everything open to trade [except
crypto], set off MT4 / MT5 buy/sell indicators for retail spec Chumps, front run
any corporate orders that make their way to the trading desks, and run stops
with abandon … you know, the usual behavior … nobody to “London Fix” this
morning cuz they’re closed, so it’s open season for hunting.
Cable/Yen not doing anything range wise cuz both are rallying against the dollar,
and gold here just before NOON EST just ran some buy stops to extend the range
from $8 to $12 … seriously pathetic considering the current 20 Day Range MA is
over $24+, and after all, the poor dears got to run some stops to generate some
biz … at least the spread hasn’t blown out, knock on wood … some econ stats
out this AM suggesting “stagflation” is in the air, but rates on the 10 YR. stay
stubbornly high above 1.70%, and that’s a drag on gold to be sure … I came into
today looking to trade gold, but without the “skim” from Asia & Europe to launder,
the trade has no direction … the usual BS I stated above, but if gold is to get
some “rally legs”, it needs to vault past the 1745 - 1755 level, the later the most
important technically … of course, what really sets the stage for excellent gold
rallies, is when the “Chuckleheads” sell it off first in Asia, and then New York
blows the lid off the day’s high later … look for it, it’s magic!
As per usual when the dollar goes one way or the other against all pairs, the non
dollar crosses tend to not do very well … a 50 PIP-ish range today [so far] in
GBPJPY making it more pathetic than gold, and that’s saying something … I
mean seriously [Picard Facepalm], what is it I’m supposed to do here with this?
The very big problem with tight ranges for any market, is its relationship with its
current 20 Day Range MA, and the fact that it takes very little if any volume to
move price above the midpoint or slightly below the midpoint of the tight range
… and as soon as you start inching one direction or the other from that midpoint,
that tight range high and low act like magnets for price to those extremes
… question is, are there banks or commercials waiting in wait for your order to
fade it just below the high or just above the low, or do they let it go through by a
few ticks and then blast the hell out of it the other way? … or set off stops?
… and when you get the FWD going, every trip back & forth to the extremes makes
you MOAR! nervous than before, if you're positioned the wrong way … but the key
here is it doesn’t take much volume to get you steam rolled the wrong direction
… and usually the move that hurts comes viciously fast! … and it’s why you
should avoid tight ranges!
Earlier, I did get some algo signals in both markets, but what do they mean
locked inside of an excruciatingly tight range day? … is there any “buy fuel” here
for a move, or is the market just jerking around on bank LP scumbaggery? … and
the vast majority of the time, it’s the later … sure, some will yield a couple of
ticks, but many won’t, so the “false positives” when there isn’t any range to speak
of is much higher than normal … and it’s why I avoid them … show me something
market if you want me to dance! … and in both markets [GBPJPY & gold] today,
simply nowhere to go minute after minute hour after hour … like I said, nothing
to launder today … tomorrow will be different I can assure you.
No trades today in the TURNKEY PAMM.
This pre & post Easter time period is NEVER easy to get through from a trading
perspective … very frustrating … but even worse if you do “stupid shit” and hand
them free money … it is what it is, nothing anybody can do about it, just move on
to the next day.
Well, don’t blink your eyes in crypto … you want fast? … when the alt-coins start
moving, I’ve never seen anything in my trading life ever move as fast as some of
these pairs have recently … case in point is ONT [Ontology] … big time
“gravestone Doji” on the daily last week with a high in the low $1.90’s
… Saturday’s trading action sees a massive “Thelma & Louise” down to the mid
$1.50’s … and today, back up in the $1.90’s, and threatening $2.00 … if/when that
level goes, look for some massive FOMO buying from the usual suspects … $2+
tonight in the Asian session when Mrs. Watanabe & Gal Pals hit their screens and
go crazy?? … FOMO, along with “fear & greed” the hallmark traits here, cuz once
this steamroller gets moving, it doesn’t mess around, it goes! … and then ends
just as fast and whips around trapping the other side … rinse, repeat, and here
we go again! … quite frankly, although ETH is hitting or at ATH, the spot bid/offer
spread is high and it’s expensive to trade with no leverage … make that triple for
BTC, which lately has done very little … the alt-coins movement, e.g., TRX, ONT,
EOS on the spot side, and ALGO on the perpetual futures side, make anything
GBPJPY & gold do look like corn spreads by comparison … you simply have to
see it trade to believe it, cuz the world has never seen markets like these
… evahhhh!
Multiple algorithm signals today in ONTUSDT … “The Syndicate” UP slightly less
than 0.1%
Not much happened in Asia or Europe … and the U.S. session didn’t start off well
either … and just when you think it’s dead for the day, ONT explodes … and yea, it
caught me a little by surprise, since so few of the time the U.S. session produces
anything in crypto … should have made more from the scalp trades, looking back
in hindsight, but these markets leave no prisoners that’s for sure … full day
tomorrow, so let’s see what happens.
Both gold & GBPJPY finishing up the day doing nothing but screwing some stops
… gold looking very much like it’s putting in a tiny doji on the daily chart today,
with its worst range day since mid February, but I wouldn’t discount a drop to the
low or maybe a new low after I post … late New York afternoon a great time to
screw retail specs & their sell stops … outta here, until tomorrow … “the future’s
so bright I need sunglasses”! 😎 … Onward & Upward!!
-vegas
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