Somebody bring beer … to the beach to grill steaks & ribs … we’ll watch the
pretty girls surf … granted, it won’t make us any money, but the investment in
mental health will be far higher than the pure pile of bullshit facing us in either
FX or the DOW30 … “quite frankly, ANYTHING at the beach looks much better
than the M1 chart of anything I’m looking at now … good grief, what a pile of
crap!” … there’s LOW volatility, and then there’s NO VOLATILITY … Cable not
even a 40 PIP range after 15 hours, and gold not an option cuz this is the last
trading day before Basel 3 kicks in on Sunday night … will there be any
scumbaggery from the likes of JPM and the other criminal bullion dealers
today? … GTFO is all I got to say to scumbag bullion dealers on their way out
the door … it sure feels right now like this could be one of the slowest, least
volume days in recent memory … we’ll see.
One thing I would like to mention in regards to the alternative “Period 4
Algorithm” for scalpers, is that there are problems associated across the MT4
platform spectrum at Turnkey as well as other brokerage houses using the
“smoothed” MA option … therefore, switch to “Linear Weighted”, period 5, and
also in the HULL MA COLOR, switch the period to 18 … both of these are for the
m1 … by doing this across markets, we get almost the exact signals from the
former without the headaches of dealing with “smoothed” MA’s … one other
thing … I’m renaming the scalpers alternative, based on the supertrend original,
to “Period 5 Algorithm”. In addition, for those that are interested, although not a
requirement for buy/sell signals, I personally like having a SMA, period 60, LOW,
Orange line for perspective on the m1 … it gives anyone a look at price flow for
the last 1 hour, and will allow you to make a judgement call when you get a buy
signal in any market and this orange line is sloping negative … you need to be
careful in these instances … not sayin’ don’t take the signal, but you need to be
aware you’re “pissing into the wind”, and quite often the banks run indicators so
they can fade ‘em … if you’re aggressive fine, but if you’re more conservative in
your choice of scalps, this one period 60 SMA will allow you to judge the
situation and then make a decision … and however you choose to use this info,
just be consistent in your approach and don’t flip-flop back & forth like a fish on
dry land … that will get you into more trouble … and when the orange line has
positive slope, both conservative & aggressive traders can take the buy signals.
As we move towards the NYSE open [09:30 AM EST New York], both the HULL
MA, LWMA, & 60 period SMA in Cable are “flatish”, meaning there going
sideways … so far if it holds, the worst range day in Cable in 14 months, and
that means “adios” for today as “Stock Bellies” get ready to open and my focus
shifts … must say, though, even for FX, less than40 PIP range for Cable is pretty
awful … meh, whatever.
Outside of the corrupt opening where the Chipmunks get fed by the scumbag
Wall Street banks, if this isn’t one of the worst all around trading days in history,
in terms of trading action, then I’m a monkey’s uncle … if this was a fight, they’d
had called it at 6 AM EST and sent everybody home … for the week, one of the
worst follow through trading scenarios you can imagine in gold, with literally the
entire week a frickin’ joke … Cable better by far, with only yesterday and today
pretty much left alone to die … but whatever, cuz come Sunday night it’s a whole
new ballgame in gold … it’s gonna be an interesting upcoming week.
No trades today in anything.
Even crypto stinks today … not many decent bounces, and BTC & ETH are
leading everything lower, so it’s wise to leave the buys alone for this Friday
… Cable at 2 PM EST [New York] ends with a 50 PIP range for the day, where
most of the day was sub 40 PIPS and then 44 PIPS … check that, here in late
afternoon New York, Cable getting the “Thelma & Louise” treatment and moving
lower… I guess they had to screw some sell stops before hitting the exit gate,
but it’s the worst trading action day in ages … still, there were scalps there to be
had, and starting Monday I’ll stick with it longer to capture them, instead of
thinking the DOW30 offers anything approaching opportunity … it doesn’t
… quite frankly, there’s a part of me that’s glad to see a day like this in Cable,
cuz it points out the efficacy of the “Period 5 Algorithm” for scalping … it’s there
AND IT WORKS, even in terribly shit conditions like today … given normal
volatility across the European session into the London Fix, and maybe a little
time thereafter, if even sub par VIX continues or picks up to normal, there will
be adequate opportunity for trades … I still maintain for most people that you
pick a side to trade FX from and stay with it … long or short it doesn’t matter,
just stick with it.
It’s pretty clear to me that the FED is intentionally killing VIX in “Stock Bellies”,
pending the August Jackson Hole event and maybe beyond … they’re stalling
for time, hoping inflation cools and saves their collective asses … meanwhile
it’s all talk about “tapering” and there will be NO action … and so expect ranges
in “Stock Bellies” to get even worse this Summer into Fall, and trading conditions
to deteriorate to comical levels … I’m hoping gold can be a nice tradeable market
absent the scumbag bullion dealers, but nobody really knows what happens next
… nobody … that will leave the FX pairs to scalp, with Cable likely to be the most
volatile of the major pairs … with the LOWEST COST TO TRADE around, and
good latency with minimal slippage, Turnkey will be able to handle the load … too
bad they can’t get their shit together in other markets, but that’s a conversation for
another day … the scalper’s algorithm is “KILLER” for FX, all you got to do is
follow the rules and be there to trade it when the signals come … this weekend
sees me write the “Period 5 Algorithm” scalpers manual and I should have it
released on Sunday via the blog update … to be clear, this is an offshoot from
the MODIFIED TUNNEL TRADING ALGORITHM already in “Download Links”, and
is solely for scalping, so this isn’t a new algorithm, rather a specific algo for
scalpers only.
And given the narrative in FX today, with very slim bid/offer spreads in the majors
and some of their respective crosses, combined with super low commissions &
usually minimal slippage on fills, this space is IDEAL FOR SCALPERS … be as
big as you want, be as small as you want, this space can handle it better than
other market products offered for trading … and as today proves, even shit
conditions and small ranges won’t prevent you from opportunity & profit … just
stick with it and make the trades when you’re supposed to make ‘em, and
everything else takes care of itself!
So, the “Period 5 Algorithm” for scalpers only coming Sunday, and I got a busy
weekend banging this out … the manual won’t be long and it’ll be an easy read,
and everybody can take advantage quickly.
… outta here … “the future’s so “GOLD”-en bright I need sunglasses”! 😎
… Onward & Upward!!
-vegas
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