There’s stupid & insane, then there’s USDJPY … thanks to the BOJ. we’re
seeing volatility today almost never seen before outside outright intervention
… pure panic down, then more-er panic up … USDJPY on a roller coaster ride
from Hell … why trade EURJPY when it’s the denominator that’s providing all of
the action? … just go straight to USDJPY … and what you’ll see is pure chaos
and bid/offer quotes jumping violently … yes, we like volatility, but not this kind.
But as is the case almost always now, while the Asian session gets all of the
trading action, New York doesn’t get shit … sometimes Europe plays but it’s few
and far between … New York is where markets go to die! … all New York is good
for is money laundering trading gains from Asia into U.S. stocks and/or bonds
… that’s it, that’s its function in the manipulation era we’re in … trading?
… where, when?
All the charts look the same today … EURJPY, USDJPY, XAUUSD, and to some
extent WTI Crude oil … once Mrs. Watanabe & Gal Pals, along with all of the
Chuckleheads, mortgaged the house to “Buy Mortimer, BUY!!”, and the Asian
session ended, Europe came in and since then it’s been straight down … “if
you’re looking for trading markets, you’re in the wrong day!” … quite frankly, I’ve
never seen anything like the bullshit we’ve seen today … massive panic up, turn
on a dime, then more-er-er-er massive panic down … unreal.
Weak PPI & retail sales saw the final lunge lower in the dollar, and since that time
EURJPY [along with gold topping out at 1925] has been a chopfest inside a very
tiny 25 PIP-ish range [meanwhile gold has gotten monkey hammered lower by
over $25] … go figure … at its highest, the “Trading Ratio” [TR] was ABOVE 10 in
EURJPY, WHICH IS COMPLETELY NUTS … although the spread held right around
half a PIP, the bid/offer quotes were going in 3 to 10 PIP increments microsecond
to microsecond … gold for its part was more managed and calm in relative terms
… spread didn’t blow out, but neither did price rally at all since the 8:30 numbers
came out … it’s been “Sell Mortimer, SELL!” the entire day.
Out of all of the markets, you can pretty much assume any FX non dollar cross is
gonna move up/down with impunity and give off a ton of buy/sell signals in the
process … those signals are fast enough, and the market volatile enough to, at a
minimum, at least scalp the cross … given the volatility of the YEN over the last
year, that goes triple for YEN crosses … NOT SO TODAY Skippy! … in the Asian
session after the BOJ blew the markets up, there was some good two-way
trading up near the top for a few hours, but that hardly does us any good here
in North America where it’s time for beauty sleep … and once Europe came in
that two-way trading vanished … it was even worse in gold.
All you can do is treat days like today as “one offs” … no trades for the PAMM
today, even though I was prepared to take signals “if/when” we got them … good
luck with that … by the time I showed up for trading [around 5 AM EST] the
downward massacre was well on its way … and since 8:30, the entire board a
bag of shit of chop, except for gold, which started its plunge down to the ocean
floor without coming up for air … straight up … straight down … unreal
… onto tomorrow.
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
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