They all got warts … and that’s just the beginning of the “ugly” when shit slows
down to a crawl … take your pick … gold, oil, “Stock Bellies”, and up to the
criminal NYSE open, you could have included EURJPY … let’s look at each one
for today [so far] … crude oil … straight up, turn, go straight down, then do
nothing … spread can’t be trusted today as Coinexx can’t seem to make a legit
market … I don’t consider 3 - 7 cents decent, and when it comes to trading, there
isn’t any corrective activity, only roaring higher or puking lower … “Stock Bellies”
… can’t move for shit and it’s “Chop-A-Rama” time with fills off the market
… Gold … moved a tiny bit early but has stalled, and it can’t sustain any move
more than a couple of bucks with wicked chop and spikes from Hell dotting the
landscape … EURJPY … didn’t do diddly squat up to the NYSE open, and then it
fell off a cliff, with EURUSD going down, and YEN going higher [USDJPY lower]
… better action than the other 3 market spaces combined … you would have to
had waited very patiently, but it finally moved … as an aside, that big down day in
EURJPY 21 trading days ago has come off the 20 Day Range Moving Average,
and as a result the value has gone down about 30 PIPS to around 148 PIPS from
about 178 PIPS.
I started late today, and at first I looked at oil & gold … oil crawled up, not willing
to trade so I gave up on it … quite frankly, the “force” has left oil for dead lately,
and I’m not sure what brings it back … it seems to be stuck in mud, and the
“Trading Ratio” [TR] stinks to high heaven … it feels like everybody is
comfortable with oil in the mid 70’s to about the low 80’s, and until either demand
or supply gives us a clearer picture of things, I’m not sure oil is gonna move at all
… I’d like to be wrong about this, but I’m not gonna sit around and find out
day-after-day when it fiddle farts around and does nothing, or simply panics first
longs then shorts and comes back to where it started … if we had a solid 1 or 2
cent spread, you could make the argument for trading it … but not with the shit
we have where it can go in a heartbeat from 3 cents to 7 cents and then back to
where it started … everybody having fun? … quite frankly, until it proves
otherwise, oil goes to the bottom of the trading pile, and somebody wake me
when it finally does something.
Gold very disappointing today with an extremely subpar range in New York
… 2 PM in New York and gold has about a $10 range, far below it’s session 20
Day Range MA of about $19 … and when it goes into chop mode, it’s almost
impossible to make profitable trades, even when the scumbag bullion dealer
banks don’t clip you with slippage … the bid/offer changes so quickly in gold,
with 50 cent to $1 spike moves and greater a real headache.
“Stock Bellies” completely dead, their ranges more than 50% lower than normal
… I can only imagine the horrendous slippage handed out by these Asshats
… that leaves EURJPY, which I wrote about in yesterday’s blog update … it did
better than all the other markets combined … at least when it chops, the bid/offer
spread is tight enough to escape and liquidate … look for me to be trading this
tomorrow, cuz watching it today saw algo signal after algo signal be profitable
the entire day … up, down, sideways, it made no difference … there was enough
there to profit … can’t say the same with any of the other markets on our
trading list.
As I said the other day, “never say never” in any of these markets … understand
the warts each of these markets brings to the trading table, deal with them as best
you can, and march forward … there is no perfect market to trade … and as I’m
sitting here early this AM, I got a phone call from Coinexx management wondering
why I’ve been complaining about slippage … really fellas? … bottom line is they
say to trade higher volumes and I’ll get generally better fills from the LP’s … OK
I said, you’re on … so I did.
Multiple algorithm signal trades today in gold … PAMM DOWN APPROXIMATELY
0.1% … with oil dead, and gold looking reasonably active, we got some algo buy
signals … however, gold stayed in chop mode the entire day, and it led to one
false positive … the other signal was good … volume today much higher in
comparison to other trading days, and it will stay that way going forward
… therefore, up/down a tenth or two is close to breakeven given the volume
… fills were good in gold, and it appears the Coinexx guy was right, at least for
today … however, I don’t like this “chop mode” horseshit we’re seeing much too
often in both gold and oil, cuz both have higher costs to trade than other markets
… sure, if they move and stay relatively consistent, that higher cost can be eaten
easily … but when it chops, it becomes a big fat anchor around your neck
… EURJPY chopped some today for a few hours, and algo signals were still good
and profitable cuz the cost to trade it is much lower … tomorrow sees me in
EURJPY, where Miss Gimpy today had a very good day trading .. algorithm
signals were “spot on”, both long and short … if gold starts moving once the
NYSE is open, I’ll have that on my RADAR as well.
I’m disappointed both gold and crude oil are behaving badly … very inconsistent
VIX, especially crude, but gold is starting to show signs of a struggle given the
level it’s at above 1900 … on the other hand, EURJPY is relatively consistent in its
VIX structure … I’m extremely happy with algorithm performance, and now all we
need is for something to move … that seems to be a problem for gold and crude,
but not EURJPY … 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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