“You don’t always get what you want!”
Well, what can you say really about any of these markets today? … “start off
with not much, cuz outside of some “Brexit” lottery talk, that saw Cable act
psychotically like it’s on crack, and thus once again kill traders of all stripes,
nothing else did much of anything except chop … EURJPY a complete basket
case of a market, and WTI Crude Oil spending most of the day in suicidal mode,
jumping up/down 50 - 70 cents per barrel in minutes, without going anywhere
… if you were looking for some kind of trend to make you money, you were
simply out of luck”.
FX pairs have gotten to the point, where they need to start exhibiting
consistent daily volatility, and not just “one & done” like GBPJPY today
… cuz what’s gonna happen is that for every day like today, you get 3 or 4
of complete shit in terms of range, and if you’re playing the “volatility call
spread strategy”, you’re going to end up getting ground down into a pulp.
WTI crude oil for its part, seems to be caught in a range of 52 - 57 on the
front month, and as today’s action shows, there is no mercy for those trapped
at bottoms and tops, cuz this thing roars away at the speed of light and the
next thing you know stops are being hit off on the other side … “I’m more
than a little surprised crude today had no downside action whatsoever, given
Trump’s “price is too high” tweet yesterday … all we saw was panic selling after
rallies, but we saw no action below yesterday’s close the entire day … and given
the nature of the quickness and scope of the decline, I’m not gonna buy rallies in
crude hoping for more … while I’m somewhat constructive on oil’s price, it’s not
gonna go galloping away to the upside, if and until China & the U.S. come to
some sort of trade deal … otherwise, I’ll wait for pullbacks, and we saw none of
that today”.
I watched oil closely all day, but quite frankly off of every single retreat in
price came an almost immediate rally in price that went straight up … this
happened 8 times today … yea, 8 … all inside a small range that barely saw
$1 per barrel for the entire day … this in a market that currently has a $1.70,
20 Day Range MA … on track to go lower this week as well unless things
heat up some. If this isn’t the infamous “Flying Wedge of Death” [FWD]
killing traders, I don’t know what is!
So, we bide our time and wait for what we want in a trade, and it didn’t
happen today … onto tomorrow … until then mi amigos
… Onward & Upward!!
Have a great day everybody!
OUR NADEX SIGNALS SERVICE IS UP & RUNNING … DAILY
WTI CRUDE OIL SIGNALS & “VOLATILITY” STRATEGIES
IN 20 OTHER MARKETS, INCLUDING COMMODITIES, FX,
& STOCK INDICES! … “what on earth are you waiting for”?
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