UGHH! … BUT AT LEAST WE TURNED A PROFIT

 

“Way to go Butch … I got stuck in EURJPY all frickin’ night!”  

Anybody want to enlighten me on what’s wrong with this picture? … “we’re in 

a EURJPY volatility call spread at 39 … 39! … with 1) PMI’s out of Europe, 

2) NFP report out in the U.S. later, and 3) we’re in a frickin’ cross, meaning all 

it has to do is literally fart, and the cross moves … and yet, we end up with profit 

crumbs, cuz the “Hoover Dam” thing won’t move”!

Maybe it moves later, I dunno, but what I do know is that with one side [our 

short side] NOT having an offer and effectively at the ceiling, our profit side is 

at severe risk with any move lower, no matter how slight … and in this bucket 

of slop, I ain’t fooling around with it on a Friday, that looks like it wants to lay 

down and die. Here later, it did rally some, but I don’t care … cuz the problem 

is there’s nothing on the other side if it decides to tapioca.

Last night near the open, signals service subscribers got long EURJPY call 

spreads. Directly below the opening trade, where we are long the volatility 

spread @39.

 

click to enlarge

This was like pouring molasses in sub zero weather … slow … very slow. In 

the end, though, we ended up making a few PIPS, and the liquidation ticket 

below shows no offer on the buy side. So, I simply assume for now, we’re out 

at 60 at expiration later this afternoon.

 

We also had a situation last night where GBPJPY was at its lowest opening in 

a good long while, opening at 57 … “well, as I said yesterday, GBPJPY is rolling 

over in its 20 Day Range MA, and can be counted on to put in some lower than 

expected ranges … on the other hand, EURJPY is already there scraping the 

bottom of the barrel! … and yes, PIPS matter when positioning these Nadex call 

spreads … overpay and you will regret it”.

The new addition call spreads in gold, as I write and now post NFP, as well as 

the ones from the open last night don’t offer any value … simply put, they are 

vastly overvalued for current volatility, and almost a sure bet to evaporate in 

front of your eyes as the minutes tick by and gold does Mr. Jack Squat … I’m 

still looking at the binaries if gold can drop into sell stops, which would give us 

a great entry point for profit … dunno if we’ll see it, but who knows on a 

Friday … it’s still a long day ahead of us.

Quite frankly, both of the FX crosses are exhibiting really pathetic trading 

action this week … they’ve gone from “bat shit crazy” to “sleepy time”, and are 

trading like gold, which is a pathetic trading market in its own right at 

present … especially EURJPY, which acts like its stuck in deep mud. Gold for 

its part mired in muck as well, so no further trades today.

Blog update this weekend on Sunday … I’m outta here … until Sunday mi 

amigos … Onward & Upward!! 

Have a great weekend everybody!

-vegas

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