“Something to think about when trading BTCUSD!”
When you trade BTCUSD either at COINEXX OR PRIMEXBT, you’re trading
through a liquidity provider [LP], who more than likely is not a bank but a very
large hedge fund like Citadel, Virtu, and/or BlackRock … and trust me, these
assclowns are every bit as bad as the fucking banks when it comes to stealing
money via slippage … there is no market per se, only the hedge fund’s bid/offer,
take it or leave it … putting an order between the bid/offer makes no difference,
cuz in order to sell you have to sell their bid, and in order to buy you have to buy
their offer … and, what’s even worse, your limit orders are not honored by them if
the market runs through your price … nope … you get the next available bid/offer,
which means your limit orders are “MIT” [market if touched] … of course this is
bullshit, but that’s the reality.
BaseFEX is an “order book” concept, meaning you’re part of the market, and
your orders can be placed anywhere … now, you might only get partially filled on
your limit order, but it isn’t gonna get raped by some hedge either … and make no
mistake about this, these so called “LP’s” in Bitcoin are anything but … you ONLY
get filled when they have a guaranteed profit first by arbing your order and then
giving you the other side … and often times, that other side is pure shit. So at
BaseFEX, while you not only get a tighter spread & lower fees, most importantly
you get a market right in front of you so you can see where all the orders are at.
The day’s range in BTCUSD coming in around $450, so while respectable, U.S.
action starting out with a nose dive after most of the European session saw price
higher … and after the “Thelma & Louise”, not much but chop to show for things.
One trade early on an algorithm buy signal, directly below.
click on any chart to enlarge
This was right near the European open, right near the time I came in for the day
… another trade around the NYSE open, while not perfect in its setup, still hit the
requisite parameters and offered up a nice trade … other than that, pretty choppy
to the New York afternoon.
Just got out of an algorithm trade before I went to post … directly below.
Not much here today, so you can’t be looking for $100+ moves when it isn’t there
… just follow the algo is all anyone has to do … until tomorrow mi amigos
… Onward & Upward!!
Have a great day everybody!
-vegas
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