Cute & Fuzzy Metals Dealers
Is it any wonder I hate NFP [Non Farm Payroll] Fridays? Why, what can possibly go wrong in a shortened trading day going into a weekend? I mean, those cute & fuzzy dealers will just do everything for you to make trading a pleasant experience don’t-cha-know.
“Excuse me sir? Yea, you don’t know me but I’m a metals dealer, and I just dropped by before NFP to see if you’d like some chocolate chip cookies I baked this morning?”
“Super, take all you want!”
As always, the “fun” begins a few minutes before the report hits at 7:30 AM [Chicago time] every first Friday of the month.
But first, a subliminal message from MR. MARKET !!
Follow This Advice Please
Who says we can’t put in a $20 / oz. range in 15 minutes?
Oh, but wait, the “fun” is just beginning. On the rebound rally from the low, in case you wanted to sell, the MetaTrader 4 trading platform goes down for about 200 seconds. When it comes back up the rally is over and we are $4 / oz. lower from the relief rally high.
“Silly rabbit, selling rallies in a freefall market is for dealers, not for retail traders. By the way, how are those cookies?”
Now for “fun” Part Deux; “Hey, anybody up for a gap inducing stop hunt?”
“Hey man, we’re really sorry about that stop you had at 1742 and got filled at 1736; market forces don’t-cha-know. Hey, how are those cookies?”
Of course, the machines don’t magically go down on the rally from the bottom at 1732.
So, as you recover from the self-inflicted wounds of a NFP Friday, ask yourself why you even let that “innocent” guy in the door and took some of his cookies.
Have a great weekend everyone! [Go Patriots.] Catch my comments on today’s PAMM trading [posted every day between 2 PM – 4 PM Chicago time] at my PAMM website; http://vegaspamm.blogspot.com