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Gold was almost comatose prior the Fed report.
Gap down and then a reversal; that pretty much summed up the market after the Fed report.
The algorithm gave a buy signal on the turn up, but wide spreads followed by huge slippage cost us some today. The spread almost doubled after the report, and then after I submitted my buy order, we got filled about $1.75 away from where I entered the order.
Yea, it sucks, but there isn’t anything you can do because things are moving so fast. Liquidation got us too, as I hit the button above 1640.50 and got filled at 1939.76.
In a normal market environment I’d be screaming bloody murder to a partner, but in this mess after the Fed report, your screams will fall on deaf ears at the brokerage house; they don’t want to hear about it.
So, we take our profits for the day and wait for tomorrow’s opportunities.
Meanwhile, it was as if the currencies were closed today. A 53 pip range in EURJPY and only a 41 pip range in AUDUSD; we had bigger ranges on Christmas Eve. I had my eye on EURJPY most of the night waiting for a move and an algorithm signal, but obviously it never had one.
Have a good day everyone.
-vegas
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