FIRE SALE IN PROGRESS

                                  Europe Today; U.S. Tomorrow

It started in Asia and just never stopped. The news over the weekend, and then later coming out of Europe, were the catalyst for lower prices.

I had wanted to sell EURUSD at the open in Asia, but as seems totally consistent with providing the worst customer service possible, the HotForex trading platform was down for over an hour at the open. When it finally came on, EURUSD was 30 pips lower from where I had wanted to sell. Thank you Hotforex.

As trading moved forward in Asia, there was nothing but steady selling. Nothing dramatic, just a steady erosion in prices. After what I saw over night, it looked like a volatile day was in store for us.

“Sorry, ain’t gonna happen.”

I’m surprised there isn’t more volatility in the currency pairs given the news of the day. We are seeing daily ranges in the 50 – 75 pip area which is very low; normally you could expect 85 – 120 pip ranges. Here near the end of the day, things are pretty much where they were 12 hours ago. A little down, a little up; not much going on in the U.S. session to speak of in relation to gold or the currency pairs in terms of action. The U.S. session has seen gold in about a $6 - $7 range with some wicked action caught between the edges.

I got long gold on an algorithm buy signal [not the first, but the second], but as has happened lately, the market just languished around an area [1562 – 1564] before breaking lower again. I tried to buy at 1562.18 and got filled at 1563.03. Liquidating got me the price I wanted at 1563.79, but the buy still upsets me; more slippage eating into profits.  Of course complaining does no good as we are now forgotten and unwanted customers.

A few minutes ago I sent the help file to all those in the PAMM that have contacted me with their PAMM investor account number. If you still haven’t done so, now would be a good time. It will take a couple of days to get the paperwork done, and then a few days to get your money out of HotForex, into the bank, and then into the new brokerage house. I’m looking to be ready to trade the new PAMM in 10 days to 2 weeks time from now.

Please read the help file carefully. It has information you will need to make the transition easy.

For those of you that would like to be in the new PAMM, but are not current clients, please email me for further details.

As always, if anyone has any questions, please contact me via email at vegasxau@ymail.com.

Have a good day everyone.

-vegas