Rarely does it get this blatant….. this sort of crap goes on every day, but once in a while it’s just “in your face.”
Tonight was one of those examples.
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It’s terrible that our own Government allows this to occur, for some reason the Government allows this to happen, as though it looks the other way. My guess is that this has been going on for years, I’ve seen things that didnt look right but you only get a reflection of something going on, you dont know who is doing this, but clearly someone is behind it. How do you get access to information to dig further?
I know of the machine/person who was doing this and can assure you that everything you presume about what you saw is in fact not true at all. How exactly can placing an order move the market? At that time the market was in a 3 tick range , YES 3 TICK RANGE, so if he was trying to move the market he was making a pretty darn poor attempt at it. How do you know this trader isn’t used to trading 2,000′s, do you think he/she has got those sort of limits through trading 10 lots? I too myself has seen things that “don’t look right” but have almost always been proven wrong when i found out the real truth of what was going on. What is illegal about putting big orders down? Is that what perturbed you, since there are hundreds and thousands of little orders put every second which I always see pulled and can ASSUME have no real desire to be filled. If that’s the case I guess every trader needs to be put in jail right? It’s always easy to point the finger but this isnt the best example your trying to give an example of manipulation IN A 3 TICK HANDLE. Also if im not mistaken wasn’t the orders on both side of the market?!?!?! So what does that imply? The market I traded yesterday had large orders placed and pulled ALL DAY LONG, I didn’t cry about it, since it doesn’t effect me and has no relevance to what I do. Too many people whining these days and blaming others for their losses.
Mr Denninger, I’m a propriety trader and am as much against market manipulation as anyone, but your video raises some questions. Firstly, how do you know that the orders are not genuine? If even one of those 2000 lot orders were hit into a resting order it would be total proof that you are wrong and indeed the orders were genuine. If I am not wrong I can clearly see this happening in the video.
Also, how do you know the orders are not tradeable? Did you try placing an order into a 2,000 lot and what happened? I have never heard of any trader having the ability to do this and agree it would be highly illegal but again I don’t see that as being possible in any way shape or form.
The problem here Mr Denninger is that you have presented your assumptions as fact and I have seen the witch hunt you have generated on YouTube. I sincerely think you are wrong with what you are saying here, exactly how can you site an example of manipulation when the price does not move in that whole 5 minute clip. If the trader is known to be a big trader that is akin to doing 2,000 lot trades daily then you have organised a witch hunt based on nothing but pure lies and speculation.
It is interesting to note that all the traders disagree with your allegations and those who are not regular traders blindly believe what you say. That should tell you a lot. You have gone down the wrong road here and it leaves you extremely vulnerable to legal proceedings yourself. You are basing something as fact and you have no proof it is so. You should be more careful in future, as if proved wrong, and the evidence certainly suggests that, it is you and not the trader who could be exposed to a jail sentence, not only for defamation of character, but incitement to hatred and making false allegations. Hysteria I believe you should make your friend aware of what is going on here so he can protect himself in the appropriate manner.
Regards
Grant