Trading with point and figure

[Dentalfloss]

oil in our supp area 43.00-43.10

 

[Dentalfloss]

Everything taking a breather or getting ready for recoil?

ready for arecoil..if supp areas hold
could overshoot a tad to give the bulls a fright

 

[Moneylender]

Dow has some ground to make up, dax over 200 pips down, dow only 100!!!!!

 

[Dentalfloss]

here are some charts

dow index..not spreadbet

in our 21445 area now

 

[Dentalfloss]

Ozee in a pivot 0.7550

 

[Dentalfloss]

our 43.10
pump or dump

 

[Moneylender]

our 43.10
pump or dump

Its Oil, it has to pump!

 

[Dentalfloss]

gbpjpy 140.00 pivot area
there now
ditto eurjpy 123.60 area

 

[Dentalfloss]

- UK PSNB budget and US Existing Home Sales the only highlights on another
quiet day for statistics; UK Queen's speech and EIA oil inventories the
other points of interest

- US Existing Home Sales seen dipping marginally, focus on inventories
constraint

..........................................................................

********************
** EVENTS PREVIEW **
********************

Once again the economic data schedule looks unlikely to create much in the way of disturbances for financial markets, outside of the latest UK PSNB budget data, and the often volatile US Existing Home Sales. In event terms, the Queen's speech will be the focal point in the UK, though whether it really offers any fresh insights into the Brexit process looks to be questionable, particularly as the agreement with the DUP is not yet under lock and key. It being Wednesday, the beleaguered oil markets will be watching for the EIA oil inventories, which follows API data that were broadly in line with forecasts outside of Distillates, with Crude stocks down 2.7 Mln bbls vs. expected 2.1 Mln, Gasoline +346K vs. forecast 443K, while Distillates rose 1.8 Mln vs. expected +465K. Given the persistent weakness of oil markets, above all the fact that current WTI prices look to be below estimated breakeven levels for US shale producers, a closer eye needs to be kept on the HY Credit market, which had been a very strong performer in the rally, and in currency markets on the likes of the RUB, MXN and CAD, whose rallies are being relatively quickly reversed, particularly the Rouble.

** U.S.A. - May Existing Home Sales **
- Following on from last week's dip in the NAHB Housing Market Index (albeit to a still strong 67) and the sharper drops in Housing Starts and Building Permits, the focus today turns to Existing Home Sales. These are forecast to be barely changed m/m at a very solid 5.55 Mln SAAR pace, with the April Pending Home Sales drop of 1.3% m/m implying some downside risks. As has been the case for some months now, the low level of inventories does appear to be acting as a constraint, even though they rose last month to a still rather low 4.2 months' worth of supply.


from Marc Ostwald

 

[Dentalfloss]

cable
1.2600
pump or dump

 

[Dentalfloss]

12690...dax turns a tad nasty
should be supp there

 

[cantagril]

12690...dax turns a tad nasty
should be supp there

I've got 12718 - 744 as band of support with the next one down form 12667 -12680.

(5mins 0.1% x 3 at 07h15)

 

[Dentalfloss]

12750 marked......was wrong
if you rely on levels ...you would be minus pips

 

[Dentalfloss]

12750 marked......was wrong
if you rely on levels ...you would be minus pips

12740 was rez on 1 min bars...that was the clue

 

[cantagril]

12750 marked......was wrong
if you rely on levels ...you would be minus pips

I do and I am

 

[Dentalfloss]

I do and I am

charts....
the market does not know or care if you are using a 10 point by 1 rev on 5 min to pinpoint levels
you are marking out areas where you might expect a reaction...no more

 

[Dentalfloss]

charts....
the market does not know or care if you are using a 10 point by 1 rev on 5 min to pinpoint levels
you are marking out areas where you might expect a reaction...no more

looking fr signals to trade off is a different mindset...you have to switch to that once you have done yur premarket preparation
signals can come in at totally different levels

 

[Dentalfloss]

7440 supp and 7460 rez on ftse worked well
went according to our premarket prep
sometimes it does nt....eg DAX

 

[Dentalfloss]

21445 on dow....as per our premarket prep

 

[Dentalfloss]

oil...scalps off our 43.10