Trading with point and figure

looks like a positive day to start but how long will it continue?

2uh4mtx.jpg
 
9825-9850 could be a real dog/red horizontal
above could be fake..up to 9900/round
9725-9750 is good supp area
supp goes down to 9675 area
 
dentist007 said:
these are just moves to test the market players
Click to expand...
they are excellent for p/f traders...clean breakouts
you must always get them
dax,spx and gbp this morning
gbp..1 min candle..clean break from 1.3087 area
even better..tight range before the break
 
********************
** EVENTS PREVIEW **
********************

While the uncertainty over the next UK Prime Minister has been removed, this is in truth little more than a drop of water on a hot stone among the current array of political and economic uncertainties, specifically Mrs May has already stated that Article 50 will not be triggered before the end of the year. As an aide memoire on what she most recently opined on the UK's relationship with the EU can be found here: https://www.gov.uk/government/speec...peech-on-the-uk-eu-and-our-place-in-the-world. The delicate balancing act of forming a cabinet is the next focal point, with the ever present issue of a thin 12 seat majority needing to be borne in mind. Today's UK focal point will be the minutes of the Bank of England FPC meeting, above all what general risks were identified, and which specific risks (?? e.g. property investment funds) prompted the decision to reverse the 0.5 ppt hike in banks' countercyclical capital buffer. The accompanying BoE testimony to the Treasury Select Committee on the BoE's semi-annual Financial Stability Report will also attract plenty of attention, though the risk of facile and/or egotistical / political grandstanding questions will as ever be high. The Hague International Court's ruling on the Philippines challenge top China’s claim to more than 80% of the South China Sea will also be closely monitored, even if China has already summarily dismissed its validity. Today also sees the first 4 rounds of this week's 14 rounds of Fed speak, with specific interest in what (if any) implications are drawn from last week's labour data. The data schedule is rather sparse, featuring the overnight UK BRC Retail Sales and Q2 BCC surveys (both unsurprisingly weak, but certainly not falling a cliff), ahead of US NFIB Small Business Optimism along with Indian CPI and Industrial Production. The latter are forecast to highlight a) why there are concerns about the govt revising the RBI's 4.0% CPI medium-term target, with June CPI seen little changed vs May at 5.79%; b) the glaring disconnect between monthly Industrial Production readings (forecast -0.4% y/y vs. April -0.8% y/y) and the strength seen in the Manufacturing (9.3% y/y) and Utilities (9.3%) components of Q1 GDP. A busier day for govt bond auctions sees the Netherlands and the US re-open current 10-yr benchmarks, while the UK has a £500 Mln mini-tender of the 2060 conventional Gilt. In the energy sector, the OPEC and EIA monthly oil market reports will be closely watched as the previous optimism that oil production and demand will likely be in balance by year end / Q1 2017 has been undermined by increasing about the global economic outlook, and by extension assumptions about oil demand; tonight's API and tomorrow's EIA crude inventories reports are seen posting a 3.3 Mln bbls fall, according to a Reuters poll. In the background, Italy's and the Eurozone's banking sector retain a constant potential for delivering newswire 'tape bombs', and as the attached chart highlights, the EUR 31 Bln of Italian bank subordinated debt looks to be a, if not the major hurdle, if not outright barrier to the idea that some form of "bail-in" can be implemented.
from Marc Ostwald
 
gbpusd 1 min

zwcf8h.png


you can see where it was traded...quite clearly
get plenty of these at the open..or just before
dont need p/f to see that one
 
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