Trading with point and figure

[Dentalfloss]

ECB latest
Draghi predicting that Hull Kingston Rovers will win the Champions League

 

[Dentalfloss]

eurusd back into our 1.1580 rez area

 

[Dentalfloss]

12560 is trend rez area

12480 is prev rez/breakout point/aqua horizontal

both worked well

 

[Dentalfloss]

21610 rez from yesterday
supp..??

 

[inzimam]

will we get another run at the high?

 

[Moneylender]

what has happened?

 

[Moneylender]

http://www.zerohedge.com/news/2017-...the+survival+rate+for+everyone+drops+to+zero)

It was quiet, too quiet. Markets were comfortably drifting ever higher (10th day up in a row for Nasdaq) and then headlines hit on Bloomberg reporting that special counsel Robert Mueller wil be probing Trump's business transactions and will extend his investigation to examining the dealings of Kushner and Manafort.

 

[Moneylender]

Updated chart after the US bombshell!

 

[Moneylender]

closed a few of my shorts this pm circa 12400 :clap::clap:

 

[inzimam]

Dow was not impacted as much from the annoncement so this just looks like a currency related move o Dax

 

[Moneylender]

Dow was not impacted as much from the annoncement so this just looks like a currency related move o Dax

i agree with that, most strange as the Dow has ignored dax weakness for past couple of weeks

 

[inzimam]

I'm caught in a long on Dax so would like to see a return to 12475 area

 

[Moneylender]

I'm caught in a long on Dax so would like to see a return to 12475 area

My bias is now long as well, not sure we will see 475 today tho!

 

[Dentalfloss]

a) Initial reaction to Draghi's comments saw a modest drift in the EUR (chart attached). The comments underlined that the ECB is genuinely uncommitted to any specific course of action over the rest of 2017, though cognizant of the need to outline a more specific outlook at September's policy meeting. Perhaps all the more so given the strictures of the 33% rule and the capital key, but this was not a focus for today's meeting.

b) Overall Draghi and the ECB collectively were totally unsurprising, and emphatically not 'hawkish', given the re-commitment to "if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset-purchase programme in terms of size and/or duration."

c) To be sure, this is no pre-judgement of the message in September, but clearly not "hawkish", and not even 'less dovish' in most respects.... yet thanks to Mueller seemingly 'threatening' Trump (and the implications of potential US constitutional woes)' the EUR is now skyrocketing.

d) I am yet to be enlightened as to when the EUR, which is consistently vilified by English language media as being doomed to failure, along with the EU / Eurozone, suddenly took on the mantle of safe 'haven' from US political woes (answers on the proverbial post card please!).

e) Eminently thin summer trading conditions may have exacerbated these moves, but financial markets reaction function appears heavily impaired, let alone flawed.


------------------------------

Marc Ostwald
Global Strategist
ADM Investor Services International Ltd

 

[Moneylender]

Nothing really in the way to stop this going back to 12495- 500.

surprising really, but suspect its all weak dollar related.

 

[Moneylender]

DAX close, how do we end the week, pumping or dumping?

 

[cantagril]

Morning Maestri...

DAX close, how do we end the week, pumping or dump?

Probably!

8 x 3 5 minute chart at 06h45. 2 weeks data.
Looking to short at that 575 level.

 

[Dentalfloss]

mornin folks

 

[Dentalfloss]

messy dax

 

[Dentalfloss]

a mess..only 2 things of note
that supp area 12384-12420...its there now...could get a hammerin
there is a prev 50% area/yellow horizontal...not sure if this is relevant

its a joke..