Trading with point and figure

I've been using tick charts this morning with volume histogram to identify the orifices that Dentist talks about. I can see it working this morning.
 
our orifices...definition
narrow constrictions where price breaks out
the narrower the better..tighter stops
 
- Very modest data schedule features overnight China Property Prices,
Canada CPI and US Michigan Sentiment; monthly equity options expiry
and more from Fed's Kaplan; Trump woes the overarching influence

- Canada CPI expected to edge higher yr/yr, but set to underline lack of
pressure on BoC to follow up on rate hike

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** EVENTS PREVIEW **
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So to end a week that has seen a busy calendar of data engender little more than passing knee jerk reactions, there is very little in the way of data that might liven up proceedings, with Canadian CPI and the US preliminary August Michigan Sentiment survey the only items of real note. Poland will however most of its key monthly activity data for July published, which in broad terms is expected to confirm that the strong growth seen in H1 continues, perhaps no better exemplified by yesterday's Employment data, which posted a higher than expected gain of 4.5% y/y against forecasts of 4.3%. Outside of these items Dallas Fed's Kaplan is again on tap, but as he only spoke yesterday, the probability of any fresh insights into the Fed policy outlook is close to zero. It is also monthly equity options expiry day, which in August tends to be a rather low grade affair, though with volumes pitiful even taking into account seasonal factors, there is always scope for what appear to be a momentary lapse of reason (who says there is reason to these markets? Ed.), as was amply exemplified by the down and up seen in response to the false rumour that Gary Cohn had resigned yesterday. Trump's ongoing woes therefore look likely to be the key overarching influence, and are clearly weighing very heavily on the US dollar.

In respect of Canadian CPI, a flat m/m reading is expected which thanks to base effects would see the y/y edge up to 1.2% from the lower 1.0% bound of the BoC's target range, while the BoC's core CPI measure is seen up 0.1% m/m and the y/y rate should also tick higher to 1.1% from 0.9%. For all that incoming activity readings for Canada remain robust, the very low level of inflation suggests that as much as the BoC retains a tightening bias, it is under no pressure, and may not raise rates again until its final meeting of the year in December.

from Marc Ostwald
 
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