Trading with point and figure

[Dentalfloss]

cable in a bull flag

1.3330 area..if ya can get it

 

[Dentalfloss]

usdjppy back into 113.30 rez area for a p/d

dump
excellent

a bit out
113.10 was the high
113.04 break


dont rely on levels

 

[Dentalfloss]

12664 is a horizontl supp

 

[Dentalfloss]

12675 for a p/d
12681 is trend rez on 1 min

 

[Dentalfloss]

- Digesting Trump tax reform proposals and prospects for legislation;
awaiting rash of central bank speakers at BoE conference; ECB speakers
and Banxico rate decision also due; German CPI, US Trade and jobless
claims top data run; US and Italy to sell debt

- Germany CPI: seen remaining subdued, Saxony hints at modest upside
risk, focus on tomorrow's Eurozone core CPI

- US Trade Balance and Jobless Claims: hurricane impacts likely to be
key factor

- Charts: US 2 & 5-yr yields; JGB 10yr yield; US / German 10-yr yield spread

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

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

A busier day awaits in terms of scheduled data and events, though with month and quarter end firmly in markets sights. But the likelihood that chatter will above all be about whether the latest Trump tax plan has any chance of becoming legislation, that schedule may be largely roadkill. Statistically German and Spanish CPI will be very closely watched, with the EC's various confidence surveys, US final Q2 GDP, weekly Jobless Claims and Advance Goods Trade Balance providing further talking points. But as has been the case for some time policymakers and politics remains front and central, and as such all eyes will be on the BoE's 2 day conference celebrating 20 years of independence, with an array of G7 and other central bankers speaking. The latter follows on from BoE chief economist Haldane overnight offering a strong hint that he will back a rate hike in November, even if his optimism on pay and productivity, and comment that a rate hike should be seen as a 'good news story' rings extraordinarily hollow, and is a clear attempt to deflect the obvious criticism that BoE policy continues to highly reactive and defensive, with no sign that it really has any grip on UK economic realities. There will also be some ECB speak via Praet and Lautenschlaeger, while Banco de Mexico is expected to keep rates on hold at 7.0% and continue to suggest that it retains a modest tightening bias. Govt bond supply comes via way of Italy with the usual end of month auctions of 5 & 10-yr BTPs and 7-yr CCT, and the US concludes its end of month refunding with $28 Bln of 7-yr Treasury Notes. The latter have seen a reasonable concession carved out as G7 yields have risen in response to the less accommodative stance of the Fed, continued solid growth numbers in the Eurozone and the US, and concerns about rising borrowing levels both in the US and latterly Japan, against a backdrop of less central bank liquidity. A hefty volume of corporate and sovereign bond supply, with yesterday's jumbo $12.5 bln of Saudi 5, 10 & 30-yr coming on top of a very large $123.9 Bln of Investment Grade USD supply month to date is doubtless also exercising some upward pressure, even if it appears to have met with strong demand.

** Germany - September CPI **
- The consensus looks for a modest 0.1% m/m rise in HICP, that would see the y/y rate edge up to 1.9%, the highest level since April's 2.0% y/y. Petrol and leisure related prices are likely to be the main contributors to the modest uptick, though food prices (notably butter) could be the wildcard. Initial, though not always reliable in national terms, pointers from Saxony (0.2% m/m) suggest some modest upside risks, but as ever it will be tomorrow's core Eurozone CPI, seen unchanged at a still very subdued 1.2% y/y, which will be key in terms of the ECB's policy outlook.

** U.S.A. - Claims, Trade Balance & final Q2 GDP **
- Unsurprisingly Initial Claims have been on a wild ride due to the impact of the hurricanes, which will likely persist for a week or two more, with a modest uptick to 270K expected after a much lower than expected 259K last week, though another outlier is more than possible. Q2 GDP is now rather historical, and is in any case expected to be unrevised at a solid 3.0% SAAR, but the focus is now on Q3, which will inevitably be difficult to read, due to the hurricanes, though it should be noted that yesterday's core Durable Shipments at 0.7% m/m, following on from 1.1% m/m in July suggest another robust contribution from Business Equipment investment. The July Trade data proved to be rather better than expected, however today's Advance Goods Trade balance will inevitably suffer from Hurricane Harvey related disruptions above all in the oil sector, and as such a reading very wide of an expected $-65.1 Bln (July $-63.9 Bln) is highly probable.
from Marc Ostwald

 

[Dentalfloss]

ftse 7300 for a p/d...there now

 

[Moneylender]

12675 is support!

Closed with a few, not my best entry ever!

 

[Dentalfloss]

ML 12575 now a pivot/minor

 

[Moneylender]

ML 12575 now a pivot/minor

That's why I got out of it, my entry was too high in the current range. Maybe sub 70 again would be good.

 

[darktone]

Can someone please help explain this to me as I still don't get it. The below chart is 1m data Box 4 and Rev 2
We're in an X column and the price has clearly gone into the the next box up. My understanding is that the High price needs to move anywhere into the next box for it to register an X. Why is there no X in the below chart? It's been like this for well over 5 minutes

On the cute charts the X's print when price covers the next box but the O's print as the price goes into the next box. If that makes sense.
Not sure if that is the 'official PnF' way of going about things but no biggie as long as youre aware of it.

 

[inzimam]

Can someone please help explain this to me as I still don't get it. The below chart is 1m data Box 4 and Rev 2
We're in an X column and the price has clearly gone into the the next box up. My understanding is that the High price needs to move anywhere into the next box for it to register an X. Why is there no X in the below chart? It's been like this for well over 5 minutes

For a new "x" to be drawn the price has to hit the upper boundary of the box, not the lower boundary. Unlike the x drawing the o drawing will be fulfilled when the price reaches the lower boundary of the "o" box. A good synergy is x= filling a glass of water and "o" box = emptying a glass.

That's what you thought but that's not what the stockcharts.com screen shot i posted says

 

[Dentalfloss]

dow poss pump from 22325..there now
trend break
5 min bars

 

[Dentalfloss]

now 12688 for a p/d
12677 area /pivot

 

[Dentalfloss]

ftse 7297 pivot
pumpin our 7300

 

[Dentalfloss]

ftse 7297 pivot
pumpin our 7300

whammo
stops tight

 

[Dentalfloss]

now 12688 for a p/d
12677 area /pivot

a few more taken
stops tight

 

[Dentalfloss]

oil in rez

 

[Dentalfloss]

dax needs to pump 12700 into 12738 area
12700 could be a dog

 

[Dentalfloss]

ftse 7315 for a p/d

7310 pivot

 

[Dentalfloss]

12688 held...for a few..so far
tight stop