Trading with point and figure

[Dentalfloss]

Morning Sir Canta

Morning all,

GBPCHF looking quite perky again but for me it's the same as yesterday - wait for a p/b to 1.3180/95.

 

[Dentalfloss]

Dax into the open

broken out

12340..and pump
tad bullish as we said premarket

 

[Dentalfloss]

24825-24850 is first supp area
24915 is a bigger rez
its in supp now...a tad bullish if supp holds

24900...job done

 

[Dentalfloss]

supp area seems to be holding...then we test 24900
24820-24850...bulls first priority..to hold

yes sir

 

[cantagril]

Now fiddling about with UJ for variety

60m looks gloomy but some serious support imminent. 15m shows that we're already coming into it so I'm now long at 105.70 Target 106.00. Maybe a bit premature.....

 

[Dentalfloss]

cable
straight into our rez area

 

[Dentalfloss]

A further talking point remains the widening in the LIBOR/OIS spread to the highest level since 2011, though a closer look at at 10-yr chart of this spread (see attached) does underline that while it is high, it is nowhere near GFC levels, even if momentum points to a further increase. Eminently it has obviously not been widening due to credit fears, but far more because of increased funding rates, repatriation of offshore monies (augmented by tax cut related flows), and probably most significantly from a sharp increase in US T-bill issuance. FX and risk asset markets have been largely impervious to the move, and while this is understandable from the aspect that the USD remains weak, due to concerns about the budget and trade deficits as well as the array of political risks, should USD sentiment improve the impact on carry trades into EM, and indeed on leveraged positions will likely be brutal.

carry trades....poss brutalised

 

[Dentalfloss]

Now fiddling about with UJ for variety

60m looks gloomy but some serious support imminent. 15m shows that we're already coming into it so I'm now long at 105.70 Target 106.00. Maybe a bit premature.....

decent horizontal supp area

 

[Dentalfloss]

Think the DAX might have broken down before the start.

Dax updated

 

[Dentalfloss]

posted yesterday afternoon

was bullish

 

[Dentalfloss]

its in rez...lets see how it gets handled

 

[Dentalfloss]

24900....dump
excellent stuff

 

[Dentalfloss]

cable dump...from our marked rez
excellent

 

[cantagril]

decent horizontal supp area

Thanks for the moral support...

 

[Dentalfloss]

our 12385 area...marked on the chart held as supp...and bounce

 

[Dentalfloss]

Now fiddling about with UJ for variety

60m looks gloomy but some serious support imminent. 15m shows that we're already coming into it so I'm now long at 105.70 Target 106.00. Maybe a bit premature.....

hopefully..i have cut out the rubbish

 

[Dentalfloss]

24900 a dog.....excellent stuff

 

[cantagril]

hopefully..i have cut out the rubbish

Ta for that. That's sort of what I'm thinking...... but no joy so far.

 

[cantagril]

Now fiddling about with UJ for variety

60m looks gloomy but some serious support imminent. 15m shows that we're already coming into it so I'm now long at 105.70 Target 106.00. Maybe a bit premature.....

Half off at 106.05 + 35. Sell order in for the other bit at Dentist's 106.25

 

[Dentalfloss]

UJ 105.60 held and hit 106.00