Trading with point and figure

[Dentalfloss]

bears waiting in 2155-2158 area
lets see if they have clout

 

[Dentalfloss]

spx should be in a supp area now

 

[Dentalfloss]

ftse 7074 could be set for a dump
10600 on dax..poss dump

 

[Dentalfloss]

oil..unwind needs to retrace to 50.00 area

 

[Dentalfloss]

bears even could be in 2150 area...there now

 

[Dentalfloss]

cable in our 1.2220 supp area..we marked yesterday

 

[Dentalfloss]

oil..unwind needs to retrace to 50.00 area

nearly there
stops tightened

 

[Dentalfloss]

no supp yet for cable
1.2200/round or 1.2161

 

[Dentalfloss]

do we rally ...???
up to 2150 ??

 

[Dentalfloss]

need to see 2140 as rez
will it happen ??

 

[Atilla]

no supp yet for cable
1.2200/round or 1.2161

This supports the theory that the flash crash was a test to probe support for sterling after disastrous announcement of hard Brexit. No support. Just simply sell side with no buy side interest. If it was just a flash crash cable would have recovered. So these levels are very serious.

Unless some supporting announcement is made from Government or BoE quarters this will continue.

I guess we are back to a floating exchange rate 1.20-1.24 range with 1.22 for PP now imo. Who knows what the value of pound is?

The other side of the coin is of course is that the fall in sterling is desirable to fulfil a purpose. Restore BoP current account balance. :idea:

 

[Dentalfloss]

FTSE...updated chart
we can see how price went initially to breakout point..bounced and tested the trendline

 

[Dentalfloss]

Dax

 

[Dentalfloss]

Spx

 

[MichaelJohnFX]

Morning All

10642-10661
10565-10553

 

[Dentalfloss]

gbp crosses look interesting now
we got a bounce overnight....will it follow thru ???

 

[Dentalfloss]

Morning All

10642-10661
10565-10553

which order...
high first..??

 

[Dentalfloss]

FTSE
break of trend

 

[Dentalfloss]

ftse
uptrend broken
probably go rangebound

 

[Dentalfloss]

dax
still an uptrend