Chart of the Day

“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros
Another slow day has passed and not much has changed since our mid-week update. The only thing keeping everyone awake is ‘Tesla Twitter’ as volumes continue to be extremely low, even for a summer day > check out ES yesterday… almost worse than a pre-holiday half day!
We continue to see choppy but interesting action in the currencies as the DXY hovers around that pivotal 95 mark. Today is the first day in a while that we would be interested in focusing on the GBPUSD chart:

 

 

FX Overview

“Tell a man there are 300 billion stars in the universe and he’ll believe you. Tell him a bench has wet paint on it and he’ll have to touch it to be sure.” – Murphy’s Law
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

Mid-Week Update

“You should never confuse inevitable with imminent.” – Rick Rule
As discussed in out latest weekly outlook video, equities are still stuck in these chop zones with the 50/100DMAs capping to the upside and the 200DMA supporting to the downside. Therefore, we’ll just have to be patient and keep an open mind unless we can get some sustained momentum outside of these areas.
Going into today and the FOMC, focus will remain on the same charts we highlighted yesterday: AAPL, DXY and CL.
In today’s session we will go into detail on the current DXY move, what it means for the broader market and how to position around key inflection point in all of the major currency pairs. We have reached some interesting zones…
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

Charts in Focus

“Challenges are what make life interesting; overcoming them is what makes life meaningful.” – Joshua J. Marine
Bigger picture discussed in out latest Weekly Outlook Video.
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

Chart of the Day

“While there have been some spectacular front-cover traders, the ones who amass fortunes year after year tend to stay in the background. At the very least, they display a simple and down-to-earth approach to markets if they are ever interviewed.” – Clifford Bennett
Bigger picture discussed in out latest Weekly Outlook Video.

As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

Charts in Focus

“Stopping out of a position may give the appearance of defeat, but it is not meant to necessarily signal total defeat. While others may see it that way, you must never be fooled. Stopping out of losing positions is the only sure way to maintain survival in difficult conflicts and to achieve the complete victory that is your aim. To learn how to live to fight another day is the best advice that all traders can be given. Not only is it the smart thing to do, but in the long run, the prevention of injury will act as a major building block of total victory. The warrior trader retreats not just to fight another day, but to fight a better day.” – Clifford Bennett
Here are some of the charts we will be discussing today:

As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

Forex Overview

READINESS: A knife keeps its edge, Only with honing and proper cutting. A warrior’s virtue is readiness. A sage’s virtue is awareness.
This life is so competitive and challenging that one must remain in constant readiness for the problems and conflicts that come with each day. That is why followers of Tao meld the way of the warrior and the sage. They want the courage and preparedness of the fighter, the luminous perception of the wise. Each day, they dedicate themselves to maintaining their characters and perpetuating their development. But how does one maintain one’s edge without blunting?
There is a fable about a king who was watching his butcher. He was amazed that the man could dismember a whole ox without much effort and without dulling his knife. Seeking to learn, the king questioned his servant, who said that his secret was to insert his knife only in the spaces between muscles, thus parting the body along its natural lines. In this way, where an ordinary butcher had to grind his blade daily, he only had to sharpen his knife once a year.
From this we can learn that we must first hone ourselves to a sharp edge, but the proper use of our talents is equally essential. We must remember to take action along the basic lines and seams of the day. If we do this, we can never be opposed for long.
365 Tao: Daily Meditations
Deng Ming-Dao
If you missed our latest video update, you can access it here > weekly outlook video.

Reminder if you are interested in the Foundational Webinar Series > New Session.
Note for active 50Scouts members: make sure you keep an eye on your inbox for a free pass to Friday’s daily webinar session (make sure to check your spam folder too).
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

On the Radar

“You can never make the same mistake twice because the second time you make it, it’s not a mistake, it’s a choice.” – Steven Denn
Luckily yesterday was not disappointing. As you can expect, it’s all about follow-through now. We’ll also have to see if indeed, as per recent reports, pensions will need to re-balance through selling an unusually high $12 billion of U.S. equities.
Keep inn mind that we still have a lot of headline risk from Davos today. Here are some of the key charts we will be reviewing in detail during our webinar:

As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
If you are struggling or looking to speed up your learning curve, you might be interested in our Foundational Webinar Series.
Wishing you a great day ahead.

Still Waiting

“You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.” – Abraham Lincoln
No change in outlook as the market continues to pick up pennies in front of a steamroller into earnings. Here are updated charts on some of the key moves we have been discussing:
In case you missed it, here is our Latest Outlook Video for the week ahead.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.