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Chart of the Day

| 50Pips
“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.” – Paul Tudor Jones
We will post a host of undated charts and screens on the Twitter feed today but on top of what we said in our our latest Weekly Outlook Video, the only new development that matters is how AMZN and GOOGL open and close post yesterday’s earning release:

If you missed the latest interview that we published, you can access it > here.
If you are interested in a more structured way of tackling the business of trading, attending a live daily morning call or a more detailed discussion on the charts we post / trade ideas, don’t hesitate to check out our Premium content.
Wishing you a great day ahead.

Chart of the Day

| 50Pips
“The two most powerful warriors are patience and time.” – Leo Tolstoy
No change from yesterday’s blog post and our latest latest outlook video.
We favor not reading too much into this summer / month end chop, taking a step back and focusing on the higher time-frames. As we have been highlighting, the weekly charts are attempting to get the new moves started and the monthly closes will have to confirm if the moves are likely to get real sustain traction.
If you are interested in a more structured way of tackling the business of trade, attending a live daily morning call or a more detailed discussion on the charts we post / trade ideas, don’t hesitate to check out our Premium content.
Wishing you a great day ahead.

Eyes on Tech

| 50Pips
“Many can talk the talk but few can translate this into a decent track-record… the basics are, pretty basic but practice is more tricky. If this rings true for you, you might want to focus more on understanding bet size and how that effects the translation of your edge. Obsessing about entry and triggers, all things being equal, is probably the least important aspect yet very few ever get this. Remember that if you get your bet size wrong, you could end up with a negative p&l even with a guaranteed mathematical edge.” – Trading Reflections
Once again, at the risk of sounding like a broken record > eyes on tech. If the big names can’t hold up, then there is very little left to prop up this market that continues to trade heavy with a very different tape than to what we have been witnessing in recent years.
On the DXY side, as we have been highlighting and discussing, the most interesting tactical opportunity seems to be on the aussie for now. After having gone in-depth on the DXY move and what it means for the broader market, in today’s session we will turn our focus focus on yen, swissy and gold.
Regardless of how this plays out, we can’t complain, this continues to be a great market for traders across all asset classes.
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.

Exuberance

| 50Pips
“If a fisherman does not have a properly repaired net, then his trip is useless. Preparation is the major part of his endeavor. Only when the fisherman keeps his nets intact, keeps his boat repaired, and studies the conditions of fish and water does going out to fish become a mere formality. Then fish fall into his hands as if guided by invisible lines.” – 365 Tao: Daily Meditations
If you haven’t checked them out, you can take a look at the videos we uploaded this week: Morning Call & Weekly Outlook.
So, Dan Bilzerian got long Bitcoin (if you don’t know who he is, just google his Instagram) and Gartman (everyone knows Dennis) turns bullish on tech? Talk about the scent of exuberance starting to fill the room…
We’ve got a lot to discuss today in our live session but the main focus/follow-up will be on: reality bites GBP, the Bitcoin Romance, the magical ‘1000’ number, VIX and how DXY will likely try to confuse less experienced correlation fans (not only on a cross-asset basis but especially inside the fx space).
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.