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Chart of the Day

| 50Pips
“The only thing worse than being blind is having sight but no vision.” – Helen Keller
Markets continue to grind higher as we move towards month end and the labor day weekend. No big change to what we discussed on Tuesday and in our latest latest outlook video.
Despite the fact that we can easily see markets really getting one-sided, especially in this last week of the low liquidity summer doldrums, headlines risk is building and it could really cause havoc in this kind of context. Our focus remains on Washington with every increasing risk on the tech regulation front and on NAFTA as we move into this Friday deadline.
Experienced traders are very familiar with the fact that, as Keynes said, markets can remain irrational longer than you can stay solvent but this doesn’t mean that we should ignore the context and risks.
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Wishing you a great day ahead.

FX Overview

| 50Pips
“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.

Charts in Focus

| 50Pips
“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.

Headline Risk

| 50Pips
“It’s repetition of affirmations that leads to belief and once that belief becomes a deep conviction, things begin to happen.” – Muhammad Ali
No change to what we have been discussing. Market is still facing a lot of headwinds and we still have a lot of headline risk. We will update out thoughts and analysis in the Sunday Video.

Note for active 50Scouts members: *make sure you read out latest update* and 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.

Big J in da House

| 50Pips
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” – Warren Buffett
Very busy day ahead. Focus will be on positioning and squaring as we wait for FOMC. Remember that there will be a lot for the market to digest, not only in terms of what will be announced today but also for how to price/adapt to the future outlook.
Here are some of the key charts that we will be discussing/analyzing 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

| 50Pips
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.

Still Waiting

| 50Pips
“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.

FX Chart Book Overview

| 50Pips
“When nothing seems to help, I go and look at a stonecutter hammering away at his rock, perhaps a hundred times without as much as a crack showing in it. Yet at the hundred and first blow it will split in two, and I know it was not that last blow that did it, but all that had gone before.” – Jacob A. Riis
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.

Waiting for the Weekend

| 50Pips
“I don’t think trading strategies are as vulnerable to not working if people know about them, as most traders believe. If what you are doing is right, it will work even if people have a general idea about it. I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.” – Richard Dennis
As discussed in our latest weekly outlook video the short-term focus is on potential event risk this weekend with developments in North Korea and with Hurricane Irma. Remember that risk happens fast; it doesn’t matter until it does but at that point, the train has usually already left the station. SPX can be your guide but we would also be keeping a close eye on the RUT and action around that 50DMA.

With the BOC out today, USDCAD will clearly be on our radar. After this 10%+ correction, it will be interesting to see if we see any kind of profit taking pre/post the rate statement. Positioning is very short and the moves could be very aggressive either way with action around the 1.25 mark being pivotal.
As discussed, until we get a sustained move into and through the 18/20 area on the VIX we suspect that it’ll be business as usual.
And don’t forget to keep an eye on ZBs, things could get very sporty here 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.