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Lock's Cable Corner

  • #4,741
  • Sep 26, 2017 7:05am Sep 26, 2017 7:05am
And because we do not trade in a vacuum have a look at the huge gap built until now in USDX for upcoming Pit session. If preserved unitil open we will have few chances to see it filled at once and this could mean at least balance or in the most bullish perspective, continuation in USDX. And if USDX will continue higher then cable could be heavily influenced.
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-09-26_14-02-17_USDX Pit huge gap.png Size: 26 KB
Ubi maior minor cessat
  • #4,742
  • Sep 26, 2017 7:38am Sep 26, 2017 7:38am
PreUS tagged GB low and now it is weak. In any case never forget that all the structure left upside up to 3586 (Friday preUS poor high) is extremely weak. So if for what ever reason you will see acceptation back inside yesterday pit session range, watch out for a sharp sustained short covering.
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  • #4,743
  • Sep 26, 2017 8:35am Sep 26, 2017 8:35am
Pit session opened in balance, meanig inside yesterday pit range (just above yes pit low 34308). We got an overnight weak low at 3412 (PreUS tagging GB low)

Let's see. We could continue with the preUS short covering or retrace back downside in order to at least retest the overnight weak low.
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  • #4,744
  • Sep 26, 2017 8:46am Sep 26, 2017 8:46am
Up and down open price multiple time: indecision.
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  • #4,745
  • Sep 26, 2017 8:48am Sep 26, 2017 8:48am
Testing yesterday pit low
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  • #4,746
  • Sep 26, 2017 8:54am Sep 26, 2017 8:54am
Quoting Lock
Up and down open price multiple time: indecision.
Quoting Lock
Testing yesterday pit low

Considering the fact that price went down 1 single pip above yesterday pit low I cannot consider that level 34308 good. As it remains weak the overnight low at 3412. Adding this to the indecision and to the USDX situation I suggest to be exrtremely prudent, specially before news.
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  • #4,747
  • Sep 26, 2017 10:17am Sep 26, 2017 10:17am
Quoting Lock
{quote} {quote} Considering the fact that price went down 1 single pip above yesterday pit low I cannot consider that level 34308 good. As it remains weak the overnight low at 3412. Adding this to the indecision and to the USDX situation I suggest to be extremely prudent, specially before news.
As you see 34308 has been taken out while 3412 has been tagged multiple times.

Now watch out! For continuation downside we need acceptation below overnight low 3412. If not...

Note B period high exactly at open level 34425 and C and D period highs exactly at half back 3430: who do you think sold at such exact levels? So carry forward also this info if something will go wrong downside. And if you will not see continuation downside never forget the weaknesses left upside, today and previous days up to 3586.

In case of continuation downside instead, next visible targets are composite poc 3397 (as written this morning after GB break) and Tokyo poor low at 33816. In case of substantial continuation downside we have also Pit poor low (from 14.09) at 33435.
Ubi maior minor cessat
  • #4,748
  • Sep 26, 2017 10:38am Sep 26, 2017 10:38am
Quoting Lock
{quote} As you see 34308 has been taken out while 3412 has been tagged multiple times. Now watch out! For continuation downside we need acceptation below overnight low 3412. If not... Note B period high exactly at open level 34425 and C and D period highs exactly at half back 3430: who do you think sold at such exact levels? So carry forward also this info if something will go wrong downside. And if you will not see continuation downside never forget the weaknesses left upside, today and previous days up to 3586....
3412 Taken out too. Now let's see if it could stay below it or not.
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  • #4,749
  • Sep 26, 2017 11:43am Sep 26, 2017 11:43am
Quoting Lock
{quote} ... Note B period high exactly at open level 34425 and C and D period highs exactly at half back 3430: who do you think sold at such exact levels? So carry forward also this info if something will go wrong downside. And if you will not see continuation downside never forget the weaknesses left upside, today and previous days up to 3586. In case of continuation downside instead, next visible targets are composite poc 3397 (as written this morning after GB break) and Tokyo...
So it took out the weak sellers above then liquidate.

Btw it left a poor high at 3447: carry forward this info.
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  • #4,750
  • Sep 26, 2017 11:45am Sep 26, 2017 11:45am
Current low is also poor.
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  • #4,751
  • Sep 26, 2017 11:53am Sep 26, 2017 11:53am
Quoting Lock
{quote} So it took out the weak sellers above then liquidate. Btw it left a poor high at 3447: carry forward this info.
And here we are.
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  • #4,752
  • Sep 26, 2017 11:56am Sep 26, 2017 11:56am
Quoting Lock
PreUS tagged GB low and now it is weak. In any case never forget that all the structure left upside up to 3586 (Friday preUS poor high) is extremely weak. So if for what ever reason you will see acceptation back inside yesterday pit session range, watch out for a sharp sustained short covering.
Watch out as actually we got acceptation back inside yesterday pit range.
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  • #4,753
  • Sep 26, 2017 11:56am Sep 26, 2017 11:56am
I'm not saying it has to cover but at least it could now.
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  • #4,754
  • Sep 26, 2017 12:04pm Sep 26, 2017 12:04pm
Quoting Lock
Current low is also poor.
Quoting Lock
I'm not saying it has to cover but at least it could now.

At the same time, even if it will start covering, do not forget what this possible move could be: a short covering. Not new money buying. The poor low 3409 is too suspect in fact for something more than a short covering.
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  • #4,755
  • Sep 26, 2017 12:09pm Sep 26, 2017 12:09pm
An other factor of weakness of this action is current period low at half back 3428 again. An other exact daily level tagged. So the cover could also be substantial but you should always be aware of who is actually ruling it. And the relative risk involved in it.
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  • #4,756
  • Sep 26, 2017 12:46pm Sep 26, 2017 12:46pm
Now, poor high has been taken out as preUS weak high at round 3450. If you will not see a continuation here it could also close in balance or reverse to the poor low 3409. In case of continuation we need to see acceptation above 3450 and eventually at least some sort of acceleration. In this case we could aim at the top of yesterday pit range 3522 and as a direction to the 3586 zone.
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  • #4,757
  • Sep 26, 2017 1:01pm Sep 26, 2017 1:01pm
3464 is yesterday pit settle (unchanged level). So current high is weak.
Ubi maior minor cessat
  • #4,758
  • Sep 27, 2017 1:06am Sep 27, 2017 1:06am
Quoting Lock
Now, poor high has been taken out as preUS weak high at round 3450. If you will not see a continuation here it could also close in balance or reverse to the poor low 3409. In case of continuation we need to see acceptation above 3450 and eventually at least some sort of acceleration. In this case we could aim at the top of yesterday pit range 3522 and as a direction to the 3586 zone.
And here you are. Overnight retraced all pit session, down to its poor low 3409. (That btw remains poor as only an other pit session could fix it.)
Ubi maior minor cessat
  • #4,759
  • Sep 27, 2017 1:19am Sep 27, 2017 1:19am
2017/09/27 WEDNESDAY 08:19+1GMT
EARLY MORNING REPORT

Now, yesterday GB session broke below last inside GB week low (3468) and made a final spike downside. The base of the spike is at 3467. So spike rules will apply at GB open.

If GB will open below spike base we could consider this simple fact as the necessity to verify further the downside attempt. So it could also be considered, at least initially, as a potential bearish sign. Specially if the upcoming GB session will open not only below spike base but also below yesterday GB range low at 3412.

At the contrary an open above the spike base could, at least initially, inform us about the fact that the yesterday attempt downside could be considered failed. And this could be read as a bullish sign.

Note that price is currently far below the 2009 GB low at 3503. So on a major scale take care of this level as GB mid term action should be measured in relation to it.

Yesterday GB close and unchanged level are almost equal, around 3419. On a daily perspective these are obviously important levels in order to evaluate a possible change: acceptation below them could be read as an other sign of continuation downside, while, at the opposite, acceptation above them could signal a change and a possible reversal.

In case of continuation downside the next visible levels for GB are composite poc 3397 and old Tokyo poor low at 33816. Also note that from yesterday GB low at 3412 to 3337 14.09 GB high we got an old GAP upside. So, eventually we could see a complete fill of it. Also note that at the bottom of it we got a mini double pass GB gap of a few pips that could be more than interesting for GB participants.

In case of rejection of yesterday GB attempt downside remember that the last week low is at 3468. So if price will be accepted above this level, meaning inside the last week, balance rules will apply and we could see a full retracement of the entire balance up to its opposite side at 36065.
Ubi maior minor cessat
  • #4,760
  • Sep 27, 2017 1:32am Sep 27, 2017 1:32am
About the importance of Market Generated Information.

This is what I wrote during the last periods of yesterday pit session upside:

Quoting Lock
{quote} {quote} At the same time, even if it will start covering, do not forget what this possible move could be: a short covering. Not new money buying. The poor low 3409 is too suspect in fact for something more than a short covering.
Quoting Lock
An other factor of weakness of this action is current period low at half back 3428 again. An other exact daily level tagged. So the cover could also be substantial but you should always be aware of who is actually ruling it. And the relative risk involved in it.
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