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Lock's Cable Corner

  • #4,341
  • Jun 14, 2017 8:41am Jun 14, 2017 8:41am
Note that just above 2822 composite poc (we mentioned it in previous post) we have an old 3 pass pit gap 2822-2827 (also double pass pit gap). Consider that pit session opened above yesteray pit session high making a new gap higher and so we already removed the yesterday pit poor high at 2756. So we got 2 possibilities here:

  1. fill the new gap upside and continue lower in order to fill the old triple pit pass gap at 26805-27055 or
  2. continue higher up to composite poc 2822 trying to fill the other triple pass pit gap just mentioned at 2822-2827

Ubi maior minor cessat
  • #4,342
  • Jun 14, 2017 9:49am Jun 14, 2017 9:49am
Watch out if it will not able to fill the new gap upside...
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  • #4,343
  • Jun 14, 2017 9:51am Jun 14, 2017 9:51am
And remember that 2758 is the highest pit high of the lower monthly bracket. Acceptation or rejection below it will be fundamental to understand following pit development.
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  • #4,344
  • Jun 14, 2017 10:01am Jun 14, 2017 10:01am
Quoting Lock
Watch out if it will not able to fill the new gap upside...
Quoting Lock
And remember that 2758 is the highest pit high of the lower monthly bracket. Acceptation or rejection below it will be fundamental to understand following pit development.
As you see... It was not able to fill the new gap upside nor it was able to even go to 2758 (lower monthly pit bracket high) and then it rallied upside back to open level. If this test performed by C period was enough it will probably continue higher to remove current poor high 2801. But let's see.
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  • #4,345
  • Jun 14, 2017 10:03am Jun 14, 2017 10:03am
Note that 2801 is also round number so it is poor and weak at the same time. Anyway consider carefully the situation as we are clearly in a balance environment ruled by very weak hands. Plus before heavy news.
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  • #4,346
  • Jun 14, 2017 11:21am Jun 14, 2017 11:21am
Quoting Lock
Note that 2801 is also round number so it is poor and weak at the same time. Anyway consider carefully the situation as we are clearly in a balance environment ruled by very weak hands. Plus before heavy news.
So it took out the poor high and continue higher in the direction of 2822. For serious continuation upside a good sign will be some clean space above early morning high (period A high at round 2801)
It is ineresting to note that GB closed (E period, last one for london, closed at 28055) above the highest GB high of the lower monthly bracket (27745)
In any case do not forget that we are before heavy news.
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  • #4,347
  • Jun 14, 2017 11:25am Jun 14, 2017 11:25am
Quoting Lock
{quote} So it took out the poor high and continue higher in the direction of 2822. For serious continuation upside a good sign will be some clean space above early morning high (period A high at round 2801) It is ineresting to note that GB closed (E period, last one for london, closed at 28055) above the highest GB high of the lower monthly bracket (27745) In any case do not forget that we are before heavy news.
And we don't. Take note.
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  • #4,348
  • Jun 20, 2017 8:05am Jun 20, 2017 8:05am
2017/06/20 Tuesday 15:08 +1GMT
EARLY AFTERNOON REPORT

Watch out: last week was an inside one (Its range is inside the previous week range plus we do not have excess downside), so 26345 is a possible breakeven level. In case of failure downside note that the possible natural diraction will be the opposite side of last week range, meaning 28175. If instead price will attempt a break downside with success then we could aim at something major eventually down to 2548.
Note that downside we got a triple pit pass gap at 26093-2613 but if upcoming pit session will open where we currently are we will see a new gap downside from yesterday pit low at 27223, then current triple pass pit gap at 2684-27056 will become a four pass gap: very rare and very attractive.

So one of the possibility will be to come downside in order to remove the triple pass gap at 26093-2613 and then retrace back up in order to recover the upper four pass gap at 2684-27056. So the game currently is to evaluate the possible formation of a new pit gap downside.

An other possibility will be to open with a new gap downside, retrace some of it up to the top of the four pass gap (27056) and then retrace back lower in the direction of the lower triple pass gap 26093-2613.
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  • #4,349
  • Jun 20, 2017 8:45am Jun 20, 2017 8:45am
Quoting Lock
2017/06/20 Tuesday 15:08 +1GMT EARLY AFTERNOON REPORT Watch out: last week was an inside one (Its range is inside the previous week range plus we do not have excess downside), so 26345 is a possible breakeven level. In case of failure downside note that the possible natural diraction will be the opposite side of last week range, meaning 28175. If instead price will attempt a break downside with success then we could aim at something major eventually down to 2548. Note that downside we got a triple pit...
Here we are:attempting weekly break down. Monitor carefully the success or failure below 26345.
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  • #4,350
  • Jun 20, 2017 8:55am Jun 20, 2017 8:55am
Quoting Lock
... Note that downside we got a triple pit pass gap at 26093-2613 but if upcoming pit session will open where we currently are we will see a new gap downside from yesterday pit low at 27223, then current triple pass pit gap at 2684-27056 will become a four pass gap: very rare and very attractive. So one of the possibility will be to come downside in order to remove the triple pass gap at 26093-2613 and then retrace back up in order to recover the upper four pass gap at 2684-27056....

Here we are again: after the filling of the triple pass gap remember the 2 possibilities: continue lower or retrace back up to the four pass gap at 2684-27056
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  • #4,351
  • Jun 20, 2017 8:57am Jun 20, 2017 8:57am
very elongated A period. The acceleration is normal in case of break out but do not forget to evaluate the possible emotion involved in this action.
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  • #4,352
  • Jun 21, 2017 1:54am Jun 21, 2017 1:54am
Quoting Lock
very elongated A period. The acceleration is normal in case of break out but do not forget to evaluate the possible emotion involved in this action.

As you note that elongated A period forced the entire session to cover. At the end of the day more than 60% of it was retraced.
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  • #4,353
  • Jun 21, 2017 2:00am Jun 21, 2017 2:00am
2017/06/21 Wednesday 09:00 +1GMT
EARLY MORNING REPORT

Now, yesterday we saw the filling of the lower pit triple pass gap at 26093-2613 but then the session ended in a balance environment and it didn't find the needed participation to continue higher in order to fill also the 4 pass pit gap left above at 2684-27056. In any case I suggest to take note of this fact because such a situation is still extremely rare.

About current situation, note that we still are in the attempted weekly breakout below 26345 that remain our mid term most important reference for today. Any serious continuation downside will see this level as an ultimate barrier upside, eventually to retest.

Upcoming GB session will open with a substantial gap downside. If not retraced quickly the odds are in favour for a continuation downside. Eventually down to 2548 and maybe to the lower major poc at 2485.

Note that USDX will be probably forced to fill the multi pass gap left upside by previous GB action so this eventuality could influence GB action in cable.

Finaly remember that on a major scale the possible failure of this weekly attempt downside could lead to a retracement back up to the opposite side of last week range, meaning 28175.
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  • #4,354
  • Jun 21, 2017 4:24am Jun 21, 2017 4:24am
Quoting Lock
2017/06/21 Wednesday 09:00 +1GMT EARLY MORNING REPORT Now, yesterday we saw the filling of the lower pit triple pass gap at 26093-2613 but then the session ended in a balance environment and it didn't find the needed participation to continue higher in order to fill also the 4 pass pit gap left above at 2684-27056. In any case I suggest to take note of this fact because such a situation is still extremely rare. About current situation, note that we still are in the attempted weekly breakout below 26345 that remain our mid term most important reference...
unlikely to reach 2485. adr will look quite stretched for price to reach there. I suspect a move to 2630 and then 267x first
  • #4,355
  • Jun 21, 2017 4:34am Jun 21, 2017 4:34am
Quoting giveachance
{quote} unlikely to reach 2485. adr will look quite stretched for price to reach there. I suspect a move to 2630 and then 267x first
If the weekly break downside will fail your scenario is absolutely possible. We need to see if price will be accepted below breakeven 26345 or not. Currently we still have a GB gap downside and the breakeven is untested. Let's see.
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  • #4,356
  • Jun 21, 2017 6:19am Jun 21, 2017 6:19am
Quoting Lock
[....]Now, yesterday we saw the filling of the lower pit triple pass gap at 26093-2613 but then the session ended in a balance environment and it didn't find the needed participation to continue higher in order to fill also the 4 pass pit gap left above at 2684-27056. In any case I suggest to take note of this fact because such a situation is still extremely rare. About current situation, note that we still are in the attempted weekly breakout below 26345 that remain...
As you see GB retraced back above weekly breakeven 26345, filled the new gap downside completely and then spiked upside to our zone of interest. I think upcoming pit session will fill this 4 pass pit gap left here at 2684-27056. Note that 27013 is yesterday GB rally high.
In any case take note of the fact that GB left a poor low during this short covering at 2589
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  • #4,357
  • Jun 21, 2017 6:27am Jun 21, 2017 6:27am
Quoting giveachance
{quote} unlikely to reach 2485. adr will look quite stretched for price to reach there. I suspect a move to 2630 and then 267x first

so i was right
  • #4,358
  • Jun 21, 2017 8:32am Jun 21, 2017 8:32am
Quoting giveachance
{quote} so i was right
Yes. The scenario opened by the failure below weekly breakeven leaded price higher as expected. Note that Pit session opened exactly at the base of the 4 pass pit gap 2684-27056 underlined in the early morning report. And repeated here:

Quoting Lock
{quote} As you see GB retraced back above weekly breakeven 26345, filled the new gap downside completely and then spiked upside to our zone of interest. I think upcoming pit session will fill this 4 pass pit gap left here at 2684-27056. Note that 27013 is yesterday GB rally high. In any case take note of the fact that GB left a poor low during this short covering at 2589
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  • #4,359
  • Jun 21, 2017 8:36am Jun 21, 2017 8:36am
I repeat it here that the 4 pass pit gap is very suspect and odds are in favour of a correction of it. In any case remember that GB session is very streatched out and that it left at 2589 a poor low. So watch out for liquidation.
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  • #4,360
  • Jun 21, 2017 8:39am Jun 21, 2017 8:39am
Main mid reference level is still weekly breakeven at 26345. This morning GB session failed below it. Let's see now the behaviour of pit participants. Note that pit session also opened with a new gap higher from yesterday pit high at 26555.
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