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Lock's Cable Corner

  • #4,361
  • Jun 21, 2017 6:49am Jun 21, 2017 6:49am
Quoting Lock
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.
And because yesterday pit session opened with a gap lower from the previous session, price is currently between a double pas pit gap down to 26555 and a 4 pass pit gap up to 27056
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  • #4,362
  • Jun 21, 2017 7:03am Jun 21, 2017 7:03am
Quoting Lock
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.
you are probably underestimating what boe said. the only reason gbp has corrected about 30 pips is because there are no buy orders at the top. they will start coming in after the US session
  • #4,363
  • Jun 21, 2017 7:36am Jun 21, 2017 7:36am
Quoting Lock
{quote} And because yesterday pit session opened with a gap lower from the previous session, price is currently between a double pas pit gap down to 26555 and a 4 pass pit gap up to 27056
Double pass pit gap illed. Now let's see if it will retrace back upside in the direction of the upper 4 pass pit gap or if it will be accepted back inside yesterday pit session range. In this last case we could see yesterday pit poc at 2627 retested and eventually today GB poor low removed at 2589.

If instead it will be rejected just here below the double pass gap we could see price fill the 4 pass gap, up to 27056.
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  • #4,364
  • Jun 21, 2017 7:42am Jun 21, 2017 7:42am
Quoting giveachance
{quote} you are probably underestimating what boe said. the only reason gbp has corrected about 30 pips is because there are no buy orders at the top. they will start coming in after the US session
I cannot underestimate something I do not know. I didn't follow news. The only thing I'm interested in is when they happen. About current situation I can only repeat what I already said: we need to see if price will be rejected or accepted inside yesterday pit session range. If rejected we could aim at 27056 if accepted we could aim at the bottom of it and eventually at today GB session low.
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  • #4,365
  • Jun 21, 2017 7:45am Jun 21, 2017 7:45am
TYPO
Quoting Lock
{quote} Double pass pit gap illed (filled).
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  • #4,366
  • Jun 21, 2017 7:58am Jun 21, 2017 7:58am
Quoting Lock
{quote} I cannot underestimate something I do not know. I didn't follow news. The only thing I'm interested in is when they happen. About current situation I can only repeat what I already said: we need to see if price will be rejected or accepted inside yesterday pit session range. If rejected we could aim at 27056 if accepted we could aim at the bottom of it and eventually at today GB session low.
And actually I don't. The reason is that a "news" is generally already "discounted" when it happens. It can influence weak hands money but it is very rare that short term or mid terms will act upon them.
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  • #4,367
  • Jun 21, 2017 9:01am Jun 21, 2017 9:01am
E period inside D.
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  • #4,368
  • Jun 21, 2017 9:02am Jun 21, 2017 9:02am
D and F highs both at half back.
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  • #4,369
  • Jun 21, 2017 10:03am Jun 21, 2017 10:03am
Quoting Lock
D and F highs both at half back.
And here we are. Note no acceptation back inside yesterday pit range, meaning no periods closed below yes pit high at 26555.

Let's see if weak hands sellers will be punished now or not.

Btw note 2 back to back poor lows: today GB and pit sessions' lows are in fact both poor. (2650 and 2589)
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  • #4,370
  • Jun 21, 2017 10:06am Jun 21, 2017 10:06am
Now H period high is again at half back: we got a cluster there. Weak hands sold there again.
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  • #4,371
  • Jun 21, 2017 10:31am Jun 21, 2017 10:31am
Quoting Lock
{quote} And here we are. Note no acceptation back inside yesterday pit range, meaning no periods closed below yes pit high at 26555. Let's see if weak hands sellers will be punished now or not. Btw note 2 back to back poor lows: today GB and pit sessions' lows are in fact both poor. (2650 and 2589)
First poor low taken out.
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  • #4,372
  • Jun 21, 2017 10:33am Jun 21, 2017 10:33am
Remember 26345 weekly breakeven. Acceptation or rejection below this level could be a confirmation or a further rejection of the attempted weekly breakout.
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  • #4,373
  • Jun 21, 2017 11:34am Jun 21, 2017 11:34am
A good example of market generated information:

Quoting Lock
{quote} And here we are. Note no acceptation back inside yesterday pit range, meaning no periods closed below yes pit high at 26555. Let's see if weak hands sellers will be punished now or not. Btw note 2 back to back poor lows: today GB and pit sessions' lows are in fact both poor. (2650 and 2589)
Quoting Lock
Now H period high is again at half back: we got a cluster there. Weak hands sold there again.
Quoting Lock
Remember 26345 weekly breakeven. Acceptation or rejection below this level could be a confirmation or a further rejection of the attempted weekly breakout.
So weak hands continued to sell at the same very exact level (previous half back 2668). Price was not accepted back inside yesterday pit session range (below 26555). The weak/poor low 2650 was finally taken out, the weekly breakeven 26345 was not even reached. Consequently here we are again at previous half back in order to eventually punish the weak hands sellers.
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  • #4,374
  • Jun 21, 2017 11:48am Jun 21, 2017 11:48am
Considering the prominent current pit poc (26635) I'm not expecting too much from current short covering. After the correction of previous half back 2668 it could spike to the four pass gap but it could also close coming back to balance (around poc). Because in order to evade such a pole of attraction we need volume and I do not know if it is possible to have it now. Let's see.
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  • #4,375
  • Jun 21, 2017 12:30pm Jun 21, 2017 12:30pm
Quoting Lock
Considering the prominent current pit poc (26635) I'm not expecting too much from current short covering. After the correction of previous half back 2668 it could spike to the four pass gap but it could also close coming back to balance (around poc). Because in order to evade such a pole of attraction we need volume and I do not know if it is possible to have it now. Let's see.
...eventually happened right now.
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  • #4,376
  • Jun 22, 2017 10:10am Jun 22, 2017 10:10am
Narrowest daily range of the last months. GB poor low, PreUS poor low, Pit US poor low all at the same level around 2653. Still in place the four pass pit gap at 2687-27056

And GB and Pit both inside sessions for now.
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  • #4,377
  • Jun 22, 2017 10:34am Jun 22, 2017 10:34am
Correct me if I'm wrong but 26/12/2014 looks like the last day with such a narrow range. And today it is not bank holiday nor I know about other special events to occur in the next hours. Please help me to verify this info. Very rare event if it will close like this.
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  • #4,378
  • Edited 11:05am Jun 22, 2017 10:40am | Edited 11:05am
Price is around major composite poc 2665. Next higher comp. poc 2751. Next lower comp poc 2485. Directional move possible from here.
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  • #4,379
  • Jun 23, 2017 12:52am Jun 23, 2017 12:52am
Quoting Lock
Price is around major composite poc 2665. Next higher comp. poc 2751. Next lower comp poc 2485. Directional move possible from here.
And as normal we got the directional move. In the direction of the upper next composite poc 2751. But please note that currently we are above the unsolved 4 pass pit gap 2687-27056. Upcoming pit session should be interested in it in any case. Because if it will open above it, we will have a 5 pass pit gap (never seen before), while if it will open below it we will still have a 4 pass pit gap. Take note of this situation during current GB session development.
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  • #4,380
  • Jun 23, 2017 1:41am Jun 23, 2017 1:41am
D period inside C inside B inside A.
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