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Lock's Cable Corner

  • #4,401
  • Aug 8, 2017 9:31am Aug 8, 2017 9:31am
Quoting Lock
{quote} {quote} All taken out. We now have a poor low left by a previous Tokyo session at 29524. Note that we left above a single pip double pass pIt gap at 3012-3013: I suggest to carry forward this information. Downside, in case of continuation we also have a double pass pit gap at 28997-2912. But note that we are currently around major composite poc 2968: we need volume to evade it. Also B period is very elongated....
Almost 2 hours spent around major composite poc 2968 and for now 50% retracement of the too elongated B period.
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  • #4,402
  • Aug 9, 2017 2:58am Aug 9, 2017 2:58am
Quoting Lock
{quote} {quote} All taken out. We now have a poor low left by a previous Tokyo session at 29524. Note that we left above a single pip double pass pIt gap at 3012-3013: I suggest to carry forward this information. Downside, in case of continuation we also have a double pass pit gap at 28997-2912. But note that we are currently around major composite poc 2968: we need volume to evade it..
Quoting Lock
Also B period is very elongated....

As you see sometime market generated information could provide very exact suggestions about the occurring situation. After the perfect tag of the 29524 level (that is now very weak) market had to cover the extreme elongation of B period that has been retraced completely and as you see price is now ranging exactly around the left single pip double pass pit gap at 3012-3013 (that remains an interesting zone for upcoming pit session). Also note that after the tag of 29524 we spent a substantial amount of time (volume) around major composite poc 2968 as normal.
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  • #4,403
  • Aug 9, 2017 3:08am Aug 9, 2017 3:08am
I also suggest to note that we have a very anomalous cluster of poor highs above current price location. In fact we got a back to back high around 3028 (today Tokyo session high back to back yesterday preUS session high), then GB poor high at 30485, Tokyo poor high at 3053 and an other GB poor high at 30575 followed by an other poor high left by a Tokyo session just a couple of pips above at 3059.

So if it will not go and correct first the current GB poor low at 29935 this cluster of weaknesses left above could provide us a good opportunity.
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  • #4,404
  • Edited 3:44am Aug 9, 2017 3:26am | Edited 3:44am
Quoting Lock
... So if it will not go and correct first the current GB poor low at 29935 this cluster of weaknesses left above could provide us a good opportunity.

I mean that we have some possible scenarios here, for instance:

  1. we could see a correction of 29935 and then a retracement up to the cluster or
  2. we could go first to correct the cluster and then come back to the single pip gap at 3012-13 and eventually correct the current 29935
  3. but we could also disregard one of them (meaning above or below) and go only in one direction.


In order to evaluate the better choice I suggest to wait for pit session open that could provide us a better understanding of market participants' intentions. For now we are in balance inside a short term trend downside (as all the last 4 days are in a one time framing down action) and in a mid term balance after the first failure above 31637 (read previous posts to appreciate what I'm speaking about)

So on a major scale if the failure above 31637 will be confirmed by current week we could imagine at least a test of the upper monthly bracket low at 27948(absolute monthly bracket low)-2845(GB low)-28637(Pit low). If instead we will see a new successfull attempt above 31637, in this case we could imagine a continuation up to the higher extreme of the upper monthly bracket around 3481 (absolute bracket high)

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 100 KB


weaknesses above and below current price location

Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 204 KB
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  • #4,405
  • Aug 9, 2017 4:30am Aug 9, 2017 4:30am
Quoting Lock
{quote} I mean that we have some possible scenarios here, for instance: we could see a correction of 29935 and then a retracement up to the cluster or we could go first to correct the cluster and then come back to the single pip gap at 3012-13 and eventually correct the current 29935 but we could also disregard one of them (meaning above or below) and go only in one direction. In order to evaluate the better choice I suggest to wait for pit session open that could provide us a better understanding...
GB poor low 29935 taken out during spike. Now let's see preUS session open and US participants' intentions.
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  • #4,406
  • Aug 10, 2017 12:02am Aug 10, 2017 12:02am
Quoting Lock
{quote} I mean that we have some possible scenarios here, for instance: we could see a correction of 29935 and then a retracement up to the cluster or we could go first to correct the cluster and then come back to the single pip gap at 3012-13 and eventually correct the current 29935 but we could also disregard one of them (meaning above or below) and go only in one direction. In order to evaluate the better choice I suggest to wait for pit session open that could provide us a better understanding of market participants' intentions. For now we are...

So yesterday after the correction downside price went up and stopped exactly above the 1 single pip double pass pit gap 3012-13 then liquidated. Now we are next to the major composite poc 2968 again. The cluster of poor highs above is still unsolved as the very weak low 29524 is still there to be correct. We are going to open with a gap downside from yesterday GB session low plus below yesterday GB last spike downside action. The daily trend is still downside.
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  • #4,407
  • Aug 10, 2017 12:03am Aug 10, 2017 12:03am
Opened. If the new gap downside will not be retraced quickly, continuation downside is possible, also considering the open below yesterday GB spike downside. In case of fast filling of the new gap instead we could see a new retracement.
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  • #4,408
  • Aug 10, 2017 12:04am Aug 10, 2017 12:04am
Please note that on 2970 we got 3 back to back lows right now: extremely weak level.
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  • #4,409
  • Aug 10, 2017 12:10am Aug 10, 2017 12:10am
The most important thing built yesterday has been the inside pit session: yesterday pit session range is inside Tuesday pit session, meaning balance and consequently meaning possible breakout today or next days. In case of breakout below or above, monitor for continuation.
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  • #4,410
  • Aug 10, 2017 12:21am Aug 10, 2017 12:21am
Quoting Lock
Please note that on 2970 we got 3 back to back lows right now: extremely weak level.
Obviously taken out: note that after a first attempt to fill the new gap downside it failed to complete the work. So now continuation is very possible. At the same time remember that we are around major composite poc 2968 that requires volume to be evaded.
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  • #4,411
  • Aug 10, 2017 12:48am Aug 10, 2017 12:48am
Quoting Lock
{quote} So yesterday after the correction downside price went up and stopped exactly above the 1 single pip double pass pit gap 3012-13 then liquidated. Now we are next to the major composite poc 2968 again. The cluster of poor highs above is still unsolved as the very weak low 29524 is still there to be correct. We are going to open with a gap downside from yesterday GB session low plus below yesterday GB last spike downside action. The daily trend is still downside.
Taken out too: note anyhow that current low is still weak as it is a perfect tag of round 2950. At the same time do not forget major composite poc 2968 and its power of attraction.
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  • #4,412
  • Aug 10, 2017 1:04am Aug 10, 2017 1:04am
Quoting Lock
{quote} Taken out too: note anyhow that current low is still weak as it is a perfect tag of round 2950. At the same time do not forget major composite poc 2968 and its power of attraction.
As you see...retraced back to 2968
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  • #4,413
  • Aug 10, 2017 1:17am Aug 10, 2017 1:17am
If the news will occurr here we could have a substantial shake out. We have a micro excess downside, not something to be excited about but still an excess. The round number tag do not convince me at all but at the same time we got a lot to do upside up to 3060 zone. Let's see if someone will like to take this opportunity.
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  • #4,414
  • Aug 10, 2017 1:33am Aug 10, 2017 1:33am
Yesterday GB low 2985 almost tagged, new gap downside alsmost filled (less than 1 pip left).
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  • #4,415
  • Aug 10, 2017 1:42am Aug 10, 2017 1:42am
Quoting Lock
If the news will occurr here we could have a substantial shake out. We have a micro excess downside, not something to be excited about but still an excess. The round number tag do not convince me at all but at the same time we got a lot to do upside up to 3060 zone. Let's see if someone will like to take this opportunity.
Shakeout for now: back to 2968. Let's see if it will fill the new gap continuing higher or if we will continue in this balance action.
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  • #4,416
  • Aug 10, 2017 1:50am Aug 10, 2017 1:50am
Quoting Lock
{quote} Shakeout for now: back to 2968. Let's see if it will fill the new gap continuing higher or if we will continue in this balance action.
Btw I supposed the shake out just because of price location: considering the weakness of market participants (see the lower round number tag) and considering the major composite poc 2968 (with its high power of attraction) any move up or down could be easily retraced. And in fact... But now let's see if someone, after the shake will be interested in what I wrote before. Or not.
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  • #4,417
  • Aug 10, 2017 2:06am Aug 10, 2017 2:06am
Quoting Lock
Yesterday GB low 2985 almost tagged, new gap downside alsmost filled (less than 1 pip left).
Eventually filled after shake out. Currently we got a poor high 29885. Do not forget that this correction is working against short term trend downside.
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  • #4,418
  • Aug 10, 2017 2:39am Aug 10, 2017 2:39am
Quoting Lock
{quote} Eventually filled after shake out. Currently we got a poor high 29885. Do not forget that this correction is working against short term trend downside.
Taken out. Yes GB unch level 29925 tagged. Yes GB close is at 29963. We need acceptation above both of them for serious continuation upside. If not...
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  • #4,419
  • Aug 10, 2017 3:21am Aug 10, 2017 3:21am
An other poor high 29945 but still no acceptation above yes unch and close. Let's see if it will manage to be accepted over them or not.
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  • #4,420
  • Aug 10, 2017 3:25am Aug 10, 2017 3:25am
Quoting Lock
An other poor high 29945 but still no acceptation above yes unch and close. Let's see if it will manage to be accepted over them or not.
Taken out too. Yes spike base (1.3000) tagged.
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