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Lock's Cable Corner

  • #4,461
  • Sep 6, 2017 10:50am Sep 6, 2017 10:50am
Quoting Lock
Note price action up and down 3064. For now we got 1 m30 period closed above it: we need 2 of them technically for acceptation.
We got acceptation and a poor high.
Ubi maior minor cessat
  • #4,462
  • Sep 6, 2017 10:58am Sep 6, 2017 10:58am
Price is tagging the base of the old Pit gap down from 08/03-04 (30822-3112) It could fill this zone or retrace above 30822 rejecting this gap zone. Current high, as any exact reference tagged, is weak. I mean that current high (30822) is exactly a tag of the 08/04 Pit session high. Who buy or sell at exact references? Generally weak hands. This does not mean it cannot hold but surely it is not a strong level.

Plus, we still have a poor high at the very same level.
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  • #4,463
  • Sep 6, 2017 11:03am Sep 6, 2017 11:03am
3064 retested from above.
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  • #4,464
  • Sep 6, 2017 11:24am Sep 6, 2017 11:24am
Please, note the last liquidation reaching pit open price level at the pipette (3054), an other very exact reference, clearly a confirmation of a market ruled by weak hands.
And, again, note price up and down our major ref 3064.
Ubi maior minor cessat
  • #4,465
  • Sep 6, 2017 11:33am Sep 6, 2017 11:33am
It will test 1.2995 today.
  • #4,466
  • Sep 6, 2017 12:24pm Sep 6, 2017 12:24pm
Quoting Lock
Please, note the last liquidation reaching pit open price level at the pipette (3054), an other very exact reference, clearly a confirmation of a market ruled by weak hands. And, again, note price up and down our major ref 3064.
3054 easily taken out and now we got a poor high (also weak 30822) and a poor low (30393). Very weak emotional market. I'll stay out of it for now.
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  • #4,467
  • Sep 6, 2017 12:26pm Sep 6, 2017 12:26pm
Quoting a16908
It will test 1.2995 today.
I suggest to be very prudent as it is a very weak and emotional environment.
Ubi maior minor cessat
  • #4,468
  • Sep 6, 2017 12:28pm Sep 6, 2017 12:28pm
On a major perspective, note that USDX is currently below the 2 major multipass GB gap zones. As it was this morning. This could seriously influence cable tomorrow and next days.
Ubi maior minor cessat
  • #4,469
  • Sep 6, 2017 12:33pm Sep 6, 2017 12:33pm
I'm short GU targeting 1.30210,
but what do i know
  • #4,470
  • Sep 6, 2017 12:41pm Sep 6, 2017 12:41pm
Yesterday we got a poor low at 2982. And currently we have a poor low for today pit session at 3039. So a full liquidation is possible. But it will be very strange to have an high for September both weak and poor at 30822. So even in case of liquidation I will be very doubtful about a serious action downside in these condition. Obviously I'm fully aware of the USDX situation and about the fact that a substantial rally in order to clean the multi pass gaps left upside in USDX could heavily influence cable in the opposite direction. (And in fact I wrote about this possibility multiple times in the last days)
Ubi maior minor cessat
  • #4,471
  • Sep 6, 2017 12:48pm Sep 6, 2017 12:48pm
In any case, as a major rule, when I do not understand what a market is actually doing or trying to do, I stay out of it. Let's see tomorrow. Best, L.
Ubi maior minor cessat
  • #4,472
  • Sep 7, 2017 2:14am Sep 7, 2017 2:14am
TAKE NOTE OF THE COMPLEX USDX SITUATION.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-09-07_9-08-31_USDX SITUATION.png Size: 36 KB
Ubi maior minor cessat
  • #4,473
  • Sep 7, 2017 2:32am Sep 7, 2017 2:32am
Quoting Lock
TAKE NOTE OF THE COMPLEX USDX SITUATION. {image}

Weak GB low just taken out in USDX. See previous chart.
Ubi maior minor cessat
  • #4,474
  • Sep 7, 2017 2:34am Sep 7, 2017 2:34am
As you remember 3018 is a weak GB low as a perfect tag of a Tokyo low during the same day (09.06)
Ubi maior minor cessat
  • #4,475
  • Sep 7, 2017 2:36am Sep 7, 2017 2:36am
But let's see first the price reaction below today Tokyo low at 30315. We need acceleration below it to reach 3018. If not..
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  • #4,476
  • Sep 7, 2017 2:55am Sep 7, 2017 2:55am
Quoting Lock
But let's see first the price reaction below today Tokyo low at 30315. We need acceleration below it to reach 3018. If not..
Note again that GB action bounced 1 single pip above today Tokyo low at 30315: who do you think is buying at such an exact level? So carry forword this information as we now have 2 back to back weak lows in the last 2 days. One at 30315 and an other one at 3018.
Ubi maior minor cessat
  • #4,477
  • Sep 7, 2017 3:14am Sep 7, 2017 3:14am
Again, 3050 is weak as it is a round number and at the same time is poor as 2 periods have there their highs: who is controlling this market?
Ubi maior minor cessat
  • #4,478
  • Sep 7, 2017 3:31am Sep 7, 2017 3:31am
Quoting Lock
Again, 3050 is weak as it is a round number and at the same time is poor as 2 periods have there their highs: who is controlling this market?
Obviously taken out.
Ubi maior minor cessat
  • #4,479
  • Sep 7, 2017 3:51am Sep 7, 2017 3:51am
Quoting Lock
Please, note the last liquidation reaching pit open price level at the pipette (3054), an other very exact reference, clearly a confirmation of a market ruled by weak hands. And, again, note price up and down our major ref 3064.
And here we are again at our major ref 3064.
Ubi maior minor cessat
  • #4,480
  • Sep 7, 2017 3:53am Sep 7, 2017 3:53am
For bearishness 1.30612 must not be breached on closing of the hour
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