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Lock's Cable Corner

  • #4,521
  • Sep 12, 2017 1:48am Sep 12, 2017 1:48am
Quoting Lock
{quote} Price went through our 31637 and continue higher. It will remain one of our most important ref for today. We are building a big new pit gap upside. Next major composite poc 3223. Top of the minor bracket, as said before, is 32674. Very elongated profile for GB session. {image}

And here we are eventually at the top of the minor bracket. Note that the entire move originated from a bounce this morning at 31637..

Also note that the last 2 days (starting with Friday preUS session) have been spent to retrace more than 50% of the Friday GB too elongated profile.
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  • #4,522
  • Sep 12, 2017 1:53am Sep 12, 2017 1:53am
Very elongated D period. We have things to do upside maybe up to 3338 zone but we could have inventories too long. So watch out for corrections.
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  • #4,523
  • Sep 12, 2017 1:57am Sep 12, 2017 1:57am
GB highest close for 2017 is at 3235. June 2016 GB close is at 3240. We need acceptation above both of them for any meaningful continuation upside.

Next major composite poc 3298.
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  • #4,524
  • Sep 12, 2017 2:37am Sep 12, 2017 2:37am
Fascinating analysis, Lock... Studying your work.
TULKAS
  • #4,525
  • Sep 12, 2017 3:51am Sep 12, 2017 3:51am
Quoting Tulkas
Fascinating analysis, Lock... Studying your work.

Thanks Tulkas, you're welcome.
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  • #4,526
  • Sep 12, 2017 3:58am Sep 12, 2017 3:58am
Quoting Lock
GB highest close for 2017 is at 3235. June 2016 GB close is at 3240. We need acceptation above both of them for any meaningful continuation upside. Next major composite poc 3298.

Above 3298 we have an old GB gap downside (from 08/09/2016) at 3328-33385. The top of it is a Tokyo poor high followed by a Sydney poor high just a couple of pips above it. And this is the reason to consider 3338 zone as a possible target. At the same time we are above the highest 2017 high for pit session at 3250: consequently a retest of it after 15:30+1GMT is obviously possible.

Also, if we reach 3298 next upper composite poc we will need volume to evade it.
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  • #4,527
  • Sep 12, 2017 4:01am Sep 12, 2017 4:01am
There is also a bigger problem, regarding the USDX situation that, as underlined in the last days, presents huge GB anomalies left upside during the last break downside. And this clearly could influence cable.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-09-12_13-05-59_USDX.png Size: 34 KB
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  • #4,528
  • Sep 12, 2017 6:10am Sep 12, 2017 6:10am
Quoting Lock
{quote} Above 3298 we have an old GB gap downside (from 08/09/2016) at 3328-33385. The top of it is a Tokyo poor high followed by a Sydney poor high just a couple of pips above it. And this is the reason to consider 3338 zone as a possible target. At the same time we are above the highest 2017 high for pit session at 3250: consequently a retest of it after 15:30+1GMT is obviously possible. Also, if we reach 3298 next upper composite poc we will need volume to evade it.
As you see, as expected, preUS is retesting highest pit high for 2017 (3250). I suppose pit US will test it also for its own.
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  • #4,529
  • Sep 12, 2017 6:13am Sep 12, 2017 6:13am
Note that we are building a new substantial gap upside for upcoming pit session (yesterday pit high is in fact at 32025). So if this gap will be real at pit open and if it will not be retraced swiftly, we could continue higher. If instead the new possible gap will be quickly filled and if we will not see acceptation above 3250 then we could have space for a substantial liquidation.
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  • #4,530
  • Sep 12, 2017 6:18am Sep 12, 2017 6:18am
Hi
Lock, I have sell from 1.3010 and still open. Can you guide me close or wait?


Thankx
  • #4,531
  • Sep 12, 2017 6:34am Sep 12, 2017 6:34am
Quoting praful_patat
Hi Lock, I have sell from 1.3010 and still open. Can you guide me close or wait? Thankx

I do not give advise to buy or sell. This is not the purpose of this thread. Also I do not know what kind of trader you are: the answer to your question could be totally different , for instance, if you are a long tern or mid term trader or instead if you are a day trader. What I can say is that I, as a day trader, never stay in a losing position for so long nor in terms of pips nor in term of time.
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  • #4,532
  • Sep 12, 2017 6:39am Sep 12, 2017 6:39am
The structure downside is not good at all. Plus, as written multiple time USDX situation could lead cable to liquidate. But We are also in a short and mid term trend upside as we are in a one time frame action upside in the last 4 weeks and in the last 6 days. So one could short, if he find the right condition, but with the understanding that he's shorting against a trend.
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  • #4,533
  • Sep 12, 2017 6:40am Sep 12, 2017 6:40am
Quoting Lock
{quote} As you see, as expected, preUS is retesting highest pit high for 2017 (3250). I suppose pit US will test it also for its own.
As you see pit session is testing 3250 too. Monitor carefully for acceptation below it or not.
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  • #4,534
  • Sep 12, 2017 6:46am Sep 12, 2017 6:46am
Carry forward an info that could be of some importance: we got a 1 single pip double gap at 3216. So if you will see acceptation below 3250 we have an other good reason to liquidate. But it is only a piece of information.
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  • #4,535
  • Sep 12, 2017 6:54am Sep 12, 2017 6:54am
Quoting Lock
{quote} As you see pit session is testing 3250 too. Monitor carefully for acceptation below it or not.
For now it has been rejected once below it. Plus we still have a substantial gap upside.
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  • #4,536
  • Sep 12, 2017 7:19am Sep 12, 2017 7:19am
Quoting Lock
Note that we are building a new substantial gap upside for upcoming pit session (yesterday pit high is in fact at 32025). So if this gap will be real at pit open and if it will not be retraced swiftly, we could continue higher. If instead the new possible gap will be quickly filled and if we will not see acceptation above 3250 then we could have space for a substantial liquidation.
After the failed test below 3250, the old pit gap from 09.12.16 has been filled. Note the rally upside after the non acceptation below 3250.
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  • #4,537
  • Sep 12, 2017 7:32am Sep 12, 2017 7:32am
whoooa any idea where the big drop came from?
  • #4,538
  • Sep 12, 2017 7:33am Sep 12, 2017 7:33am
Well... very unexpected liquidation. No idea whatsoever about this.
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  • #4,539
  • Sep 12, 2017 7:36am Sep 12, 2017 7:36am
I mean a liquidation was obviously possible as written before but I do not understand why at that level. Maybe as a consequence of the filling of the old gap. Now we still have the possibility to get acceptation below 3250, so again, monitor for it. If the volatility will continue I'll be off.
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  • #4,540
  • Sep 12, 2017 7:37am Sep 12, 2017 7:37am
Also remember that the gap from yesterday pit high is still in place.
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