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Lock's Cable Corner

  • #4,901
  • Oct 2, 2017 8:35am Oct 2, 2017 8:35am
Quoting Lock
Retesting 32674
Serious struggle here as you see.

But it tested it too many times.
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  • #4,902
  • Oct 2, 2017 9:01am Oct 2, 2017 9:01am
E inside period of D. It could eventually break from here. If it will fail in one direction next natural target will be the opposite side of the balance.
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  • #4,903
  • Oct 2, 2017 9:42am Oct 2, 2017 9:42am
Note D period high at half back 3276. And carry forward this info if something will go wrong downside as it looks like this action could end in a short in the hole environment. Meaning price continuing lower below a session poc that could not move anymore.
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  • #4,904
  • Oct 2, 2017 9:56am Oct 2, 2017 9:56am
Quoting Lock
Note D period high at half back 3276. And carry forward this info if something will go wrong downside as it looks like this action could end in a short in the hole environment. Meaning price continuing lower below a session poc that could not move anymore.
And here we are.
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  • #4,905
  • Oct 2, 2017 9:57am Oct 2, 2017 9:57am
Now those who were selling there (weak hands) could be forced to esc or revert their positions. If they will ad more, instead, this level will be more and more weak.
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  • #4,906
  • Oct 2, 2017 10:50am Oct 2, 2017 10:50am
Quoting Lock
Now those who were selling there (weak hands) could be forced to esc or revert their positions. If they will ad more, instead, this level will be more and more weak.

Now they have been taken out. But currently we have a very prominent poc for pit session (7 letters wide), so even it cannot move anymore downside at the same time it cannot move any more upside (the poc). It could consequently close in balance. So I'm off, have a nice continuation. Best, L.
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  • #4,907
  • Oct 2, 2017 7:17pm Oct 2, 2017 7:17pm
I was writing yesterday, almost 19 hours ago:

Quoting Lock
In the case of a succeeding break downside the next visible interesting level is 32674 (previous minor bracket high). Then we have the brexit low 32273 and the next lower composite poc at 3206. The break in order to succeed during upcoming GB session required acceptation below Friday GB low 33525 and Thursday GB low 343422. If not all the way back to composite poc 3397 first and then eventually to the opposite side of the GB balance 34227(Friday GB high)-34243* 26(Thursday...
So it managed to reach our first significant level 32674 where it started to balance during pit session and then 11 hours ago I added:

Quoting Lock
The new gap downside is still in place. Even if we do not have acceptance below 32674 the short term trend remains downside. So for now I see more odds for balance or continuation downside*. *continuation only in the case of acceptance below 32674
Quoting Lock
{quote} I'm speaking about current pit session. After it we will see and evaluate the developed outcome.
The importance of having a broader perspective of what is going on in a market even if you actually operate only as a day trader is very appreciable in this last passage. Without the notion of an undergoing short trend downside, a balance at 32674 could have had any outcome. And btw it actually could, but the odds were in favor of a continuation in the direction of the trend.

At the same time at a minor level the pit session developed in a way that did not allow, in my opinion, any further continuation, nor above nor below as its poc was too wide to move anymore in any direction. And in fact the pit session closed in balance.

Afterwards however, as the short trend remained downside, and we got good reasons to continue lower (a possible test of the brexit low 32273 and the attraction of the major composite poc 3206), Tokyo session broke downside below pit session balance and went directly to the next of our major level (the brexit low 32273)

And now we have to evaluate if an acceptation below this level is possible or not. If so, as written yesterday, the next level is the composite poc 3206. If not, as I always mentioned in the last posts, we have a huge amount of weaknesses left upside to correct.

Note that an other important aspect of this approach consists in trying to take and consider a market a chunk at a time, piece after piece. Always having multiple possible scenarios to operate and follow depending upon the outcome of the last piece of information provided by the market.
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  • #4,908
  • Oct 2, 2017 11:44pm Oct 2, 2017 11:44pm
2017/10/03 TUESDAY 08:44+1GMT
EARLY MORNING REPORT

As we are less than 30 min before GB open, note that currently price is below yesterday GB session low 32833, meaning that a new possible gap is forming downside. If this will be the case at GB open, we could have different scenarios:

  1. the preservation of the new gap, and a consequent continuation downside in order to actually test at least the brexit low at 32273 and eventually to reach the major composite poc 3206.
  2. the preservation of the new gap, but remaining in balance clustered by 32674, lower minor bracket high.
  3. The rapid filling of the new gap with possible acceptation back inside of yesterday GB session range (meaning above 32823)


Now, while the first 2 scenarios are consistent with the current direction of the short term trend. The last one is a clear reversal of it. So in order to work it will require more volume and participation.

In any case the main levels of this price zone are: 3206, 32273, 32674 and 33144. Below the composite poc, in case of serious continuation we also have the poor low 31595 (Pit session) and just above it, the major bracket half back 31673.
For GB session note also that yesterday GB close is at 32656: acceptation above it for continuation upside needed as acceptation below it for continuation downside required.

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  • #4,909
  • Oct 3, 2017 12:01am Oct 3, 2017 12:01am
Both DXY and cable opened with a gap, obviously in the opposite direction. The GB gap is very little.
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  • #4,910
  • Oct 3, 2017 12:12am Oct 3, 2017 12:12am
Quoting Lock
Both DXY and cable opened with a gap, obviously in the opposite direction. The GB gap is very little.

New little GB gap easily and quickly filled. Now for any continuation upside we need acceptation back inside yes GB range (above 32823) and above yes GB close(32656).
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  • #4,911
  • Oct 3, 2017 12:18am Oct 3, 2017 12:18am
Quoting Lock
{quote} New little GB gap easily and quickly filled. Now for any continuation upside we need acceptation back inside yes GB range (above 32823) and above yes GB close(32656).
Note GB low exactly at yes GB close level 32656. As GB high exactly at yes GB unchanged level 3287: who do you think is ruling current market? And this is the first important info we got today.
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  • #4,912
  • Oct 3, 2017 12:41am Oct 3, 2017 12:41am
Quoting Lock
Both DXY and cable opened with a gap, obviously in the opposite direction. The GB gap is very little.
DXY gap filled too.
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  • #4,913
  • Oct 3, 2017 12:44am Oct 3, 2017 12:44am
Quoting Lock
{quote} Note GB low exactly at yes GB close level 32656. As GB high exactly at yes GB unchanged level 3287: who do you think is ruling current market? And this is the first important info we got today.
Retesting yes GB close and 32674 (almost equal values)
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  • #4,914
  • Oct 3, 2017 12:55am Oct 3, 2017 12:55am
B inside period A, poor and weak low at yes close. And weak high at yes unch.
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  • #4,915
  • Oct 3, 2017 1:05am Oct 3, 2017 1:05am
Yes GB spike base at 32935: just in case.
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  • #4,916
  • Oct 3, 2017 1:06am Oct 3, 2017 1:06am
It made 3 attempts to come back inside yes GB range (above 32833) and always failed for now.
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  • #4,917
  • Oct 3, 2017 1:09am Oct 3, 2017 1:09am
Quoting Lock
{quote} Note GB low exactly at yes GB close level 32656. As GB high exactly at yes GB unchanged level 3287: who do you think is ruling current market? And this is the first important info we got today.
It is a totally weak environment, so watch out for shake out as those who are involved now will oppose no resistance or support to even slightly major timeframes eventually entering the market after news.
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  • #4,918
  • Oct 3, 2017 1:17am Oct 3, 2017 1:17am
Quoting Lock
B inside period A, poor and weak low at yes close. And weak high at yes unch.
C inside B inside A.

Balance rules: go with the break (if any) in whatever direction and monitor for continuation. In case of failure next natural direction opposite side of balance.
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  • #4,919
  • Oct 3, 2017 1:37am Oct 3, 2017 1:37am
Quoting Lock
{quote} C inside B inside A. Balance rules: go with the break (if any) in whatever direction and monitor for continuation. In case of failure next natural direction opposite side of balance.

Now for a succesful break we want to see acceptation below GB close level 32656. If not, all the way back to the opposite side of the balance from which it broke. In case of success we could aim initially to 32273. Then, in case of acceptation below this level, we could reach composite poc 3206.

In case of failure instead we first have to reach the opposite side of the balance and then find eventually acceptation back inside yes GB range (above 32833): but note that in this eventuality the short covering will occur going against current short term trend downside.
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  • #4,920
  • Oct 3, 2017 2:20am Oct 3, 2017 2:20am
32445 poor low.
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