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Lock's Cable Corner

  • #4,941
  • Oct 4, 2017 2:32am Oct 4, 2017 2:32am
2017/10/04 WEDNESDAY 09:32+1GMT
EARLY MORNING REPORT

GB opened inside yesterday GB session range, meaning initial acceptation of yesterday GB values (32376-32875)

Note anyhow that GB immediately tested above 32674 (minor bracket top) and went back downside. Also note that yesterday Pit session didn't test the brexit low 32273 (only tested by preUS) and at the same time it established a poor low cluster at 3235, that remains extremely weak as a pit month low.

Furthermore we are before major speeches (this evening) and the closest safest place for traders is the lower composite poc 3206. So unless an exogenous event, the lower zone appears more probable than the upper one.
Ubi maior minor cessat
  • #4,942
  • Oct 4, 2017 2:37am Oct 4, 2017 2:37am
32492 is yesterday GB close and unchanged level (they curiously coincide): acceptation below it needed for any continuation downside.
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  • #4,943
  • Oct 4, 2017 2:42am Oct 4, 2017 2:42am
Quoting Lock
32492 is yesterday GB close and unchanged level (they curiously coincide): acceptation below it needed for any continuation downside.
Price rejected below it once. Remember that we are in balance and that yesterday GB range of prices is initially accepted, meaning that price fluctuation along those values is absolutely normal.
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  • #4,944
  • Oct 4, 2017 3:06am Oct 4, 2017 3:06am
Quoting Lock
{quote} Price rejected below it once. Remember that we are in balance and that yesterday GB range of prices is initially accepted, meaning that price fluctuation along those values is absolutely normal.
Rejected a second time. Very very weak and dangerous environment. Note the B and C periods' highs both at half back.
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  • #4,945
  • Oct 4, 2017 3:28am Oct 4, 2017 3:28am
C inside B period: possible break. Balance rules apply
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  • #4,946
  • Oct 4, 2017 3:50am Oct 4, 2017 3:50am
Quoting Lock
2017/10/04 WEDNESDAY 09:32+1GMT EARLY MORNING REPORT GB opened inside yesterday GB session range, meaning initial acceptation of yesterday GB values (32376-32875) ....
It tested Tokyo high 32825 and failed once. Note that 32875 is yesterday weak high (it is weak as it is a tag of the previous GB session unchanged level) but it was not able to reach it. So for now price is still balancing inside yesterday GB range as expected.

Anyway acceptation above Tokyo is needed for any possible attempt upside. As it is needed acceptation above 32674 our main level here.
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  • #4,947
  • Oct 4, 2017 5:04am Oct 4, 2017 5:04am
Quoting Lock
{quote} It tested Tokyo high 32825 and failed once. Note that 32875 is yesterday weak high (it is weak as it is a tag of the previous GB session unchanged level) but it was not able to reach it. So for now price is still balancing inside yesterday GB range as expected. Anyway acceptation above Tokyo is needed for any possible attempt upside. As it is needed acceptation above 32674 our main level here.

We got it. And we are in balance. G inside F inside E: so potentially we could have a break from here. In any case if it will fail, balance rules apply again.
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  • #4,948
  • Oct 4, 2017 5:31am Oct 4, 2017 5:31am
It is attempting above. Monitor carefully for continuation, specially above Tokyo high and yes GB high (if reached). I'll be off for a while. Have a nice continuation. Best, L.
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  • #4,949
  • Oct 4, 2017 8:00am Oct 4, 2017 8:00am
Quoting Lock
It is attempting above. Monitor carefully for continuation, specially above Tokyo high and yes GB high (if reached). I'll be off for a while. Have a nice continuation. Best, L.
So it reached yesterday GB high 32875 and, considering the participants (clearly weak hands), they opted to come back into the balance. Generally weak hands have a responsive behavior. Note that yesterday GB high was already weak. So now it is weaker than before as it as been tagged again.

Now we are into preUS session and considering the upcoming speeches I do not think we will have bigger timeframes involved. See you later.
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  • #4,950
  • Oct 4, 2017 8:33am Oct 4, 2017 8:33am
Pit session opened exactly at yesterday pit session high 3265. Above we got a double pass pit gap from 32962 to 33435. While downside we have yesterday pit poor low 3235 and then the brexit low 32273 and the major composite poc 3206. Acceptation above or below current level 32674, the absolute high* of the previous minor bracket, could be relevant in order to determine a possible direction.

Remember that the pit high of the last minor bracket is instead around 3250.
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  • #4,951
  • Oct 4, 2017 9:50am Oct 4, 2017 9:50am
Quoting Lock
{quote} So it reached yesterday GB high 32875 and, considering the participants (clearly weak hands), they opted to come back into the balance. Generally weak hands have a responsive behavior. Note that yesterday GB high was already weak. So now it is weaker than before as it as been tagged again. Now we are into preUS session and considering the upcoming speeches I do not think we will have bigger timeframes involved. See you later.

Eventually taken out.
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  • #4,952
  • Oct 4, 2017 9:51am Oct 4, 2017 9:51am
It is the overnight high and if we will not have acceptation above it odds are in favor to a correction of overnight activity.
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  • #4,953
  • Oct 4, 2017 1:23pm Oct 4, 2017 1:23pm
Quoting Lock
It is the overnight high and if we will not have acceptation above it odds are in favor to a correction of overnight activity.
After the attempt above overnight high (GB high 3288) and the failure above it, as expected, we actually observed the correction of almost the entire upside activity occurred before pit session open. We are in fact at the bottom of GB session close to its low 32437 and only some pips above Tokyo low 32395

Now I do not know if it will be possible to continue lower, but in the case do not forget the yesterday pit session poor low cluster at 3235. And, eventually, always in case of acceptation below it, do not forget the major composite poc 3206.
Ubi maior minor cessat
  • #4,954
  • Oct 4, 2017 1:44pm Oct 4, 2017 1:44pm
Quoting Lock
{quote} After the attempt above overnight high (GB high 3288) and the failure above it, as expected, we actually observed the correction of almost the entire upside activity occurred before pit session open. We are in fact at the bottom of GB session close to its low 32437 and only some pips above Tokyo low 32395 Now I do not know if it will be possible to continue lower, but in the case do not forget the yesterday pit session poor low cluster at 3235. And, eventually, always in case of acceptation below it, do not forget the major composite poc...
Hi Lock if your money was on it call long or short ? Regards E
  • #4,955
  • Oct 4, 2017 1:53pm Oct 4, 2017 1:53pm
Quoting elbert3
{quote} Hi Lock if your money was on it call long or short ? Regards E
Hi Elbert,
this is a liquidation of overnight activity, for now. It could also morph into something more but for now it is old business and not new money selling in my opinion. So I'm not so secure it could continue lower from here. Also we are before a speech so volatility could be expected in the next periods. Consequently I will scale out my shorts as soon as we will go below overnight. Then in case of acceleration below it I could add some more after. If something exogenous will lead the market upside I think I'll be out for today, so no money in anymore.
Best, L.
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  • #4,956
  • Oct 4, 2017 5:00pm Oct 4, 2017 5:00pm
Quoting Lock
{quote} After the attempt above overnight high (GB high 3288) and the failure above it, as expected, we actually observed the correction of almost the entire upside activity occurred before pit session open. We are in fact at the bottom of GB session close to its low 32437 and only some pips above Tokyo low 32395
Quoting Lock
Now I do not know if it will be possible to continue lower, but in the case do not forget the yesterday pit session poor low cluster at 3235. And, eventually, always in case of acceptation below it, do not forget the major composite poc 3206.
Tagged...
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  • #4,957
  • Oct 5, 2017 12:59am Oct 5, 2017 12:59am
Quoting Lock
Pit session opened exactly at yesterday pit session high 3265. Above we got a double pass pit gap from 32962 to 33435. While downside we have yesterday pit poor low 3235 and then the brexit low 32273 and the major composite poc 3206. Acceptation above or below current level 32674, the absolute high* of the previous minor bracket, could be relevant in order to determine a possible direction. Remember that the pit high of the last minor bracket is instead around 3250.

It looks like the brexit low 32273 worked as mild support for weak Tokyo participants. But I suggest to note that we got 2 back to back pit session poor low at 3244 and 3235 that, in my opinion, will be solved by upcoming pit session. Meaning that, I think that both of them will be above price action after 15:30+1GMT.

If not, and one has always to have more than one single scenario, those poor lows will be a very important info to carry forward.

I think 3206 i now very possible. But let's see market response at GB open
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  • #4,958
  • Oct 5, 2017 1:42am Oct 5, 2017 1:42am
Less than 30 minutes to GB open. I suggest to monitor for a possible new gap downside in relation to yesterday GB session low at 32435.In the case we have to see if this new gap will be preserved or not.

If preserved clearly the odds are for a continuation downside or at least for some form of balance around major composite poc 3206.

If instead it will be retraced quickly and if we will have acceptation back inside yesterday GB session range, than the odds will be in favor of a complete retracement of GB balance up to 3288 level.
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  • #4,959
  • Oct 5, 2017 2:08am Oct 5, 2017 2:08am
So GB opened with a gap from yes GB low at 32435 and here we are close to the major composite poc 3206.
Now we could stay here for some time balancing or we could continue in the efforts downside in order to test 31637 our main level there (major bracket half back)
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  • #4,960
  • Oct 5, 2017 2:10am Oct 5, 2017 2:10am
Very very elongated A period.
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