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Lock's Cable Corner

  • #5,101
  • Oct 12, 2017 12:58am Oct 12, 2017 12:58am
2017/10/12 07:58+1GMT
EARLY MORNING REPORT

Quoting Lock
{quote} Re testing it and now poor high. But it's late.
Quoting Lock
3244 if it managed to stay above 32273 is possible. As it is the top of the old pit gap downside. Then if overnight will continue upside we could also have 3272. If not our composite poc 3207 is a valid place to return. Have a nice continuation. Best, L.
So actually it was too late for pit session to fill the old gap downside and in fact it closed down to 3222. But then overnight continued upside and went up just some pips below 3272 (that is still interesting in my opinion.

Note that price is far above yesterday GB session high 32107, for now, so a new possible GB gap is forming upwards. Note anyhow that we are currently above an old GB gap downside that at open could become a double pass one 3233-32437 and that could attract price after GB open.

Our main levels for today could be 32273 (brexit low), 32674 (minor bracket top) and 33144 (a significant old inside week top)

Main closest composite pocs are above 3397 and below 3206/7

Remember that for now we are in a mid term trend downside as we got 4 weeks in a row in one timeframing action downside. While at the opposite we are in daily short term trend upside as we got 4 days in a row in one time frame action upside.

Note that we left downside a very weak low around 3176 just above our upper monthly bracket half back 31637 then followed by a substantial amount of weaknesses down to 3074 level. (back to back Tokyo and Sydney lows)
Ubi maior minor cessat
  • #5,102
  • Oct 12, 2017 2:13am Oct 12, 2017 2:13am
Quoting Lock
2017/10/12 07:58+1GMT EARLY MORNING REPORT .... Note that price is far above yesterday GB session high 32107, for now, so a new possible GB gap is forming upwards. Note anyhow that we are currently above an old GB gap downside that at open could become a double pass one 3233-32437 and that could attract price after GB open. Our main levels for today could be 32273 (brexit low), 32674 (minor bracket top) and 33144 (a significant old inside week top) Main closest composite...

So GB actually opened above yesterday GB session high 32017 with a substantial gap upside and immediately started to fill the double pass GB gap 3233-32437. If it will complete this job then let's see the reaction after it. Considering that the new GB gap upside should and could work as support.

So if the new GB gap will resist, at least in part, odds are in favor to a continuation upside.

If not and if the entire new GB gap upside will be eventually filled, then our composite poc 3206 could seriously attract price again.
Ubi maior minor cessat
  • #5,103
  • Oct 12, 2017 2:59am Oct 12, 2017 2:59am
Quoting Lock
{quote} So GB actually opened above yesterday GB session high 32017 with a substantial gap upside and immediately started to fill the double pass GB gap 3233-32437. If it will complete this job then let's see the reaction after it. Considering that the new GB gap upside should and could work as support. So if the new GB gap will resist, at least in part, odds are in favor to a continuation upside. If not and if the entire new GB gap upside will be eventually filled, then our composite poc 3206 could seriously...
So it didn't complete to fill the double pass gap and left downside a poor low at 3236. (Carry forward this info) The new GB gap upside is actually working as support.

32645, overnight high (Tokyo high) is the real test to understand if any serious continuation upside is possible. We need acceptation above it for this.
Ubi maior minor cessat
  • #5,104
  • Oct 12, 2017 3:34am Oct 12, 2017 3:34am
Watch out: C period inside B period. It is a balance. Balance rules apply. Go with any breqak and monitor for continuation. In case of failure in one direction next natural direction opposite side of balance.
Ubi maior minor cessat
  • #5,105
  • Oct 12, 2017 3:56am Oct 12, 2017 3:56am
Quoting Lock
{quote} So it didn't complete to fill the double pass gap and left downside a poor low at 3236. (Carry forward this info) The new GB gap upside is actually working as support. 32645, overnight high (Tokyo high) is the real test to understand if any serious continuation upside is possible. We need acceptation above it for this.
So back to poor low, attempted break downside: monitor carefuly the reaction below the double pass gap.
Ubi maior minor cessat
  • #5,106
  • Oct 12, 2017 4:00am Oct 12, 2017 4:00am
32273 brexit low
Ubi maior minor cessat
  • #5,107
  • Oct 12, 2017 4:19am Oct 12, 2017 4:19am
Quoting Lock
32273 brexit low
For any serious continuation downside we must obtain acceptation below it. And, after that, if obtained, below overnight low (Sydney low) 31135. This must also include the complete filling of the new GB gap upside (from yesterday GB session high 32106). If not we could retrace back up to the opposite side of balance. (Top of current GB session)
Ubi maior minor cessat
  • #5,108
  • Oct 12, 2017 4:47am Oct 12, 2017 4:47am
Note the struggling here at brexit low 32273 as expected. We have a cluster poor low for now. Let'see below it. Acceleration or rejection?
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  • #5,109
  • Oct 12, 2017 4:53am Oct 12, 2017 4:53am
Quoting Lock
Note the struggling here at brexit low 32273 as expected. We have a cluster poor low for now. Let'see below it. Acceleration or rejection?
Most probably Acceleration
  • #5,110
  • Oct 12, 2017 6:13am Oct 12, 2017 6:13am
Quoting stevox
{quote} Most probably Acceleration
Definitely
Ubi maior minor cessat
  • #5,111
  • Oct 12, 2017 6:18am Oct 12, 2017 6:18am
The importance of always having multiple possible scenarios in mind...

Quoting Lock
2017/10/12 07:58+1GMT EARLY MORNING REPORT .... Note that we left downside a very weak low around 3176 just above our upper monthly bracket half back 31637 then followed by a substantial amount of weaknesses down to 3074 level. (back to back Tokyo and Sydney lows)
Now we are in the 31637 zone. To continue any lower (also considering the extreme elongation of current GB session) we need acceptation below it. In this case 31025 09/10 GB poor low and the very weak combined low of Monday (3074) is clearly possible.

Note that we are also in the attraction zone of composite poc 3137. So volume is needed to evade it if reached.
Ubi maior minor cessat
  • #5,112
  • Oct 12, 2017 6:32am Oct 12, 2017 6:32am
Very close to comp poc 3137 and acceptation back inside GB Monday session range obtained. Now, GB Monday session low is, as written, the poor low 31025. So it is possible but: watch out as GB session is extremely elongated.
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  • #5,113
  • Oct 12, 2017 6:37am Oct 12, 2017 6:37am
Note that we are leaving upside a double pass pit gap: carry forward this info at pit open.

GB DAILY SESSIONS CHART
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-10-12_13-32-48_daily GB session .png Size: 61 KB
Ubi maior minor cessat
  • #5,114
  • Oct 12, 2017 6:46am Oct 12, 2017 6:46am
Current situation for cable in a TPO chart
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-10-12_13-40-11_TPO current situation.png Size: 168 KB
Ubi maior minor cessat
  • #5,115
  • Oct 12, 2017 6:51am Oct 12, 2017 6:51am
Quoting Lock
Current situation for cable in a TPO chart {image}
In the chart you may read, as also already written in a previous post: "very elongated profile for current GB session". This info, far from being a warranty for immediate continuation, could instead underline emotion and "pile on" action by weak hands. So be careful about current environment because it surely got reasons to continue lower but those involved now could be surprised by stronger participants.

Btw I scaled out some of my short just before to reach comp poc 3137. I still preserved most of them as I see possible continuation but my stops are far far above current price action.
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  • #5,116
  • Oct 12, 2017 7:32am Oct 12, 2017 7:32am
Quoting Lock
.... Note that we are also in the attraction zone of composite poc 3137. So volume is needed to evade it if reached.
3137 working as expected as a pole of attraction.
Ubi maior minor cessat
  • #5,117
  • Oct 12, 2017 8:38am Oct 12, 2017 8:38am
So pit gap lower and the old double pass pit gap 31595-3175* (3175 is yesterday pit low) is now a triple one...

We are very close to the comp poc 3137 and we got a very elongated GB session profile (as a result of emotion and a bad structure downside in my opinion)

If the new gap downside will be preserved, at least in part, we could aim at lower targets (see previous posts). If instead it will be filled and acceptation found above yesterday pit low, we could see a total reverse of what we have seen this morning.

*note also that inside it we got our main level 31637.

The closest major composite poc that could attract price are 3206/7 above and 3137 below.
Ubi maior minor cessat
  • #5,118
  • Oct 12, 2017 8:48am Oct 12, 2017 8:48am
In case of gap reserved and continuation downside the next visible possible targets (already underlined in previous posts) are 31025 09/10 GB poor low and the very weak combined low of Monday (3074)
Ubi maior minor cessat
  • #5,119
  • Oct 12, 2017 9:20am Oct 12, 2017 9:20am
Quoting Lock
So pit gap lower and the old double pass pit gap 31595-3175* (3175 is yesterday pit low) is now a triple one... ............*note also that inside it we got our main level 31637. The closest major composite poc that could attract price are 3206/7 above and 3137 below.

And here we are.. Monitor for acceptation or rejection above 31637
Ubi maior minor cessat
  • #5,120
  • Oct 12, 2017 9:24am Oct 12, 2017 9:24am
Note the 2 back to back pit poor lows left downside at 3138 and 31263, this last one visited by preUS but not by pit US. So if you'll not see acceptation above triple pass gap, meaning back inside yesterday pit session range, and above 31637, be prepared for a reversal.
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