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Lock's Cable Corner

  • #5,261
  • Oct 25, 2017 8:31am Oct 25, 2017 8:31am
So pit session opened with a notable new gap upside from yesterday pit session high 31592. Note that the last 2 pit gap downside become now double pass gaps.
Ubi maior minor cessat
  • #5,262
  • Oct 25, 2017 8:32am Oct 25, 2017 8:32am
Quoting Lock
So pit session opened with a notable new gap upside from yesterday pit session high 31592. Note that the last 2 pit gap downside become now double pass gaps.
I mean they could both attract price action so carry this info forward if you see no continuation upside. (those double pass pit gaps are at 31592-31755 and 32135-32245)
Ubi maior minor cessat
  • #5,263
  • Oct 25, 2017 8:48am Oct 25, 2017 8:48am
thanks lock
  • #5,264
  • Oct 25, 2017 9:02am Oct 25, 2017 9:02am
Brexit low tested and rejected once. (32273)
Ubi maior minor cessat
  • #5,265
  • Oct 25, 2017 9:13am Oct 25, 2017 9:13am
Quoting Lock
Brexit low tested and rejected once. (32273)
Rejected twice.
Ubi maior minor cessat
  • #5,266
  • Oct 25, 2017 10:08am Oct 25, 2017 10:08am
Quoting Lock
{quote} You mean 32674? It is the previous minor weekly bracket high. {image}
Back to 32674. New pit gap upside still in place. So odds are in favor for continuation upside or balance.
Ubi maior minor cessat
  • #5,267
  • Oct 25, 2017 11:10am Oct 25, 2017 11:10am
Last period technically was an inside one: balance rules apply.
Ubi maior minor cessat
  • #5,268
  • Oct 25, 2017 12:42pm Oct 25, 2017 12:42pm
3 hours of balance for now. A liquidation considering the lower structure is always possible. In any case I'm off. Best, L.

Current high as it is a tag of preUS high is clearly weak: so carry this information forward.
Ubi maior minor cessat
  • #5,269
  • Oct 26, 2017 4:04am Oct 26, 2017 4:04am
Quoting Lock
3 hours of balance for now. A liquidation considering the lower structure is always possible. In any case I'm off. Best, L. Current high as it is a tag of preUS high is clearly weak: so carry this information forward.
Wonderful......? Cable dropped
MRMALIK1
  • #5,270
  • Oct 26, 2017 4:42am Oct 26, 2017 4:42am
Quoting Lock
3 hours of balance for now. A liquidation considering the lower structure is always possible. In any case I'm off. Best, L. Current high as it is a tag of preUS high is clearly weak: so carry this information forward.
So actually overnight went above weak pit US high, insisted to balance above it and eventually started the liquidation then continued by GB session to the fairest place at which business has been conducted previously: meaning composite poc 3190. And, while doing so, it removed yesterday GB anomalies left downside while rallying.

I underlined of this occurrence numerous times yesterday:

Quoting Lock
{quote} 32273 weak level (triple Tokyo top) taken out. Now, watch out as we have a very elongated Gb profile leaving downside 3 consecutive separated anomalies. We need acceptation above 3223 for any immediate continuation upside (to 3274 preceded by 32674 previous minor bracket top). If not, composite poc 3190 is a fair place to retrace to, at least temporary.
Quoting Lock
{quote} So pre US opened and tagged 32674. Now let's see if some correction could occur before continuation (considering the extreme elongation of GB session profile). Also let's see at 15:30+1GMT the reaction of US participants to today GB rejection at the bottom of the weekly balance.
Quoting Lock
{quote} It's very possible but let's name the things with their names: with such a magnitude what we could have here is inventories become too long. Then correction of this inventories could easily happen with a liquidation. In the meanwhile the most notable thing to underline is that with such a move upside GB session paved the road for a new big pit gap upside that will be very difficult to fill at once even in case of strong resistance upside.
Quoting Lock
{quote} If it doesn't hold and if it will not liquidate to 3190 then 3274 Is next composite poc. Then we have a pit poor high at 32905. Then 33115 GB poor high and eventually a double pass pit gap 3327-3349. And inside this gap there is the half back of the last action downside (33393)
*

* about my last comment I must say that it actually continued upside to 3274 and then liquidated to 3190.
Ubi maior minor cessat
  • #5,271
  • Oct 26, 2017 5:36am Oct 26, 2017 5:36am
After the liquidation of too long inventories left unsolved yesterday, Gb started a short covering. Now in order to morph current short covering into something more upside, a prerequisite is the acceptation above brexit low 32273. If not, a coming back to composite poc 3190 is more than possible. If instead we will have this acceptation, a continuation to tonight Tokyo poor high 3279, as a first step, is possible.
Ubi maior minor cessat
  • #5,272
  • Oct 26, 2017 5:45am Oct 26, 2017 5:45am
lock could you tell me do you use any other charts for entries or just the profile.
  • #5,273
  • Oct 26, 2017 6:06am Oct 26, 2017 6:06am
Last period is an inside one: balance rules apply.
Ubi maior minor cessat
  • #5,274
  • Oct 26, 2017 6:10am Oct 26, 2017 6:10am
Quoting pquirst
lock could you tell me do you use any other charts for entries or just the profile.

I use a top down approach to take any decision. I start with monthly, then weekly and daily chart to understand the overall environment in which I play. I evaluate the presence of trends and balances in all these major timeframes. After that I go to the sessions profiles. There I consider all the major elements like current value in comparison to the previous one, the shape of the previous profiles, the weaknesses and the excesses left during previous actions and so on. So I generally use 3 charts for major timeframes, a dedicated chart to MP. Then I also have some additional charts where I use different profiles like full day, or PreUS+Pit US as a single profile. And Finally I have a chart with the cumulative profile of the past 10 years of market action, in order to track composite pocs and major valleys.

PS: I also have a daily chart dedicated to USDX in order to evaluate possible convergence or divergence in occurring activity.
Ubi maior minor cessat
  • #5,275
  • Oct 26, 2017 6:26am Oct 26, 2017 6:26am
thank you appreciate the knowledge
  • #5,276
  • Oct 26, 2017 7:13am Oct 26, 2017 7:13am
Quoting Lock
After the liquidation of too long inventories left unsolved yesterday, Gb started a short covering. Now in order to morph current short covering into something more upside, a prerequisite is the acceptation above brexit low 32273. If not, a coming back to composite poc 3190 is more than possible. If instead we will have this acceptation, a continuation to tonight Tokyo poor high 3279, as a first step, is possible.
So we got no acceptation above 32273 and as you see price went down again to composite poc 3190. As you see, if you take the market a piece at a time, it is doable.
Ubi maior minor cessat
  • #5,277
  • Oct 26, 2017 8:26am Oct 26, 2017 8:26am
Price is inside yesterday new pit gap upside. Below yesterday pit low 32242 (that was poor). And below the double pass pit gap 32135-32242 and above the double pass pit gap 31592-31755.

Note that pit session failed once below the last 2 pit weeks balance: so the natural direction is the opposite side of that balance 3227. This does not mean it has to go there for sure. It means that unless a new test downside (a successfull one, below last 2 pit weeks balance) odds are in favor to a continuation upside. But let's see market response.
Ubi maior minor cessat
  • #5,278
  • Oct 26, 2017 8:31am Oct 26, 2017 8:31am
So pit opened with a new gap downside. In order to go any higher we need to retrace it quickly. If not, plan 2 is to liquidate or remain in balance around 3190. At least for a while.
Ubi maior minor cessat
  • #5,279
  • Oct 26, 2017 8:35am Oct 26, 2017 8:35am
Downside in case of liquidation the first obstacle is 31637.
Ubi maior minor cessat
  • #5,280
  • Oct 26, 2017 8:40am Oct 26, 2017 8:40am
It's important to note that USDX gapped higher. SO this could lead cable in the opposite direction. Letting it to liquidate. But we need volume to evade 3190.
Ubi maior minor cessat
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