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Lock's Cable Corner

  • #5,281
  • Oct 26, 2017 8:43am Oct 26, 2017 8:43am
Remember and carry forward the information market gave us yesterday: a weak pit high around 3270. So even if it will go downside in my opinion we could only see a liquidation. Meaning an action carried forward by weak hands.
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  • #5,282
  • Oct 26, 2017 8:47am Oct 26, 2017 8:47am
Quoting Lock
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...
32135-32242 is now a triple pass pit gap. And yesterday session is currently an island reversal. Carry forward this info if you will not see it filled today.
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  • #5,283
  • Oct 26, 2017 9:27am Oct 26, 2017 9:27am
Testing overnight low: any continuation downside required acceptation below it.
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  • #5,284
  • Oct 26, 2017 9:58am Oct 26, 2017 9:58am
Quoting Lock
Downside in case of liquidation the first obstacle is 31637.
So here we are: let's see the reaction if any.
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  • #5,285
  • Oct 26, 2017 9:59am Oct 26, 2017 9:59am
Quoting Lock
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...
Lower double pass pit gap almost filled.
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  • #5,286
  • Oct 26, 2017 10:28am Oct 26, 2017 10:28am
D inside period of C. Balance rules apply.
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  • #5,287
  • Oct 26, 2017 11:07am Oct 26, 2017 11:07am
Last 2 periods bounced at half back 3183. So we are in a very weak market. At the same time no acceptation has been obtained back inside overnight range. So a new test of 31637 is possible.
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  • #5,288
  • Oct 26, 2017 11:10am Oct 26, 2017 11:10am
Quoting Lock
Last 2 periods bounced at half back 3183. So we are in a very weak market. At the same time no acceptation has been obtained back inside overnight range. So a new test of 31637 is possible.
If the new test will succeed we could aim at 3133 comp poc. But watch out if you will see no continuation below 31637 because this could anticipate a full correction upside.
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  • #5,289
  • Oct 26, 2017 11:12am Oct 26, 2017 11:12am
Quoting Lock
Last 2 periods bounced at half back 3183. So we are in a very weak market. At the same time no acceptation has been obtained back inside overnight range. So a new test of 31637 is possible.
Here we are: let's see. Remember also the last remaining portion of the double pass pit gap left unfilled.
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  • #5,290
  • Oct 26, 2017 2:11pm Oct 26, 2017 2:11pm
Quoting Lock
{quote} If the new test will succeed we could aim at 3133 comp poc. But watch out if you will see no continuation below 31637 because this could anticipate a full correction upside.
Now I don't know if it could eventually reach 3133 comp poc. What I know is that this very weak action, started from a double top at half back (3183) is currently going short in the hole. Meaning that weak hands are selling below value while value could not move anymore today. So watch out.
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  • #5,291
  • Oct 27, 2017 1:41am Oct 27, 2017 1:41am
I expect the pull down to conitnue after a retracement (or without, but I am prepared for a retracement). Volumes are low, that is true, but on 1D it could drop to ~1.3040, and if it breaks next week, next month it could go down to ~1.2600, this is bearish scenario. At the moment I do not have a bullish scenario, for such one I will have to wait for more solid power.
  • #5,292
  • Oct 27, 2017 2:04am Oct 27, 2017 2:04am
Attempted breakdown below first GB inside week low 31025. In case of success we could have a substantial move downside. In case of failure a complete reversal to the opposite side of the weekly balance. Next visible target downside 30742. Upside composite poc 3133. Note the huge new GB gap downside for current Gb session. It will be very hard to retrace it in any cae considering such a magnitude.
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  • #5,293
  • Oct 27, 2017 2:12am Oct 27, 2017 2:12am
Quoting Lock
Attempted breakdown below first GB inside week low 31025. In case of success we could have a substantial move downside. In case of failure a complete reversal to the opposite side of the weekly balance. Next visible target downside 30742. Upside composite poc 3133. Note the huge new GB gap downside for current Gb session. It will be very hard to retrace it in any cae considering such a magnitude.
In case of failure the opposite side of weekly balance is 33652.
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  • #5,294
  • Oct 27, 2017 2:25am Oct 27, 2017 2:25am
Quoting Lock
Attempted breakdown below first GB inside week low 31025. In case of success we could have a substantial move downside. In case of failure a complete reversal to the opposite side of the weekly balance. Next visible target downside 30742. Upside composite poc 3133. Note the huge new GB gap downside for current Gb session. It will be very hard to retrace it in any cae considering such a magnitude.
Remember that 30742 (10.09 Tokyo low) is the absolute low of the first inside week. So it is the absolute low of the weekly balance. Acceptation below it is required for any continuation downside and as a confirmation of a successful breakout downside. If not watch out for a retracement to the opposite side of the weekly balance!
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  • #5,295
  • Oct 27, 2017 2:30am Oct 27, 2017 2:30am
In case of success of the attempted breakdown the next mid term levels to aim to are: 30269 (current mid term action downside temporary low), then 2928 (previous mid term bracket half back) and then, if during GB session, 2845 (upper monthly bracket GB low)

Note that these targets are far away from current location but you have to consider that in case of success we are speaking of a mid term breakout, consequently we have to aim at mid term levels.
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  • #5,296
  • Oct 27, 2017 2:34am Oct 27, 2017 2:34am
In case of failure, excluding the composite pocs, the steps upside should be 31637 (upper monthly bracket half back), 32674 (last mid term bracket high), then 33393 (current mid term move downside half back and almost exactly the top of the first inside week from which we are trying to break downside)
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  • #5,297
  • Oct 27, 2017 2:37am Oct 27, 2017 2:37am
Please take note of the levels underlined in the last 2 posts as they are mid term important references. Use them, if you like, for further evaluations and analysis.
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  • #5,298
  • Oct 27, 2017 2:50am Oct 27, 2017 2:50am
Quoting ravenbg
I expect the pull down to conitnue after a retracement (or without, but I am prepared for a retracement). Volumes are low, that is true, but on 1D it could drop to ~1.3040, and if it breaks next week, next month it could go down to ~1.2600, this is bearish scenario. At the moment I do not have a bullish scenario, for such one I will have to wait for more solid power.
Hi ravenbg,
if I may, I suggest to take the market a piece at a time: you have valid references to evaluate the success or failure of an attempted breakdown. So, if the break will succeed you know where it could go as a mid term breakdown, while at the opposite if it fails you know where it could retrace as a mid term retracement. Best, L.
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  • #5,299
  • Edited 3:47am Oct 27, 2017 3:04am | Edited 3:47am
Quoting hathor
Hi! In my opinion GBP weakness is coming in longer term view. GbpUsd target 1.27xxx; GbpJpy target under 135.xxx So my plan is "the higher I can sell - the better"...time will tell... Regards, h.
positive GDP news gave good short entry possibility on Wednesday and Thrusday night...which makes that top important from retail trader view: both Europe+America and both Asia+Australia retail traders were trapped imho...lets see what happens next.
f(z)=z2+c
  • #5,300
  • Oct 27, 2017 3:09am Oct 27, 2017 3:09am
Quoting Lock
{quote} Remember that 30742 (10.09 Tokyo low) is the absolute low of the first inside week. So it is the absolute low of the weekly balance. Acceptation below it is required for any continuation downside and as a confirmation of a successful breakout downside. If not watch out for a retracement to the opposite side of the weekly balance!
Tagged at the pip for now: let's see.
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