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Lock's Cable Corner

  • #5,381
  • Nov 2, 2017 7:08am Nov 2, 2017 7:08am
Quoting Lock
An important note. Last month (October) is an inside one. Its range is inside September range. So we are in a monthly balance: balance rules apply. October absolute extremes are 30269-3402. Any attempt above or below these levels has to be considered an attempted break.
Hi Lock, Do you feel breakup on anyside now? I think it will bounce upside now?
  • #5,382
  • Nov 2, 2017 7:08am Nov 2, 2017 7:08am
Quoting Lock
{quote} And Here we are to Tokyo poor low 31917 too. Gb profile very elongated downside, numerous anomalies left upside. Watch out for correction.
Note that before the huge news liquidation the entire GB session action downside has been corrected.
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  • #5,383
  • Nov 2, 2017 7:10am Nov 2, 2017 7:10am
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.
Lets see.

Quoting Lock
Please, if you are interested in my analysis and if you consider them useful , support my work subscribing me. It is also a way for me to understand how many traders are following this thread. Thank you.
I subscribe to your thread Lock, cause your levels and view of market are valid for me.

Trade well,
h.
f(z)=z2+c
  • #5,384
  • Nov 2, 2017 7:16am Nov 2, 2017 7:16am
Quoting Lock
{quote} Note that before the huge news liquidation the entire GB session action downside has been corrected.
Such a move is not leaded by strong hands or long timeframes: this is not the way the act: they do not butcher a market like that. This does not mean the liquidation could not continue any lower but it means, in my opinion, that it is old business and not new money selling. Obviously it could morph into something more but let's see the pit reaction before any further comment on it.
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  • #5,385
  • Nov 2, 2017 7:19am Nov 2, 2017 7:19am
Quoting hathor
{quote} Lets see. {quote} I subscribe to your thread Lock, cause your levels and view of market are valid for me. Trade well, h.
Thank you very much for your subscription and appreciations. Best, L.
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  • #5,386
  • Nov 2, 2017 7:21am Nov 2, 2017 7:21am
Period A of PreUS session is extraordinary elongated. I think a correction is needed again. Also note that the 4 pass pit gap left upside in this condition will become a 5 pass one at pit open: this is extremely rare. So in the case carry forward this information.
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  • #5,387
  • Nov 2, 2017 7:38am Nov 2, 2017 7:38am
Now, considering the possible new gap downside at pit session open a continuation downside is not impossible at least for a while. In this case pit poor low 3079 is on the road. But remember that for now we are watching a liquidation of weak hands buyers.
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  • #5,388
  • Nov 2, 2017 9:13am Nov 2, 2017 9:13am
Pit session opened with a huge gap downside and immediately started to cover some. Visible levels upside (if the liquidation will not continue any lower) are comp poc 3134, triple pass pit gap 3136-3146 and 31637 major level (upper monthly bracket half back)

If instead the liquidation will continue without correction read previous post. Note that in case of full retracement of preUS liquidation we have the 5 pass pit gap at 32145-32242 to solve. but this could happen only in case of acceptation above 31637.
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  • #5,389
  • Nov 2, 2017 9:15am Nov 2, 2017 9:15am
Quoting Lock
.......Note that in case of full retracement of preUS liquidation we have the 5 pass pit gap at 32145-32242 to solve. but this could happen only in case of acceptation above 31637.
Note that in case of failure above 31637 a test of October absolute low is possible. See comment below made previously.

Quoting Lock
An important note. Last month (October) is an inside one. Its range is inside September range. So we are in a monthly balance: balance rules apply. October absolute extremes are 30269-3402. Any attempt above or below these levels has to be considered an attempted break.
Ubi maior minor cessat
  • #5,390
  • Nov 2, 2017 10:41am Nov 2, 2017 10:41am
Quoting Lock
Now, considering the possible new gap downside at pit session open a continuation downside is not impossible at least for a while. In this case pit poor low 3079 is on the road. But remember that for now we are watching a liquidation of weak hands buyers.
Got it. Now if no acceptation below it we could retrace to composite poc 3134 and other levels upside. In case of acceptation instead we could aim at a test of October low,
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  • #5,391
  • Nov 2, 2017 10:45am Nov 2, 2017 10:45am
And below October low there is an old Pit poor low at 2982. But I repeat it, we need acceptation below overnight low and below 3079.

30269 is the October low as written.
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  • #5,392
  • Nov 2, 2017 11:50am Nov 2, 2017 11:50am
We currently have a double distribution trend session: in order to continue any lower from here the two distributions should remain separate. If not odds are in favor to see the session close in balance or eventually cover some shorts.
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  • #5,393
  • Nov 3, 2017 3:22am Nov 3, 2017 3:22am
Quoting Lock
And below October low there is an old Pit poor low at 2982. But I repeat it, we need acceptation below overnight low and below 3079. 30269 is the October low as written.

A test of October inside month low 30269 is now almost sure, so watch out as it is the main level of the day, a mid term one. Acceptation or rejection below it could mean a very important action downside or upside respectively.

Note that GB session opened with a huge gap downside from yesterday GB low at 3194. It is very rare to see such a huge gap retraced during the same day it occurred. At the same time I suggest to carry forward the information regarding the ugly mess of multi pass gaps both of GB and Pit sessions left upside in this liquidation. It could be significant in case of failure of the attempting monthly break downside.

Note also that Tokyo was in bank holiday tonight, so all its action downside has been particularly weak hands driven: carry forward this info if something will go wrong downside (or in case of shake out during news).

In case of correction of weak overnight action Tokyo poor high is at 3077.
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  • #5,394
  • Nov 3, 2017 3:40am Nov 3, 2017 3:40am
3059 is yes GB close level. Monitor for acceptation or rejection above it.
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  • #5,395
  • Nov 3, 2017 3:48am Nov 3, 2017 3:48am
Quoting Lock
{quote} A test of October inside month low 30269 is now almost sure, so watch out as it is the main level of the day, a mid term one. Acceptation or rejection below it could mean a very important action downside or upside respectively. Note that GB session opened with a huge gap downside from yesterday GB low at 3194. .....
Yesterday GB low is at 31953, sorry for the little mistake. I note this as 3194 is actually 27.10 GB high and from 3194 to 31953 we have an other very small double pass GB gap.
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  • #5,396
  • Nov 3, 2017 4:35am Nov 3, 2017 4:35am
Note that 30296 is the absolute low of the inside month (October) but 30512 is the GB low for the same month (only considering GB sessions).
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  • #5,397
  • Nov 3, 2017 4:36am Nov 3, 2017 4:36am
Quoting Lock
{quote}.... Note also that Tokyo was in bank holiday tonight, so all its action downside has been particularly weak hands driven: carry forward this info if something will go wrong downside (or in case of shake out during news). In case of correction of weak overnight action Tokyo poor high is at 3077.

So shakeout during news and Tokyo weak action downside almost entirely covered. 2 pips below its poor high 3077.
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  • #5,398
  • Nov 3, 2017 5:32am Nov 3, 2017 5:32am
Last period was an inside one: balance rules apply here. Note that we got acceptation above yes GB close and above GB monthly low. But still remember that we also have a huge GB gap downside working for now as resistance.

  1. If we will not see acceptation back above Tokyo poor high 3077, odds will be still in favor for a continuation downside.
  2. If instead we will see acceptation back above overnight high (Tokyo high 3077) then the situation could become more serious and the correction could be more important upside.

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  • #5,399
  • Nov 6, 2017 10:58am Nov 6, 2017 10:58am
Quoting Lock
Last period was an inside one: balance rules apply here. Note that we got acceptation above yes GB close and above GB monthly low. But still remember that we also have a huge GB gap downside working for now as resistance. If we will not see acceptation back above Tokyo poor high 3077, odds will be still in favor for a continuation downside. If instead we will see acceptation back above overnight high (Tokyo high 3077) then the situation could become more serious and the correction could be more important upside.
Hi Lock,
Where are you, what about this market behavior.
  • #5,400
  • Nov 7, 2017 2:15am Nov 7, 2017 2:15am
Quoting haathmilao
{quote} Hi Lock, Where are you, what about this market behavior.
Very interesting question.

Current market looks like totally abandoned by bigger participants: the amount of weaknesses left everywhere, upside and downside, is impressive.. Example: currently GB opened with a new gap upside and doing so it left downside at 31267-31405 a 4 pass GB gap. Furthermore this is happening inside a previous gap downside. An other example: current monthly pit low is a poor low at 30425 and yesterday pit low was poor too at 3100 (also round number).
And I can continue: tonight Tokyo high is a poor one at 31775. And yesterday pit high is poor at 3175.
And all this happened in the last couple of days, but I could continue listing a full amount of weaknesses left upside and downside in the last weeks.

So it is a complete mess ruled and leaded by weak hands only. In my opinion is a very indecisive market where bigger participants are waiting to take decision and weak hands are using daily tactics to operate without having any conviction at all in any direction.

Now the most important level in this zone is clearly 31637. And as a mid term level I think weak hands will tend to consider it a lot both coming from below or coming from above.
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