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Lock's Cable Corner

  • #5,401
  • Nov 7, 2017 12:25am Nov 7, 2017 12:25am
During past week I underlined the attempted, repeated tests of the low of the previous weekly balance. Now, if these tests could be considered completed and failed, then the natural direction should be the opposite side of the balance, meaning the top of the first inside week around 33393.

The problem is that I'm not sure at all about the failure downside as I saw a full lack of excess coming upside.. One method to evaluate this possible failure could be the acceptation or rejection above 31637, as written numerous time. But this acceptation or rejection has to be performed by stronger hands than those actually taking part to the market. Otherwise I think we will not be able to have any confirmation at all about those bigger participant's intentions.
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  • #5,402
  • Nov 7, 2017 12:45am Nov 7, 2017 12:45am
Quoting Lock
{quote} 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...
It's possible.
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  • #5,403
  • Nov 7, 2017 12:48am Nov 7, 2017 12:48am
Quoting Lock
{quote} It's possible.
If not, all the way back upside to Tokyo poor high 31775. So monitor carefully current liquidation.
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  • #5,404
  • Nov 7, 2017 3:52am Nov 7, 2017 3:52am
Quoting Lock
{quote} 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...
Quoting Lock
{quote} It's possible.
So after some hours less than 2 pips left of the 4 pass GB gap. Note that this is occurring close to the composite poc 3133
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  • #5,405
  • Nov 7, 2017 4:17am Nov 7, 2017 4:17am
Quoting Lock
{quote} {quote} So after some hours less than 2 pips left of the 4 pass GB gap. Note that this is occurring close to the composite poc 3133
Eventually filled.
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  • #5,406
  • Nov 7, 2017 4:26am Nov 7, 2017 4:26am
Now major weaknesses are upside but still we have two pit poor low left downside (mentioned this morning in the first post). So maybe the better solution is to wait for pit open and see the pit reaction (and participation) also considering the upcoming speech.
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  • #5,407
  • Nov 7, 2017 10:27am Nov 7, 2017 10:27am
Quoting Lock
Now major weaknesses are upside but still we have two pit poor low left downside (mentioned this morning in the first post). So maybe the better solution is to wait for pit open and see the pit reaction (and participation) also considering the upcoming speech.
The 2 poor lows remained unsolved. As unsolved are Tokyo poor high and yesterday pit poor high. We only saw short covering during current session. Weak hands only as expected.
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  • #5,408
  • Nov 7, 2017 11:32am Nov 7, 2017 11:32am
In case of acceleration upside (in the vent of acceptation above 31637) remember the 5 pass pit gap left upside at 3215-3224 zone. On the path it should remove the current 2 back to back poor highs.

In case of no acceptation above 31637, the lower targets are 3100 and 30425 both pit poor lows.
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  • #5,409
  • Nov 8, 2017 12:48am Nov 8, 2017 12:48am
Impressive cluster of weaknesses left around 3175, just above our main level 31637. We got there 3172 pit poor high, 3175 pit poor high overlapping Tokyo poor high 3175, then Sydney poor high 31757 and eventually 31775 Tokyo poor high. At the same time note current GB low tagging exactly yesterday GB session low 31243. Then downside we still have 2 pit poor lows at 3100 and 30425 with a Tokyo poor low between them at 3058. An ultra weak environment.
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  • #5,410
  • Nov 8, 2017 2:26am Nov 8, 2017 2:26am
Quoting Lock
Impressive cluster of weaknesses left around 3175, just above our main level 31637. We got there 3172 pit poor high, 3175 pit poor high overlapping Tokyo poor high 3175, then Sydney poor high 31757 and eventually 31775 Tokyo poor high. At the same time note current GB low tagging exactly yesterday GB session low 31243. Then downside we still have 2 pit poor lows at 3100 and 30425 with a Tokyo poor low between them at 3058. An ultra weak environment.
GB weak low taken out: now for any meaningful continuation downside we need to see acceptation below it (31243) if not all the way back upside to the weaknesses left around 3175.
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  • #5,411
  • Nov 8, 2017 7:49am Nov 8, 2017 7:49am
Quoting Lock
Impressive cluster of weaknesses left around 3175, just above our main level 31637. We got there 3172 pit poor high, 3175 pit poor high overlapping Tokyo poor high 3175, then Sydney poor high 31757 and eventually 31775 Tokyo poor high. At the same time note current GB low tagging exactly yesterday GB session low 31243. Then downside we still have 2 pit poor lows at 3100 and 30425 with a Tokyo poor low between them at 3058. An ultra weak environment.
We removed Monday pit poor low (3100 also round number) but have you noticed that yesterday pit session was an inside one? Because it is. Consequently what you are watching now is an attempted break down from balance: so monitor for acceptation or rejection below Monday pit low 3100 and below yesterday pit low 31085.

In case of failure downside the natural target is the opposite side of the balance meaning 3175.

In case of acceptation downside instead we could aim at pit poor low 30425.

Note also that we have a small pit gap from yesterday pit low 31085 and this is important as a gap is a form of excess and it could substitute the lack of excess upside where as written we have 2 back to back poor highs. So the preservation of this gap could be important in order to continue lower. If not..
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  • #5,412
  • Nov 8, 2017 8:45am Nov 8, 2017 8:45am
Quoting Lock
{quote} We removed Monday pit poor low (3100 also round number) but have you noticed that yesterday pit session was an inside one? Because it is. Consequently what you are watching now is an attempted break down from balance: so monitor for acceptation or rejection below Monday pit low 3100 and below yesterday pit low 31085.
Quoting Lock
In case of failure downside the natural target is the opposite side of the balance meaning 3175. In case of acceptation downside instead we could aim at pit poor low 30425. Note also that we have a small pit gap from yesterday pit low 31085 and this is important as a gap is a form of excess and it could substitute the lack of excess upside where as written we have 2 back to back poor highs. So the preservation of this gap could be important in order to continue lower. If not..
New little pit gap filled: now for any continuation upside acceptation back inside yesterday pit range (above 31085) is needed, if not watch out as the game could also be to only fill the gap and continue lower.
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  • #5,413
  • Nov 9, 2017 12:04am Nov 9, 2017 12:04am
Have a look at the early posts from yesterday to see that the cluster of poor highs at 3175 is still intact. We are close to composite poc 3133 anyway so watch for acceptation or rejection above yes GB poor high 31455 for continuation upside. If not remember that we left downside a substantial amount of weaknesses too. Starting with tonight Tokyo poor low 3105.
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  • #5,414
  • Nov 9, 2017 1:13am Nov 9, 2017 1:13am
3113 is the base of yesterday Gb spike down. So it could offer some support. Acceptation needed below it for any meaningful continuation downside. If not comp poc 3133.
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  • #5,415
  • Nov 9, 2017 1:14am Nov 9, 2017 1:14am
Quoting Lock
Have a look at the early posts from yesterday to see that the cluster of poor highs at 3175 is still intact. We are close to composite poc 3133 anyway so watch for acceptation or rejection above yes GB poor high 31455 for continuation upside. If not remember that we left downside a substantial amount of weaknesses too. Starting with tonight Tokyo poor low 3105.
Note that this action occurred exactly after a failure above yes Gb high 31455: the importance of market generated information.

Tokyo poor low 3105 taken out. Now for continuation downside acceptation below it is needed. If not, watch out for full correction upside back to 3175 zone.
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  • #5,416
  • Nov 9, 2017 1:30am Nov 9, 2017 1:30am
Quoting Lock
3113 is the base of yesterday Gb spike down. So it could offer some support. Acceptation needed below it for any meaningful continuation downside. If not comp poc 3133.
Also we need acceptation below yes Gb close level 31075. (for any continuation downside) So monitor these levels carefully as they could give us a clear indication of following possible development.
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  • #5,417
  • Nov 9, 2017 5:12am Nov 9, 2017 5:12am
PreUS opened inside yesterday pit session range and just below its poor high 31215 that it tagged just after open. So now this high is poor and weak at the same time.
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  • #5,418
  • Nov 9, 2017 5:14am Nov 9, 2017 5:14am
At the same time note that GB low (a poor one) tagged yesterday pt low at 30857 (just a pip below it): so it is too a weak and poor low.

The important thing here is to understand who is ruling this market in the past days and weeks: weak hands only.
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  • #5,419
  • Nov 9, 2017 5:19am Nov 9, 2017 5:19am
Now , for any intra day continuation upside acceptation above yesterday pit unch 31162 and above yes pit high 31215 is obviously needed. In that case and if composite poc will not trap price action at 3133, the weakness cluster of poor highs around 3175 is clearly possible. but always carrying forward the general information regarding the overall weakness of current market.

If we will not have such acceptation we could instead liquidate towards 30425 (pit poor low) or, even in case of acceptation but with price action trapped by comp poc 3133 we could experience an other day of "not directional" balance
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  • #5,420
  • Nov 9, 2017 8:03am Nov 9, 2017 8:03am
Quoting Lock
Now , for any intra day continuation upside acceptation above yesterday pit unch 31162 and above yes pit high 31215 is obviously needed. In that case and if composite poc will not trap price action at 3133, the weakness cluster of poor highs around 3175 is clearly possible. but always carrying forward the general information regarding the overall weakness of current market. If we will not have such acceptation we could instead liquidate...
So here we are: let's see the reaction of pit participants to yesterday unch and high levels.


Today weak low is still unsolved as unsolved is the cluster at 3175. So let's see if today we will see the correction of at least one of them. Or if we will remain in balance around 3133.
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