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Lock's Cable Corner

  • #5,421
  • Nov 9, 2017 10:30am Nov 9, 2017 10:30am
So eventually we took out yes pit poor high 31215 and we are now very close to comp poc 3133. Let's see if price could continue above it and reach 3175 zone or not. Monitor for acceptation above 31162 and 31215 as written previously.
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  • #5,422
  • Nov 10, 2017 9:28am Nov 10, 2017 9:28am
Hi Lock,
waiting for your comments about current flow.
  • #5,423
  • Nov 13, 2017 4:18am Nov 13, 2017 4:18am
Quoting haathmilao
Hi Lock, waiting for your comments about current flow.

Well, after having removed the cluster at 3175 it continued higher just above major composite poc 3204, tagging almost brexit low 32273 and then it started a very emotional liquidation that continued also during Monday overnight (Tokyo session) and the initial part of current GB session. I wrote "very emotional" as it looks to me too sharp and fast as a serious move downside and as it happened leaving upside new multiple consecutive weaknesses like Tokyo poor high at 31345 and Sydney weekly poor high at 31795. Plus, all this action occurred after a barely exact tagging of the brexit low 32273 level during Friday pit session.

In any case GB session opened this morning with a new gap downside from Friday GB low 31295. And currently we also have a GB poor low at 30615, just above an old Tokyo poor low at 3058 and not so far from the old pit session poor low of 30425.

So in my opinion we have multiple scenarios possible here:

  1. we remain in balance forced by the new gap downside resistance. (but also supported by the fact that the liquidation has been leaded by weak and emotional hands.)
  2. we continue lower, again, due to the new GB gap downside. (continuing with the very amotional and then risky liquidation)
  3. Or, we retrace quickly the new gap downside and eventually retrace the entire liquidation occurred from Friday pit session.


The last scenario should be quick in order to succeed.

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  • #5,424
  • Nov 13, 2017 4:30am Nov 13, 2017 4:30am
E inside period of D: monitor for possible break out from here. Balance rules apply.
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  • #5,425
  • Nov 13, 2017 5:43am Nov 13, 2017 5:43am
Please note that last GB week was an inside one, again. So last GB low at 30759 is a very important level as today GB session attempted below it once and for now failed. If the failure will be confirmed we could aim at the opposite side of last GB inside week 31905 (as it is a balance week so balance rules apply). In case of a new attempt downside and in case of success we could instead imagine a succesfull GB break downside aiming at a possible new test of last inside GBmonth low around 30512.
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  • #5,426
  • Nov 13, 2017 6:05am Nov 13, 2017 6:05am
Quoting Lock
{quote} Well, after having removed the cluster at 3175 it continued higher just above major composite poc 3204, tagging almost brexit low 32273 and then it started a very emotional liquidation that continued also during Monday overnight (Tokyo session) and the initial part of current GB session. I wrote "very emotional" as it looks to me too sharp and fast as a serious move downside and as it happened leaving upside new multiple consecutive weaknesses like Tokyo poor high at 31345 and Sydney weekly poor high at 31795. Plus, all this action occurred...
Hi Lock,
Do you still think last scenario could happen?
  • #5,427
  • Nov 13, 2017 6:13am Nov 13, 2017 6:13am
Quoting Lock
{quote} we remain in balance forced by the new gap downside resistance. (but also supported by the fact that the liquidation has been leaded by weak and emotional hands.)
I think this scenario is more reliable currently.
  • #5,428
  • Nov 13, 2017 7:05am Nov 13, 2017 7:05am
Quoting haathmilao
{quote} Hi Lock, Do you still think last scenario could happen?
GB closed almost in balance with a poor low and a poor high, but now the game could change as we are in preUS session and different participants will step in.

Note that, including current GB poor high, we have 3 back to back poor highs: GB, Tokyo and Sydney.
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  • #5,429
  • Nov 13, 2017 7:07am Nov 13, 2017 7:07am
Furthermore last inside pit month has not been tested nor above nor below its extremes (30273-3327): so, considering US participants carry forward this precious information. If something serious has to happen during current pit session, we will see it above or below last pit month extremes.
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  • #5,430
  • Nov 13, 2017 7:13am Nov 13, 2017 7:13am
In a minor scale upside we have, as written, the following poor highs: GB 3103, Tokyo 31345 and Sydney 3195.
While downside we got: GB 31613, Tokyo 3058, Pit 30425 (and far below pit 2982)

Higher closest composite pocs are at 3133 and 3204, while downside there are 2930 and 2924
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  • #5,431
  • Nov 13, 2017 7:16am Nov 13, 2017 7:16am
Note that right now, all overnight sessions participated to create a very big pit gap downside (from Friday 31865 pit session low). So unless something important will occur upside in the next 3 m30 periods, this gap will be a reality to take count of at pit open (resistance upside)
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  • #5,432
  • Nov 13, 2017 8:05am Nov 13, 2017 8:05am
Pre US poor high is almost coincident with GB poor high 3103: very weak level. Watch out.
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  • #5,433
  • Nov 13, 2017 9:04am Nov 13, 2017 9:04am
New big pit gap downside untouched: if it will remain like this, odds are in favor for a continuation downside even with such incredible weaknesses left upside. Or, it could correct some of them just to liquidate after that (if this gap will persist)
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  • #5,434
  • Nov 13, 2017 9:08am Nov 13, 2017 9:08am
Now is too much. It has to take them out.
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  • #5,435
  • Nov 13, 2017 9:10am Nov 13, 2017 9:10am
Quoting Lock
Now is too much. It has to take them out.

But watch out it will not be able to stay above them as the new gap downside is very big and it is rare to see something like that retraced the same day it happened. It could be a game. If not, then it has to retrace the entire gap also attracted by higher composite pocs.
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  • #5,436
  • Nov 13, 2017 9:21am Nov 13, 2017 9:21am
Quoting Lock
Pre US poor high is almost coincident with GB poor high 3103: very weak level. Watch out.
Quoting Lock
Now is too much. It has to take them out.
Eventually taken out: now let's see if it have the "force" to continue any higher or if it was only a game.
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  • #5,437
  • Nov 13, 2017 9:33am Nov 13, 2017 9:33am
Here we go
  • #5,438
  • Nov 13, 2017 9:34am Nov 13, 2017 9:34am
Quoting Lock
{quote} But watch out it will not be able to stay above them as the new gap downside is very big and it is rare to see something like that retraced the same day it happened. It could be a game. If not, then it has to retrace the entire gap also attracted by higher composite pocs.
First of them (3133) tagged. Now Tokyo poor high has to follow too. (31345)
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  • #5,439
  • Nov 13, 2017 10:01am Nov 13, 2017 10:01am
31345 is currently as weak as it was previous GB poor high already taken out. Gap downside anyway is still in place, resisting. I do not think such a level could resist on the long run but as current market is leaded by weak hands it is also possible that it could hold for a while.
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  • #5,440
  • Nov 13, 2017 10:31am Nov 13, 2017 10:31am
Last period is again inside one: balance rules apply. watch out for a new break.
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