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Lock's Cable Corner

  • #5,461
  • Nov 14, 2017 10:01am Nov 14, 2017 10:01am
Quoting Lock
Note that 31863 is last Friday pit low and also the top of a triple pass pit gap. So in case of continuation above 31795 we could reach also this level.
31863 tagged at the pip. Sydney poor high 31795 removed.
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  • #5,462
  • Nov 14, 2017 10:04am Nov 14, 2017 10:04am
Quoting Tulkas
There are courses available on Steidlmeyer's Market Profile Trading. Do you consider this necessary to master this approach to trading forex?
Even though Steidlmeyer is substantially the "inventor" of the market profile theory and I read and studied his work, I followed Jim Dalton teachings in my personal learning path and I consider them the most important pieces of information I ever received in my career as a trader. And most of what I wrote here in this thread comes directly or indirectly from what I learned as a Dalton's student.
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  • #5,463
  • Nov 14, 2017 10:17am Nov 14, 2017 10:17am
Quoting Lock
{quote} 31863 tagged at the pip. Sydney poor high 31795 removed.
You are great Lock, whats next observation.
  • #5,464
  • Nov 14, 2017 10:25am Nov 14, 2017 10:25am
Quoting haathmilao
{quote} You are great Lock, whats next observation.

That current high is again poor. And also weak as it is a perfect tag of Friday pit low.

And that now we are in between 2 major composite pocs: 3133 and 3204, so watch out as both of them could attract price action, considering the weakness of current market.
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  • #5,465
  • Nov 14, 2017 10:28am Nov 14, 2017 10:28am
PS: dollar index broke downside balance with a new gap downside as resistance and could reach 9350 composite poc. This could influence cable in the opposite direction.
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  • #5,466
  • Nov 15, 2017 1:56am Nov 15, 2017 1:56am
Quoting Lock
{quote} That current high is again poor. And also weak as it is a perfect tag of Friday pit low. And that now we are in between 2 major composite pocs: 3133 and 3204, so watch out as both of them could attract price action, considering the weakness of current market.
Are you surprised? As I'm not: market reached 3204 composite poc, was not able to stay above it and here we are at the lower composite poc 3133. The importance of market generated information. Note that in this process yesterday poor high as been revisited as expected.
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  • #5,467
  • Edited 5:25am Nov 15, 2017 5:00am | Edited 5:25am
17/11/15 WEDNESDAY 14:00+1GMT (edit 14:24)
WEEKLY REPORT

Now, before news and speeches let's recap current situation.

For weeks we only have seen weak hands traders involved in any session any day: no sign at all of bigger participants.
We are in a monthly balance and as written numerous times before only testing one or both of last inside moth extremes we could see something significant, eventually leading bigger timeframes to step in the market in a responsive or active way.

GB inside month extremes: 30512-33652. Regarding this note that GB inside month low has been already tested once while the absolute low (3027) has been not.(absolute inside month extremes: 3027-3402)

Also note that Pit inside month (untested at both extremes) is 30273-3327

At a daily level we left downside 2 back to back GB poor lows (current 31335 and 30613) but separated by a double pass gap (31212-31295), and below them we also have a Tokyo poor low at 3058 and 2 pit poor lows at 30425 and far below at 2982.

Upside we still should correct yesterday pit poor high 31865 as only a pit session could correct it and for now only GB went above it.

Furthermore we are balancing up and down mid term level 61637 and as written yesterday we are still between 2 major composite pocs: 3133 and 3204

MONTHLY CHART
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-11-15_14-18-43_INSIDE MONTH.png Size: 59 KB
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  • #5,468
  • Nov 15, 2017 5:29am Nov 15, 2017 5:29am
Quoting Lock
PS: dollar index broke downside balance with a new gap downside as resistance and could reach 9350 composite poc. This could influence cable in the opposite direction.
Btw note USDX reached 9351, just some pips above composite poc 9350.
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  • #5,469
  • Nov 15, 2017 5:38am Nov 15, 2017 5:38am
Quoting Lock
{quote} Btw note USDX reached 9351, just some pips above composite poc 9350.
I mean: the important info here is that overnight is building a substantial new pit gap downside. If confirmed at pit open we could have continuation downside or at least balance. And this could influence cable, obviously.
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  • #5,470
  • Nov 15, 2017 5:47am Nov 15, 2017 5:47am
Quoting Lock
17/11/15 WEDNESDAY 14:00+1GMT (edit 14:24) WEEKLY REPORT .... Upside we still should correct yesterday pit poor high 31865 as only a pit session could correct it and for now only GB went above it. Furthermore we are balancing up and down mid term level 61637 and as written yesterday we are still between 2 major composite pocs: 3133 and 3204 MONTHLY CHART {image}
Yes pit poor high 31865 tagged by preUS:very weak now.
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  • #5,471
  • Nov 15, 2017 5:48am Nov 15, 2017 5:48am
Quoting Lock
{quote} Btw note USDX reached 9351, just some pips above composite poc 9350.
Reached and surpassed
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  • #5,472
  • Nov 15, 2017 5:49am Nov 15, 2017 5:49am
Thanks, Lock. Spot on with levels over night. I am looking into Dalton today. Any guidance you could provide would be greatly appreciated. There might even be a Brunello in it for you...!
TULKAS
  • #5,473
  • Nov 15, 2017 5:54am Nov 15, 2017 5:54am
3157 yesterday pit pull back low: monitor for acceptation or rejection below it. If rejection (or not reached) we could continue higher. If accepted below it, watch out as it could be a daily sign of weakness (I mean, we could liquidate)
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  • #5,474
  • Nov 15, 2017 5:55am Nov 15, 2017 5:55am
Quoting Tulkas
Thanks, Lock. Spot on with levels over night. I am looking into Dalton today. Any guidance you could provide would be greatly appreciated. There might even be a Brunello in it for you...!
You're welcome.
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  • #5,475
  • Nov 15, 2017 6:02am Nov 15, 2017 6:02am
Quoting Lock
3157 yesterday pit pull back low: monitor for acceptation or rejection below it. If rejection (or not reached) we could continue higher. If accepted below it, watch out as it could be a daily sign of weakness (I mean, we could liquidate)
Tagged and rejected once almost at the pip: weak hands participants here. But could be important on a daily base. Let's see.
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  • #5,476
  • Nov 15, 2017 6:06am Nov 15, 2017 6:06am
Quoting Lock
{quote} Tagged and rejected once almost at the pip: weak hands participants here. But could be important on a daily base. Let's see.
Tagged again: now poor low. And Gb has a poor low too. Watch out.
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  • #5,477
  • Nov 15, 2017 6:09am Nov 15, 2017 6:09am
But remember: you want to see acceptation below it for any continuation downside, if not, forget the poor lows and watch out for a rally!
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  • #5,478
  • Nov 15, 2017 6:48am Nov 15, 2017 6:48am
Pit session tagging it again
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  • #5,479
  • Nov 15, 2017 7:32am Nov 15, 2017 7:32am
For now we got no acceptation below 3157 yesterday pit session pull back low level. And now we have an inside period from which we could have a break: balance rules apply. We also see price action removing preUS poor low.
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  • #5,480
  • Nov 15, 2017 8:00am Nov 15, 2017 8:00am
Break failed upside and here we are at the opposite side of the inside period. Back again to 3157. Very weak session. Let's see if it will be able to evade this mess or if it will remain in balance here for a while.
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