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Lock's Cable Corner

  • #5,501
  • Nov 20, 2017 6:28am Nov 20, 2017 6:28am
And this is what happened this morning. GB tested October GB close level 3277 and failed once, also failed to fill entirely the double pass GB gap up to 32803. And this is suspect:

Quoting Lock
In case of acceptation above 31905 and consequently in case of continuation above weekly balance we could aim at 32803 (the top of a previous GB double pass gap) Note that inside this multi pass gap we have October GB close level (3277): so if eventually reached note that for any more serious continuation upside we will need acceptation above it.
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  • #5,502
  • Nov 20, 2017 6:36am Nov 20, 2017 6:36am
Lock should we expect 1.32273 to work as support now?
  • #5,503
  • Nov 20, 2017 6:46am Nov 20, 2017 6:46am
Quoting haathmilao
Lock should we expect 1.32273 to work as support now?
Price is currently above a double pass pit gap: so if we remain around here untill pit open we will have a triple pass pit gap and this could attract price action. Now, because brexit low is just around the base of this multi pass pit gap, yes I think it could work as support. Mainly for this reason. I mean, if pit will go down to fill this gap we could see it bounce just after the filling: it's a possibility. But always consider that all what we have downside is weak. And it's plenty of weak levels to correct starting with tonight Tokyo poor low.
So let's see the behavior of pit participants at pit session open to better evaluate the situation.
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  • #5,504
  • Nov 20, 2017 6:53am Nov 20, 2017 6:53am
32205 is Friday GB close: all what occurred this morning happened above it. For any serious action downside a first step will be acceptation below it. In this case remember that we are above composite poc 3191: if price action will remain weak we could see it attract price in balance.
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  • #5,505
  • Nov 20, 2017 6:55am Nov 20, 2017 6:55am
Now we removed GB poor low. While we still have a GB poor high (32785). And preUS is going to open in a few minutes.
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  • #5,506
  • Nov 20, 2017 8:45am Nov 20, 2017 8:45am
Quoting Lock
{quote} Price is currently above a double pass pit gap: so if we remain around here untill pit open we will have a triple pass pit gap and this could attract price action. Now, because brexit low is just around the base of this multi pass pit gap, yes I think it could work as support. Mainly for this reason. I mean, if pit will go down to fill this gap we could see it bounce just after the filling: it's a possibility. But always consider that all what we have downside is weak. And it's plenty of weak levels to...
So pit opened just above the now triple pass pit gap and started filling it. Now let's see if it will be able to complete this task and if brexit low 32273 could work as support, or not.
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  • #5,507
  • Nov 20, 2017 9:01am Nov 20, 2017 9:01am
Very weak high followed by GB poor high. Odds are in favor to a continuation upside right now. Note also that brexit low has not been even tested. And we have a new gap upside. Anyway monitor for continuation as written many times with such a structure downside everything is possible.
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  • #5,508
  • Nov 20, 2017 9:11am Nov 20, 2017 9:11am
Quoting Lock
Very weak high followed by GB poor high. Odds are in favor to a continuation upside right now. Note also that brexit low has not been even tested. And we have a new gap upside. Anyway monitor for continuation as written many times with such a structure downside everything is possible.
Specially considering the new upcoming speech. A shake out is still a possibility. Watch out as this market is very weak. Note how many times price went up and down open price. A clear sign of indecision.
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  • #5,509
  • Nov 20, 2017 9:12am Nov 20, 2017 9:12am
Quoting Lock
Very weak high followed by GB poor high. Odds are in favor to a continuation upside right now. Note also that brexit low has not been even tested. And we have a new gap upside. Anyway monitor for continuation as written many times with such a structure downside everything is possible.
Its better to stay out in current situation, until any confirmation.
  • #5,510
  • Nov 20, 2017 9:18am Nov 20, 2017 9:18am
A nuance: note the last 3 pit session profiles. They are very weak sessions made of a very small range and all with very prominent pocs. Furthermore 2 of them have poor lows. So in case of liquidation we could experience a fire cracker effect. The only substantial support is given by the brexit low level and the new pit gap upside. But this new gap, as written is also a triple pass one. So I do not know. We could go up, taking out the GB poor high and then retrace. Or we could liquidate waiting for a correction of the GB poor high later.

At the same time note that the values of the last pit sessions are all higher one each other. And we have 5 sessions in a raw in one timeframing action upside. So we are in a short term trend upside.

Very conflicting information here.
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  • #5,511
  • Nov 20, 2017 9:22am Nov 20, 2017 9:22am
Quoting haathmilao
{quote} Its better to stay out in current situation, until any confirmation.
Personally I'm long, but you're probably right. If I'm wrong with my decision my stops are in the pit gap, so I'll have a small loss.
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  • #5,512
  • Nov 20, 2017 9:34am Nov 20, 2017 9:34am
Quoting Lock
{quote} Personally I'm long, but you're probably right. If I'm wrong with my decision my stops are in the pit gap, so I'll have a small loss.
Great, Ofcourse you have better strategy. I got some good profits buying this pair today. Currently just watching and checking my patience.
  • #5,513
  • Nov 20, 2017 10:00am Nov 20, 2017 10:00am
32674 previous bracket high
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  • #5,514
  • Nov 20, 2017 10:01am Nov 20, 2017 10:01am
Quoting Lock
32674 previous bracket high
Almost tagged
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  • #5,515
  • Nov 20, 2017 10:04am Nov 20, 2017 10:04am
And an other poor high: now we have 2 back to back poor highs, GB and current Pit one.
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  • #5,516
  • Nov 20, 2017 10:13am Nov 20, 2017 10:13am
Note also that 3281 is pit close level for October. So any serious action upside need acceptation above this level, if reached.
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  • #5,517
  • Nov 20, 2017 10:28am Nov 20, 2017 10:28am
Period D is technically an inside one for now. Balance rules apply.
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  • #5,518
  • Nov 20, 2017 11:10am Nov 20, 2017 11:10am
Quoting Lock
Period D is technically an inside one for now. Balance rules apply.
From D period balance is attempting a break downside. Note, again, poor high and poor low.
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  • #5,519
  • Nov 20, 2017 11:15am Nov 20, 2017 11:15am
Triple pass gap almost filled. Brexit low 32273.
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  • #5,520
  • Nov 20, 2017 11:17am Nov 20, 2017 11:17am
Quoting Lock
Triple pass gap almost filled. Brexit low 32273.
Filled. Note anyhow that from Friday pit high we still have some pips of the new gap upside. And before that we have the brexit low 32273. So watch out because as written previously this could the place for a retracement. If not, next visible level is composite poc 3191.
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