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Lock's Cable Corner

  • #5,581
  • Nov 27, 2017 6:11am Nov 27, 2017 6:11am
Quoting Lock
{quote} Hi stevox, GB inside month high 33652.
Quoting Lock
{quote} Obviously 33393 is an other mid term level to take into consideration as it is the half back of the last mid term move downside.
These are still the main levels to observe today. Specially 33652 if reached. There (above it) we could find serious GB mid term operators (sellers or buyers). So watch out. If you remember it is the top of the GB inside month. So any attempt above it by GB participants could be considered an attempted GB break out above monthly balance.
Ubi maior minor cessat
  • #5,582
  • Nov 27, 2017 6:17am Nov 27, 2017 6:17am
Having said that I'm much aware of the fact that current action upside has been leaded by extraordinary weak hands for days, leaving downside a huge amount of weaknesses. Regarding GB ones: look at a triple pass GB gap left at 32785-32803

So remember that in such conditions a liquidation, in order to remove weak participants from the market is always possible in any moment in time, even without the help of major levels.
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  • #5,583
  • Nov 27, 2017 6:37am Nov 27, 2017 6:37am
Now, we are in the last GB period before preUS open. Note that about pit US weaknesses left downside we have 2 back to back 1 single pit gaps (or less than 1 pip) at 33615-3362 and 33223-33233. These are very suspect. Pls we have a huge amount of poor lows. Just to name the last: 32233 (2 at the same level 11.20 and 11.21 pit session's lows), then 31907 and so on...

So, as you know for pit US participants the main levels are, again, 3339, but 3327 as inside month high. SO as for GB session, the situation is the same. A potential attempted break above monthly balance to verify. But also the possibility of a liquidation in any moment in time, considering the presence of very weak hands involved in this action upside.
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  • #5,584
  • Nov 27, 2017 6:40am Nov 27, 2017 6:40am
In case of liquidation, major composite poc is at 3191. An other one, smaller, is at 3252. These ones could attract price if something will go wrong upside.
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  • #5,585
  • Nov 27, 2017 6:58am Nov 27, 2017 6:58am
Quoting Lock
{quote} {quote} These are still the main levels to observe today. Specially 33652 if reached. There (above it) we could find serious GB mid term operators (sellers or buyers). So watch out. If you remember it is the top of the GB inside month. So any attempt above it by GB participants could be considered an attempted GB break out above monthly balance.
So here we are: monitor carefully the situation here.
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  • #5,586
  • Nov 27, 2017 6:59am Nov 27, 2017 6:59am
If this attempted monthly break will work we could see important continuation upside. First visible levels are 34023 and 34295.
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  • #5,587
  • Nov 27, 2017 7:01am Nov 27, 2017 7:01am
3397 next visible composite control point upside. (if the break will work, obviously)
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  • #5,588
  • Nov 27, 2017 8:24am Nov 27, 2017 8:24am
Less than 10 minutes to pit open and we are above Friday pit high 3360, meaning that we are gapping higher. If so, and if this new pit gap will not be retraced soon (down to 3360 and with acceptation below it), odds are in favor to a continuation upside.
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  • #5,589
  • Nov 27, 2017 8:26am Nov 27, 2017 8:26am
3327, inside pit month high, is clearly the main level of this zone as written previously, during upcoming pit session. Currently price is attempting a breakout above monthly balance. And the breakeven level is in fact 3327. (for pit participants)
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  • #5,590
  • Nov 27, 2017 8:53am Nov 27, 2017 8:53am
Quoting Lock
Less than 10 minutes to pit open and we are above Friday pit high 3360, meaning that we are gapping higher. If so, and if this new pit gap will not be retraced soon (down to 3360 and with acceptation below it), odds are in favor to a continuation upside.
New gap immediately filled at open, now testing Friday pit high 3360: acceptation needed below it for any meaningful continuation downside. If not it could have been only a game, in which case we could retrace upside from here.
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  • #5,591
  • Nov 27, 2017 8:59am Nov 27, 2017 8:59am
If instead we will see acceptation below it (3360) then we could experience a substantial liquidation aiming at 33615-3362 and 33223-33233. And following pit weaknesses like poor lows 32233 (2 at the same level 11.20 and 11.21 pit session's lows), then 31907 and so on...
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  • #5,592
  • Nov 27, 2017 9:01am Nov 27, 2017 9:01am
First m30 pit period closed exactly at 3360 Friday pit high.
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  • #5,593
  • Nov 27, 2017 9:44am Nov 27, 2017 9:44am
Quoting Lock
3327, inside pit month high, is clearly the main level of this zone as written previously, during upcoming pit session. Currently price is attempting a breakout above monthly balance. And the breakeven level is in fact 3327. (for pit participants)
Breakeven level 3327, watch out
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  • #5,594
  • Nov 27, 2017 9:47am Nov 27, 2017 9:47am
So this means it is a high chance it will bounce back up?
  • #5,595
  • Nov 27, 2017 10:37am Nov 27, 2017 10:37am
Quoting surfac
So this means it is a high chance it will bounce back up?

For now it did it. But last m30 period is an inside one. Balance rules apply. If the break from m30 period will be upside we could have a confirmation of the failure below monthly balance high 3327. If instead price will fail above D period high we could see a new test of 3327.
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  • #5,596
  • Nov 27, 2017 10:40am Nov 27, 2017 10:40am
Also note that we are around 33393, the other most important level in this zone: confirmation or rejection above it could be an other good indicator about the possible failure below 3327.
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  • #5,597
  • Nov 27, 2017 11:04am Nov 27, 2017 11:04am
Quoting Lock
{quote} For now it did it. But last m30 period is an inside one. Balance rules apply. If the break from m30 period will be upside we could have a confirmation of the failure below monthly balance high 3327. If instead price will fail above D period high we could see a new test of 3327.
Here it is.
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  • #5,598
  • Nov 28, 2017 7:03am Nov 28, 2017 7:03am
Quoting Lock
Having said that I'm much aware of the fact that current action upside has been leaded by extraordinary weak hands for days, leaving downside a huge amount of weaknesses. Regarding GB ones: look at a triple pass GB gap left at 32785-32803 So remember that in such conditions a liquidation, in order to remove weak participants from the market is always possible in any moment in time, even without the help of major levels.
Triple pass GB gap 32785-32803 filled. Price is below GB upper extreme of inside GB month (33652) and also below upper extreme of pit inside month (3327). Yesterday both GB and Pit tested their respective inside month's highs and both failed to obtain acceptation above them.

So current action downside could be interpreted in two different ways: a liquidation in order to remove weak buyers participants before to retest the months' highs or a more serious responsive mid term action downside after a definitive failure above monthly balance.

If it is only a liquidation to remove weak participants then we could see a failure at last minor bracket high 32674 (if reached). If instead it is something more serious we could obtain acceptation below this level and continue lower towards the lower many weaknesses.

In this second case you want to see current building pit gap downside preserved (from yesterday pit low 33152) and not quickly retraced at pit open.
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  • #5,599
  • Nov 28, 2017 7:29am Nov 28, 2017 7:29am
About current environment my opinion is that if price at pit open (15:30+1GMT) will be around here, the 2 back to back pit gaps at 33615-3362 and 33223-33233 could not survive. And then, eventually, this could lead the current action to major composite poc 3191.
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  • #5,600
  • Nov 28, 2017 8:28am Nov 28, 2017 8:28am
3281 is pit October close, while 3277 is GB October close: we need price acceptation below these 2 values fr any serious continuation downside. If not, watch out for correction upside.
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