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Lock's Cable Corner

  • #5,841
  • Dec 19, 2017 12:26pm Dec 19, 2017 12:26pm
Four hours ago I wrote:

Quoting Lock
An important note: from 33392 to 3344 we have a double pass pit gap. But from 3344 to 33482 we also have a triple pass pit gap. Then from 33482 to 33763 (edit) yesterday pit low, again we have a double pass gap. So all the zone from 33392 to 33763 could be interesting for pit participants after pit open in less than 15 minutes.
Quoting Lock
Current pit multi gap situation. On a daily chart. {image}
As you see the entire zone from 33392 to 33763 has been interested by pit participants' action during current session.

This is a comparison between pit session at open and now (daily pit session chart):
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-12-19_19-19-22_pit gaps filled.png Size: 179 KB
Ubi maior minor cessat
  • #5,842
  • Dec 20, 2017 3:56am Dec 20, 2017 3:56am
Current high 3402 is extremely weak

Current low is weak too at 3377 as it is a perfect tag of overnight low (Tokyo low). Furthermore note last 2 m30 periods retracing both at half back 3390. And finally note the very narrow range of both Tokyo and GB sessions.
Ubi maior minor cessat
  • #5,843
  • Dec 20, 2017 4:17am Dec 20, 2017 4:17am
Weak high taken out. As you remember 3402 is inside month absolute high while 3409 is GB session spike downside base from 15.12 GB session. We need acceptation above both of them to continue any higher. If not remember 3377 weak low.
Ubi maior minor cessat
  • #5,844
  • Dec 20, 2017 4:19am Dec 20, 2017 4:19am
In case of continuation upside next visible level is 3460 GB spike base from 08.12.

Im case of failure instead we could see price coming into balance around composite poc 3397 and eventually removing weak low 3377 and testing GB inside month high 33652. So monitor carefully for acceptation above 3402 and 3409.
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  • #5,845
  • Dec 20, 2017 4:46am Dec 20, 2017 4:46am
Quoting Lock
In case of continuation upside next visible level is 3460 GB spike base from 08.12. In case of failure instead we could see price coming into balance around composite poc 3397 and eventually removing weak low 3377 and testing GB inside month high 33652. So monitor carefully for acceptation above 3402 and 3409.
No acceptation above 3409 and here we are at composite poc 3397 as expected in such case.
Ubi maior minor cessat
  • #5,846
  • Dec 20, 2017 4:48am Dec 20, 2017 4:48am
33955 weak hands buying any break at half back*: weak hands ruling.

*half back, the mid level of a session is clearly a dynamic level as it changes its position as the session changes its range. Weak hands and daily traders use to buy or sell at exact levels and this level particularly is one of the most used by them. Stronger hands have no idea of such levels nor they could care less of them. So if you see a market where moves start and finish at exact levels, specially as these ones, you know for sure who's ruling current market.

And knowing who is ruling a market is a fundamental information in order to decide when and if to place a position. As, knowing for instance that a particular action is leaded by weak hands could offer good opportunities when and if such a move will be retraced by stronger participants. Or, at the opposite, if you see that a market is only ruled by weak hands you could pile on them always knowing the risk involved in such an association.
Ubi maior minor cessat
  • #5,847
  • Dec 20, 2017 5:01am Dec 20, 2017 5:01am
Inside period: balance rules apply. Watch out.
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  • #5,848
  • Dec 20, 2017 5:51am Dec 20, 2017 5:51am
Quoting Lock
Inside period: balance rules apply. Watch out.
Attempting break below inside period balance.
Ubi maior minor cessat
  • #5,849
  • Dec 20, 2017 5:55am Dec 20, 2017 5:55am
Quoting Lock
In case of continuation upside next visible level is 3460 GB spike base from 08.12. In case of failure instead we could see price coming into balance around composite poc 3397 and eventually removing weak low 3377 and testing GB inside month high 33652. So monitor carefully for acceptation above 3402 and 3409.
So, after the expected balance around 3397 here we have an attempted break downside in the direction of 3377 and 33652. Anyway nobody can assure its success. In fact it could also fail, remaining around 3397 until preUS open and relative GB news or it could eventually retest 3402 and current GB high.
Ubi maior minor cessat
  • #5,850
  • Dec 20, 2017 7:09am Dec 20, 2017 7:09am
Quoting Lock
{quote} So, after the expected balance around 3397 here we have an attempted break downside in the direction of 3377 and 33652. Anyway nobody can assure its success. In fact it could also fail, remaining around 3397 until preUS open and relative GB news or it could eventually retest 3402 and current GB high.
Break downside from inside period failed and GB 3402 retested.

  1. Now preUS opened above yesterday pit session poor high 33895. Monitor for acceptation above it as it could be an early indicator for upcoming pit session possible new gap upside. In which case, unless it will be retraced quickly, we could experience the correction of the other pit poor highs at 34182, 3446 and 3484. Also monitor for acceptation above absolute inside month high 3402.
  2. In case of no acceptation above 33895 and 3402 watch out if price will receive acceptation below yesterday pit session pull back low 3375. In this case in fact we could see a correction downside towards 3303 previous pit poor low. Otherwise we could see price remain in balance around composite poc 3397.

Ubi maior minor cessat
  • #5,851
  • Dec 20, 2017 7:59am Dec 20, 2017 7:59am
Quoting Lock
{quote} Break downside from inside period failed and GB 3402 retested. Now preUS opened above yesterday pit session poor high 33895. Monitor for acceptation above it as it could be an early indicator for upcoming pit session possible new gap upside. In which case, unless it will be retraced quickly, we could experience the correction of the other pit poor highs at 34182, 3446 and 3484. Also monitor for acceptation above absolute inside month high 3402. In case of no acceptation above 33895 and 3402 watch out...
First pit poor high tagged. Note that for now price is above yesterday pit high 33895, so a possible new pit gap upside is building.
Ubi maior minor cessat
  • #5,852
  • Dec 20, 2017 8:08am Dec 20, 2017 8:08am
34182 is extraordinary weak right now.
Ubi maior minor cessat
  • #5,853
  • Dec 20, 2017 8:30am Dec 20, 2017 8:30am
Pit opened, these are the scenarios (mine but you could have different ones obviously):

Quoting Lock
{quote} .... Now preUS opened above yesterday pit session poor high 33895. Monitor for acceptation above it as it could be an early indicator for upcoming pit session possible new gap upside. In which case, unless it will be retraced quickly, we could experience the correction of the other pit poor highs at 34182, 3446 and 3484. Also monitor for acceptation above 3404.

Quoting Lock
In case of no acceptation above 33895 and 3402 watch out if price will receive acceptation below yesterday pit session pull back low 3375. In this case in fact we could see a correction downside towards 3303 previous pit poor low.
Quoting Lock
Otherwise we could see price remain in balance around composite poc 3397.
Ubi maior minor cessat
  • #5,854
  • Dec 20, 2017 8:33am Dec 20, 2017 8:33am
New pit gap upside from yesterday pit poor high 33895 (already corrected at open clearly). If this gap will resist and if we will have acceptation above 3402 we could continue higher. (first scenario)
Ubi maior minor cessat
  • #5,855
  • Dec 20, 2017 8:36am Dec 20, 2017 8:36am
If we will not find acceptation above 3402 and if the new pit gap upside will be filled quickly and if we will see price obtaining acceptation below 33895 (meaning inside yesterday pit session range) we could experience a liquidation towards 3303 old pit poor low. (second scenario)
Ubi maior minor cessat
  • #5,856
  • Edited 8:48am Dec 20, 2017 8:38am | Edited 8:48am
If the new pit gap upside will not (edit) be filled but we will not see acceptation nor below 33895 nor above 3402 we could have a forcing balance around 3397 (third and the less probable scenario for now)
Ubi maior minor cessat
  • #5,857
  • Dec 20, 2017 11:00am Dec 20, 2017 11:00am
Gap still in place after 2 hours and a half. Acceptation above 3402. Weak hands continuously selling at half back. And the first of the poor high upside (34182) only tested less than 2 pips above it: so it remains weak.
Ubi maior minor cessat
  • #5,858
  • Dec 20, 2017 11:18am Dec 20, 2017 11:18am
Last m30 period was an inside one: balance rules apply.
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  • #5,859
  • Dec 20, 2017 11:35am Dec 20, 2017 11:35am
It eventually filled the new pit gap upside: for any meaningful continuation however we now need acceptation below 33895 yesterday pit session high and below 3375 yesterday pit pull back low. If not we could balance again around 3397 or retrace back upside to retest current weak high.
Ubi maior minor cessat
  • #5,860
  • Dec 20, 2017 1:25pm Dec 20, 2017 1:25pm
Quoting Lock
It eventually filled the new pit gap upside: for any meaningful continuation however we now need acceptation below 33895 yesterday pit session high and below 3375 yesterday pit pull back low. If not we could balance again around 3397 or retrace back upside to retest current weak high.
We didn't get acceptation back inside yesterday pit range (below 33895) and here we got almost 2 hours of balancing around composite poc 3397.
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