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Lock's Cable Corner

  • #5,861
  • Dec 20, 2017 1:28pm Dec 20, 2017 1:28pm
Quoting Lock
{quote} 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.
will be trying to short soon. H4 outside candle into strong res. Looking for a 100 point dump @ least. Thoughts?

PS: you probably noticed range compression. It does that frequently before a big move.
  • #5,862
  • Dec 20, 2017 1:29pm Dec 20, 2017 1:29pm
Quoting Lock
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)
Note the importance of having not a fixed idea of what a market could do. Even if I considered it the less probable among the 3 possibilities at least I've been prepared for such an event. And even though I didn't profit from this market at least I didn't spend the entire session going up and down with an indecisive balancing market. So again: having multiple scenarios before any session open and follow strictly market generated information could save your day.
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  • #5,863
  • Dec 20, 2017 1:34pm Dec 20, 2017 1:34pm
Quoting asgcorp
{quote} will be trying to short soon. H4 outside candle into strong res. Looking for a 100 point dump @ least. Thoughts? PS: you probably noticed range compression. It does that frequently before a big move.
I'm waiting too for a directional move from balance. Currently anyway I've not a precise idea of the possible direction. Anyhow, I could say that if it will break downside we have space at least to 3303. While if we rally upside we could even reach at least 3446 zone.

Also I do not know when a more than probable directional move could eventually occur. Maybe tomorrow, maybe during overnight. In this second case I'll lose it as I'm a day trader and I do not operate during night.

Best, L.
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  • #5,864
  • Dec 20, 2017 1:36pm Dec 20, 2017 1:36pm
got it, thanks! I prefer shorts for now, I do agree with you that overall outlook is mixed, but why I prefer a move south is cause it's got to pick up more buyers (demand) before trying a final push for 3500-3550. Hope this makes some sense!

PS: 3300 and 3500-3550 heavy options levels this month )))
  • #5,865
  • Dec 20, 2017 1:42pm Dec 20, 2017 1:42pm
Quoting asgcorp
got it, thanks! I prefer shorts for now, I do agree with you that overall outlook is mixed, but why I prefer a move south is cause it's got to pick up more buyers (demand) before trying a final push for 3500-3550. Hope this makes some sense! PS: 3300 and 3500-3550 heavy options levels this month )))
The fact is that today we got only weak hands participants, so any information we got from the market does not give us precise indication about what stronger hands could possibly do. I mean, even if those who bought from 3303 are clearly weak hands, from Friday low, at the same time, all the action downside from 3586 are clearly weak hands too (otherwise we would not have had so many poor highs coming downside like 3530, 3484, 3446 and Monday 34182). So the fact is that we do not know which weak hands will be punished first. So, my conclusion is: let's see.
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  • #5,866
  • Dec 20, 2017 1:50pm Dec 20, 2017 1:50pm
Inside period again: balance rules apply.
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  • #5,867
  • Dec 20, 2017 2:01pm Dec 20, 2017 2:01pm
Quoting Lock
Inside period again: balance rules apply.
Attempted break downside from period balance. Note anyhow that daily poc is very prominent and is right here(3393), so in order to evade it we need volume. If not we will remain balancing here or we will come back here after a failed break.
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  • #5,868
  • Dec 20, 2017 2:06pm Dec 20, 2017 2:06pm
can you post a chart with poc cause I got this one.

PS: actually yes, it is 3392 on mine.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB
  • #5,869
  • Dec 20, 2017 2:29pm Dec 20, 2017 2:29pm
Quoting asgcorp
can you post a chart with poc cause I got this one. PS: actually yes, it is 3392 on mine. {image}
Here you could see the daily and the composite poc (daily is the sum of Sydney+Tokyo+GB+PreUS+PitUS) while composite is the entire spectrum of data from 2000
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-12-20_21-26-19daily composite pocs.png Size: 132 KB
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  • #5,870
  • Dec 20, 2017 2:33pm Dec 20, 2017 2:33pm
nice
  • #5,871
  • Dec 20, 2017 2:51pm Dec 20, 2017 2:51pm
Poor low followed by the weak GB low back to back with Tokyo low at 33775. I don't know if it could reach it as we are late in the session and furthermore we are below pocs and in a very weak action started at a weak high (34182)
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  • #5,872
  • Dec 20, 2017 2:53pm Dec 20, 2017 2:53pm
Quoting Lock
Poor low followed by the weak GB low back to back with Tokyo low at 33775. I don't know if it could reach it as we are late in the session and furthermore we are below pocs and in a very weak action started at a weak high (34182)
I mean less than 2 pips above 34182 (Monday pit session poor high), so without any substantial excess above it.
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  • #5,873
  • Dec 20, 2017 3:09pm Dec 20, 2017 3:09pm
What do you think about 1.333 or 1.323 level for entry?Will we even be able to reach there?
  • #5,874
  • Dec 20, 2017 3:18pm Dec 20, 2017 3:18pm
Quoting Lock
Poor low followed by the weak GB low back to back with Tokyo low at 33775. I don't know if it could reach it as we are late in the session and furthermore we are below pocs and in a very weak action started at a weak high (34182)
Well, eventually 33775 taken out.
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  • #5,875
  • Dec 20, 2017 3:23pm Dec 20, 2017 3:23pm
Quoting FateAnother
What do you think about 1.333 or 1.323 level for entry?Will we even be able to reach there?
3303 is the weak low that could be corrected in case of continuation downside so 3330 and 3323 are along the path. The problem is if and when this liquidation could continue lower.
I mean that I do not know if upcoming overnight session will continue lower without retracing anything upside. And I really do not think pit session could reach those levels in the next half an hour left. Btw 3327 is pit inside month high so it could be an important level for pit session participants.
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  • #5,876
  • Dec 20, 2017 3:26pm Dec 20, 2017 3:26pm
PS:as written before pit open, 3375 is yesterday pit session pull back low: I wrote that for any serious continuation downside pit session needed acceptation below it. Now even if acceptation is possible as we got this period and the next one before pit settle: but after a possible acceptation pit session will close so..
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  • #5,877
  • Dec 20, 2017 3:32pm Dec 20, 2017 3:32pm
Quoting Lock
{quote} Well, eventually 33775 taken out.
1.3338 I wonder if it will get there as 33775 taken out
Attached Image (click to enlarge)
Click to Enlarge Name: gu poc.PNG Size: 35 KB
Self discipline It is a practice
  • #5,878
  • Dec 20, 2017 3:36pm Dec 20, 2017 3:36pm
Quoting okshop
{quote} 1.3338 I wonder if it will get there as 33775 taken out {image}
i don't know whether FXB is significant to check it, but looking at FXB, i think 1.333 will be taken out too. Just kinda confused about best entry point.
  • #5,879
  • Dec 20, 2017 3:38pm Dec 20, 2017 3:38pm
This in fact is what I wrote 8 hours ago:

Quoting Lock
{quote} ..... 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.
The fact is that: firstly I imagined this acceptation early in the session and not so late, secondly I did not expect to see acceptation above 3402 and then liquidate after a very long balance.
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  • #5,880
  • Dec 20, 2017 3:42pm Dec 20, 2017 3:42pm
Quoting okshop
{quote} 1.3338 I wonder if it will get there as 33775 taken out {image}
33393 is the exact mid level (half way back) of the last mid term action downside (20.09 to 06.10). SO clearly could be a level that could attract price for a further test. The problem here is to know if overnight will make the job or if we could wait until tomorrow GB session.
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