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Lock's Cable Corner

  • #6,041
  • Feb 1, 2018 10:03am Feb 1, 2018 10:03am
Quoting Lock
42323 is the most important level for preUS and upcoming pit sessions. Other important levels to evaluate are: 41895 (Pit Jan close), 42415 (Pit 2018 highest close) and the extremes of the pit balance built last week:40825 and 4136 (downside) 4226 and 43185 (upside)
Interesting enough this entire action upside originated exactly at 41895, when price didn't find acceptation below it. Then, as you see, we are again testing 42323 that coincide with yesterday pit high: any serious continuation upside will need acceptation above it, as above 42415. If not..
Ubi maior minor cessat
  • #6,042
  • Feb 1, 2018 10:11am Feb 1, 2018 10:11am
Btw I'm off for today. Have a nice continuation. Best, L.

PS: whatever the final profile of current pit session, I strongly suggest to read all the posts from this early morning because today we got an other not so common textbook market day.
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  • #6,043
  • Feb 1, 2018 10:12am Feb 1, 2018 10:12am
Thanks so much, Lock. Enjoy the day...
TULKAS
  • #6,044
  • Feb 2, 2018 1:44am Feb 2, 2018 1:44am
Yes GB close is at 42445, while highest GB close for 2018 is at 42625. Any serious continuation upside after GB open will require acceptation above both of them, while rejection above them could force price to liquidation. I'm speaking about a liquidation as with such an high I cannot imagine something more: in fact current February high is clearly weak as it is a poor pit high tagged by current Tokyo session high (4278)

Major level in this zone is still 42323. Major composite poc is 4261.
Ubi maior minor cessat
  • #6,045
  • Edited 6:57am Feb 2, 2018 6:44am | Edited 6:57am
Quoting Lock
Yes GB close is at 42445, while highest GB close for 2018 is at 42625. Any serious continuation upside after GB open will require acceptation above both of them, while rejection above them could force price to liquidation.
Quoting Lock
I'm speaking about a liquidation as with such an high I cannot imagine something more: in fact current February high is clearly weak as it is a poor pit high tagged by current Tokyo session high (4278) Major level in this zone is still 42323. Major composite poc is 4261.
So GB opened, went to 42445, retrace upside just to a couple of pips below 42625, didn't manage to reach it, then liquidated. And again: the importance of market generated information.

Note that the fact that current one is for now only a liquidation is confirmed by the current GB session profile. As you see it is a "b" shaped one. Meaning that after the fast liquidation, the market came into balance.

b
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  • #6,046
  • Feb 2, 2018 7:03am Feb 2, 2018 7:03am
For US: weak pit levels upside 4278. Downside 4189, 4151, 4098
Main pit close levels 42622 (2018 highest), 41895 (January)
major composite poc 4261.

Main level still 42323 as written this morning.
Ubi maior minor cessat
  • #6,047
  • Feb 2, 2018 8:18am Feb 2, 2018 8:18am
Quoting Lock
For US: weak pit levels upside 4278. Downside 4189, 4151, 4098 Main pit close levels 42622 (2018 highest), 41895 (January) major composite poc 4261. Main level still 42323 as written this morning.
Major level 42323 not even reached. Liquidation. 2 of main weaknesses already taken out. Very elongated A Period. I'm off. Have a nice continuation and a nice weekend. Best, L.

PS: current liquidation is building a possible pit gap downside. In the case, monitor for preservation of it at pit open. If retraced and if acceptation will be obtained above yesterday pit low 41805, it is not impossible to see the entire action downside retraced up to 4278. If instead you'll see the new gap preserved, odds will be in favor to a continuation downside towards 4098.
Ubi maior minor cessat
  • #6,048
  • Feb 4, 2018 7:13pm Feb 4, 2018 7:13pm
Quoting Lock
.... PS: current liquidation is building a possible pit gap downside. In the case, monitor for preservation of it at pit open. If retraced and if acceptation will be obtained above yesterday pit low 41805, it is not impossible to see the entire action downside retraced up to 4278. If instead you'll see the new gap preserved, odds will be in favor to a continuation downside towards 4098....
So, I was off but: pit opened below previous session low (41805), meaning with a new gap downside. It didn't manage to fill it (new gap preserved): then the session developed downside towards 4098, going just 3 pips above it with C period. Eventually Sydney took out 4098 tonight.

...The importance of market generated information

PS: in the previous post I wrote about the very elongated A period. Obviously I was referring my self to B period. It's a typo. (And B period has been retraced almost 40% during next hours.)
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  • #6,049
  • Feb 5, 2018 2:56am Feb 5, 2018 2:56am
GB opened with a substantial new gap downside from Friday GB low at 42015. Main level for GB are Friday GB close at 4125 and overnight high (Tokyo high) at 4129: the filling of the gap and acceptation above the last 2 levels is needed for any continuation upside. If not, clearly odds will be in favor for continuation downside.
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  • #6,050
  • Feb 5, 2018 3:16am Feb 5, 2018 3:16am
Quoting Lock
GB opened with a substantial new gap downside from Friday GB low at 42015. Main level for GB are Friday GB close at 4125 and overnight high (Tokyo high) at 4129: the filling of the gap and acceptation above the last 2 levels is needed for any continuation upside. If not, clearly odds will be in favor for continuation downside.

In any case, if the gap will be filled by GB action (up to 42015), note that we will need acceptation above that level for further continuation upside. January GB close is at 4188. Closest composite poc is at 4156. Next one is at 4261.

In case of failure upside, clearly the complete retracement of 01.30 GB session very elongated profile will be possible. Watch out as we are before news.
Ubi maior minor cessat
  • #6,051
  • Feb 5, 2018 4:36am Feb 5, 2018 4:36am
E inside period: balance rules apply
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  • #6,052
  • Feb 5, 2018 6:23am Feb 5, 2018 6:23am
Quoting Lock
{quote} In any case, if the gap will be filled by GB action (up to 42015), note that we will need acceptation above that level for further continuation upside. January GB close is at 4188. Closest composite poc is at 4156. Next one is at 4261. In case of failure upside, clearly the complete retracement of 01.30 GB session very elongated profile will be possible. Watch out as we are before news.
Quoting Lock
E inside period: balance rules apply
I'm sure you appreciated these info.

Now, until pit open, monitor for the possible building of a new pit session gap downside. Friday pit low is at 4101.
Remember that last week was an inside one, both for Gb and pit participants: so balance rules apply also on major timeframe right now and any attempt above or below last week extremes has to be intended as an attempted breakout.

Last (inside) week extremes are:

  1. for GB 39795-4260
  2. for Pit 4025-4278

PS: note that for now what you've seen in GB is liquidation as it is filling the very weak profile made some days ago. So for now it is old business, versus new business. It doesn't mean it cannot continue lower. It means that you got to know who your competitors are and what is their strength.

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  • #6,053
  • Feb 5, 2018 6:54am Feb 5, 2018 6:54am
Quoting Lock
... Last (inside) week extremes are: for GB 39795-4260 for Pit 4025-4278 PS: note that for now what you've seen in GB is liquidation as it is filling the very weak profile made some days ago. So for now it is old business, versus new business. It doesn't mean it cannot continue lower. It means that you got to know who your competitors are and what is their strength.
Inside pit week low 4025 tagged at the pip for now. And for this reason it is a suspect daily low.
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  • #6,054
  • Feb 5, 2018 7:06am Feb 5, 2018 7:06am
Remember also this: 4278, current February high, is weak and poor. I'm not saying it has to be corrected now, nor today. I'm saying that it is very rare that such a weak monthly high could resist for a long time. So I suggest to carry forwards this information. Even for days or weeks.
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  • #6,055
  • Feb 5, 2018 8:09am Feb 5, 2018 8:09am
Quoting Lock
{quote} Inside pit week low 4025 tagged at the pip for now. And for this reason it is a suspect daily low.
4025 weak low taken out by preUS C period. Note anyhow that this is the first test below last pit inside week low. So watch out.
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  • #6,056
  • Feb 5, 2018 9:00am Feb 5, 2018 9:00am
Quoting Lock
{quote} 4025 weak low taken out by preUS C period. Note anyhow that this is the first test below last pit inside week low. So watch out.
Remember that current pit session is attempting a breakout below inside week low 4025. Balance rules apply on the daily timeframe. Also remember that the absolute low of last inside week is GB 39795 as written previously.

In the meanwhile note that as predicted, the entire weak GB session made 30.01 has been completely retraced.

Quoting Lock
... In case of failure upside, clearly the complete retracement of 01.30 GB session very elongated profile will be possible. Watch out as we are before news.
Ubi maior minor cessat
  • #6,057
  • Feb 5, 2018 9:30am Feb 5, 2018 9:30am
Quoting Lock
{quote} Remember that current pit session is attempting a breakout below inside week low 4025. Balance rules apply on the daily timeframe. Also remember that the absolute low of last inside week is GB 39795 as written previously. In the meanwhile note that as predicted, the entire weak GB session made 30.01 has been completely retraced. {quote}
Testing 4025 from below...
Ubi maior minor cessat
  • #6,058
  • Feb 6, 2018 1:38am Feb 6, 2018 1:38am
Quoting Lock
{quote} Testing 4025 from below...
No acceptation found above 4025 during pit session numerous attempts and eventually price continue lower. Again: the importance of market generated information.
Note also that L period made a final attempt tagging 4025 and after that the real action downside occurred. So consider 4026 as the rally high test of yesterday pit session: it will be today an important reference to evaluate upcoming pit action.
Ubi maior minor cessat
  • #6,059
  • Feb 6, 2018 1:56am Feb 6, 2018 1:56am
For upcoming GB session remember that we are in an attempted weekly breakout from balance. The last GB inside week has, as written yesterday, these extremes: 39795-4260

So currently we are below its lower extreme 39795: monitor for acceptation below it after open. Also note that yesterday pit session and tonight Tokyo built a new substantial GB gap downside from yesterday GB low at 40253. This gap has to be preserved for any success of the current attempted weekly breakout downside.

In case of continuation downside remember the possible strong support offered by trend line 2009.01.23-2016.02.29. Also note the GB poor low at 39153 that could be removed in case of continuation.

Finally, remember balance rules both in case of success or failure downside.
Ubi maior minor cessat
  • #6,060
  • Feb 6, 2018 2:11am Feb 6, 2018 2:11am
Quoting Lock
.... So currently we are below its lower extreme 39795: monitor for acceptation below it after open. Also note that yesterday pit session and tonight Tokyo built a new substantial GB gap downside from yesterday GB low at 40253. This gap has to be preserved for any success of the current attempted weekly breakout downside. In case of continuation downside remember the possible strong support offered by trend line 2009.01.23-2016.02.29. Also note the GB poor low at 39153 that could be removed in case of continuation....
Testing 39795 from below as expected.
Ubi maior minor cessat
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