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Lock's Cable Corner

  • #6,161
  • Feb 27, 2018 7:05am Feb 27, 2018 7:05am
Note that US index is breaking from pit weekly balance too (obviously upside): monitor it too if you like as it could be a confirmation of current GB attempt downside.
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  • #6,162
  • Feb 27, 2018 7:07am Feb 27, 2018 7:07am
Repost as it is too important.

Quoting Lock
{quote} Pit attempting break downside below 3905: in case of success next level is 3796. (the other pit inside week low) In case of failure next step major composite poc 3966
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  • #6,163
  • Feb 27, 2018 7:23am Feb 27, 2018 7:23am
Quoting Lock
{quote} Retested 3905 from below (at the pip*) failed there, and went down again. *too exact maybe, but let's see.
3905 retested again. Again failure but now very weak level as it has been tagged twice in a row: weak hands selling there...
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  • #6,164
  • Feb 27, 2018 7:27am Feb 27, 2018 7:27am
Quoting Lock
{quote} 3905 retested again. Again failure but now very weak level as it has been tagged twice in a row: weak hands selling there...

It could be taken out and then back downside again after weak hands removal. Or it can take it out and gain acceptation above it (in which case the attempted break could be considered failed.)

Last possibility is to let it be and continue lower. But in this case you got to be aware of the weak environment of the action downside. And carry forward this info.
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  • #6,165
  • Feb 27, 2018 7:29am Feb 27, 2018 7:29am
I got GU and GY clearly bouncing from support level. Would like to see 3966 level getting hit to think shorting again.
Great calls Lock, keep it up!!!
  • #6,166
  • Feb 27, 2018 7:47am Feb 27, 2018 7:47am
Quoting Lock
{quote} It could be taken out and then back downside again after weak hands removal. Or it can take it out and gain acceptation above it (in which case the attempted break could be considered failed.) Last possibility is to let it be and continue lower. But in this case you got to be aware of the weak environment of the action downside. And carry forward this info.
Clearly we are in the third case. Major level downside are 38355, 38428 and specially 3853. In case of acceptation below them we could see 3796.
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  • #6,167
  • Feb 27, 2018 7:50am Feb 27, 2018 7:50am
Quoting maurofx
I got GU and GY clearly bouncing from support level. Would like to see 3966 level getting hit to think shorting again. Great calls Lock, keep it up!!!
You have to know what is going on in other pairs but if you trade a couple you must take into consideration its environment first. Otherwise you risk to be misled.
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  • #6,168
  • Feb 27, 2018 7:59am Feb 27, 2018 7:59am
Quoting Lock
{quote} Clearly we are in the third case. Major level downside are 38355, 38428 and specially 3853. In case of acceptation below them we could see 3796.
thanks Lock..
enough for me today
just for a cup of coffee...
  • #6,169
  • Feb 27, 2018 8:02am Feb 27, 2018 8:02am
Quoting Lock
{quote} You have to know what is going on in other pairs but if you trade a couple you must take into consideration its environment first. Otherwise you risk to be misled.
Yes, of course!! GY is working ok to the upside. And now GU is following!
  • #6,170
  • Feb 27, 2018 8:07am Feb 27, 2018 8:07am
Quoting Lock
{quote} It could be taken out and then back downside again after weak hands removal. Or it can take it out and gain acceptation above it (in which case the attempted break could be considered failed.) Last possibility is to let it be and continue lower. But in this case you got to be aware of the weak environment of the action downside. And carry forward this info.
Hb again...
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  • #6,171
  • Feb 27, 2018 8:28am Feb 27, 2018 8:28am
D inside period. Balance rules apply again.
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  • #6,172
  • Feb 27, 2018 8:51am Feb 27, 2018 8:51am
Quoting Lock
{quote} 3905 retested again. Again failure but now very weak level as it has been tagged twice in a row: weak hands selling there...
Quoting Lock
{quote} It could be taken out and then back downside again after weak hands removal. Or it can take it out and gain acceptation above it (in which case the attempted break could be considered failed.) Last possibility is to let it be and continue lower. But in this case you got to be aware of the weak environment of the action downside. And carry forward this info.
Weak sellers taken out above 3905... The importance of market generated information...

Now watch out: for any continuation upside we need acceptation above 3905. If not...
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  • #6,173
  • Feb 28, 2018 2:28am Feb 28, 2018 2:28am
Cluster of sessions-high at 3916
Poor low at 38715

38355 major GB level downside (in case of continuation downside)
back to 3966 in case of failure downside.
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  • #6,174
  • Feb 28, 2018 3:47am Feb 28, 2018 3:47am
Quoting Lock
Cluster of sessions-high at 3916 Poor low at 38715 38355 major GB level downside (in case of continuation downside) back to 3966 in case of failure downside.
Here we are, just a couple of pips above our main 38355

Watch out as for any continuation downside we need acceptation below it.
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  • #6,175
  • Feb 28, 2018 3:56am Feb 28, 2018 3:56am
Quoting Lock
{quote} Here we are, just a couple of pips above our main 38355 Watch out as for any continuation downside we need acceptation below it.
So it tested 38355 once and failed. Let's see if it is enough or not. Remember that at 38235 we got the second GB inside week low. So even if it will retest 38355 take note of this level as the real GB weekly breakout downside (if any) will occur there.

If instead this test below 38355 will be definitive, then we could easily aim at comp poc 3966
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  • #6,176
  • Feb 28, 2018 4:25am Feb 28, 2018 4:25am
Quoting Lock
{quote} So it tested 38355 once and failed. Let's see if it is enough or not. Remember that at 38235 we got the second GB inside week low. So even if it will retest 38355 take note of this level as the real GB weekly breakout downside (if any) will occur there. If instead this test below 38355 will be definitive, then we could easily aim at comp poc 3966
38235 tagged at the pip.
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  • #6,177
  • Mar 5, 2018 3:47am Mar 5, 2018 3:47am
Good morning. Looking towards Bearish setup. Testing Supply level @1.3835. So far, holding. I guess we'll see a new retest.
On the other hand, in daily charts, we had a clean rejection from 3709 level. I guess today we'll trade kind of sidewways. Looking for bearish setup retesting 3709 if wedge breaks south.

Have a good week!!
Attached Image (click to enlarge)
Click to Enlarge Name: GU.png Size: 49 KB
  • #6,178
  • Mar 6, 2018 11:46pm Mar 6, 2018 11:46pm
Quoting maurofx
Good morning. Looking towards Bearish setup. Testing Supply level @1.3835. So far, holding. I guess we'll see a new retest. On the other hand, in daily charts, we had a clean rejection from 3709 level. I guess today we'll trade kind of sidewways. Looking for bearish setup retesting 3709 if wedge breaks south. Have a good week!! {image}
Good morning,
the main thing occurring here is an apparent monthly breakdown from balance failure: price went below GB February low (around 3790) and didn't find acceptation below it, nor we saw acceleration below it. Consequently price came back inside monthly balance towards its top.

Now, we do not know if this first attempt will be enough and we could speculate in order to determine this. To be continued..

For instance, the last 2 GB sessions place their respective lows exactly at the lows of the overnights (Tokyo lows): at 38165 (yesterday) ans at 3766 on Monday. This is not a sign of strength. But it is only one information. To be cont...

Quoting Lock
For instance, the last 2 GB sessions place their respective lows exactly at the lows of the overnights (Tokyo lows): at 38165 (yesterday) ans at 3766 on Monday. This is not a sign of strength. But it is only one information. To be cont...
A similar situation occurred Friday when Pit session low was established at 3756 just 1 single pip above previous GB session low: an this is an other sign of weak participation and an other information to carry forward.
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  • #6,179
  • Mar 7, 2018 12:22am Mar 7, 2018 12:22am
In the meanwhile note that we are very close to composite poc 3896 and because price is attempting a break below balance, in case of failure this poc will be a clear safe place to go.
In case of success downside instead, what I wrote in my previous post could be helpful
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  • #6,180
  • Mar 7, 2018 2:08am Mar 7, 2018 2:08am
3880 is now very very weak

Btw I do not know if we could consider the attempted break downside failed or not. It is a very indecisive market. See you later. Best, L
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