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Lock's Cable Corner

  • #7,081
  • Nov 4, 2020 4:27am Nov 4, 2020 4:27am
Monitor for E possible inside period: if so, again, balance rules
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  • #7,082
  • Nov 4, 2020 4:31am Nov 4, 2020 4:31am
Quoting Lock
{quote} Note the reaction at 2981... Monitor for acceptation or rejection above it.
Note D period single letters: apart from gaining acceptation above 2981, for a serious continuation upside you also need to see those single letters preserved, at least in part. If not you will not have a double distribution session.
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  • #7,083
  • Nov 4, 2020 4:51am Nov 4, 2020 4:51am
Quoting Lock
Monitor for E possible inside period: if so, again, balance rules
F period tested below E period low, failed, and here we are at the opposite side of E.
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  • #7,084
  • Nov 4, 2020 4:52am Nov 4, 2020 4:52am
Quoting Lock
{quote} But remember what we are leaving downside and the fact that we still have not tested October limits: before that moment we are in a full balance environment. Next level upside to test for GB should be 3000 (September GB inside week high) SOme sort of reaction could also occur at old spike base 2981: acceptation above it needed to get 2995 target. If something will go wrong upside you know exactly where price will retrace back.
Next level 3000 to test: but watch out acceptation above 2981 still needed.
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  • #7,085
  • Nov 4, 2020 4:55am Nov 4, 2020 4:55am
Quoting Lock
{quote} Next level 3000 to test: but watch out acceptation above 2981 still needed.
...well here we are at 3000. Monitor for acceptation or rejection above it for continuation.
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  • #7,086
  • Nov 4, 2020 4:58am Nov 4, 2020 4:58am
Now, yesterday GB close is at 3049 but... first of all current Gb profile is very extended. Secondly we are leaving downside a real mess of weaknesses. Third pit session is far to open and we are just about the upper limits of yesterday pit gap upside
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  • #7,087
  • Nov 4, 2020 4:59am Nov 4, 2020 4:59am
Quoting Lock
Now, yesterday GB close is at 3049 but... first of all current Gb profile is very extended. Secondly we are leaving downside a real mess of weaknesses. Third pit session is far to open and we are just about the upper limits of yesterday pit gap upside
yes pit gap is 2920-3003
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  • #7,088
  • Nov 4, 2020 5:02am Nov 4, 2020 5:02am
Well in any case I'll be off for a while. See you later. Have a nice trading
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  • #7,089
  • Nov 4, 2020 5:15am Nov 4, 2020 5:15am
Quoting Lock
Well in any case I'll be off for a while. See you later. Have a nice trading
Thanks for the levels
Until you’re back
  • #7,090
  • Nov 4, 2020 7:29am Nov 4, 2020 7:29am
Quoting Lock
Now, yesterday GB close is at 3049 but... first of all current Gb profile is very extended. Secondly we are leaving downside a real mess of weaknesses. Third pit session is far to open and we are just about the upper limits of yesterday pit gap upside
Quoting Lock
{quote} yes pit gap is 2920-3003
So GB eventually managed to go up and test yesterday GB close at 3049 and made a poor high. Then PreUS open and immediately liquidated to 3003 the top of the pit gap upside...
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  • #7,091
  • Nov 4, 2020 7:41am Nov 4, 2020 7:41am
Now, having said that, I suggest to be extremely cautious as Pit US is not open yet, GB made a poor high just above yes close at 3050 (that is also weak as a perfect tag of round number) and also made a weak low as a perfect tag of an already Tokyo poor low at 2915.

Furthermore if you look upside you'll find a cluster of weak stops at 3079 yes pit poor high also Nov pit high) and 3142-3150 zone, while if you look downside you have those poor guys at 2890 and 2860

It means that we are in the middle of a completely weak structure both above and below where the only serious limits (to test) are the same as yesterday and this morning, meaning October highs and lows.

That I recap here:
GB sessions October range is: 2819-3150
while for pit sessions is: 2860-31765

Anyway for upcoming pit sessions, inside previous pit October range 2860-31765 main levels to consider are:

30635 yes pit unch
30075 September pit inside week high
29505 October unch
2923 September unch (note that below it we have a double pass pit gap down to 29195)

If you will be above them they could work as support, if below as resistance
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  • #7,092
  • Nov 4, 2020 8:00am Nov 4, 2020 8:00am
Clearly all this liquidation made by preUS from 30445 to 2972 will be revisited. (I'm not saying it will happen now, obviously)
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  • #7,093
  • Nov 4, 2020 8:36am Nov 4, 2020 8:36am
Quoting Lock
... Anyway for upcoming pit sessions, inside previous pit October range 2860-31765 main levels to consider are: 30635 yes pit unch 30075 September pit inside week high 29505 October unch 2923 September unch (note that below it we have a double pass pit gap down to 29195) If you will be above them they could work as support, if below as resistance
Pit opened right inside yest gap and immediately made a test of closest ref 29505. While doing this it create a weak low as it is a tag of preUS low
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  • #7,094
  • Nov 4, 2020 8:38am Nov 4, 2020 8:38am
Note that from yesterday pit low 3003 there is a new gap downside, so currently price action is inside a gap and in between two double pass gaps!! Very very problematic situation.
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  • #7,095
  • Nov 4, 2020 8:40am Nov 4, 2020 8:40am
So you may ask yourselves: how can we trade in such mess? The answer is easy: do not trade unless things become more clear.
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  • #7,096
  • Nov 4, 2020 9:01am Nov 4, 2020 9:01am
Quoting brewmaster
dear lock, how to confirm acceptation? multiple close on the area?
sorry didn't see this one: acceptation technically is given by at least 2 periods closed above or below a certain level. But in the real life is more complex. You should reach a level in which you fill it. You need experience for that. An other important factor is how you reach a certain level: is the structure of the move that let price reach that particular level good? Is it not good? Have you reasons to continue any higher or lower? You have to put all these elements together and take from them a clear sign of acceptation or rejection and then act consequently.
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  • #7,097
  • Nov 4, 2020 9:04am Nov 4, 2020 9:04am
Quoting Lock
Note that from yesterday pit low 3003 there is a new gap downside, so currently price action is inside a gap and in between two double pass gaps!! Very very problematic situation.
If it will get 3003 and close the new gap we have 2 options: test above it and fail (3003) then reverse to fill the lower part of the gap until 2920 or gain acceptation above it and continue higher.
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  • #7,098
  • Nov 4, 2020 9:06am Nov 4, 2020 9:06am
Quoting Lock
Clearly all this liquidation made by preUS from 30445 to 2972 will be revisited. (I'm not saying it will happen now, obviously)
...retraced almost 70%

Monitor for acceptation or rejection above major ref 30075 (tagged at the pip)
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  • #7,099
  • Nov 4, 2020 9:08am Nov 4, 2020 9:08am
Quoting Lock
...Anyway for upcoming pit sessions, inside previous pit October range 2860-31765 main levels to consider are: 30635 yes pit unch 30075 September pit inside week high 29505 October unch 2923 September unch (note that below it we have a double pass pit gap down to 29195) If you will be above them they could work as support, if below as resistance
Note the very weak environment: pit action occurred exactly from major ref 29505 to major ref 30075
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  • #7,100
  • Nov 4, 2020 9:21am Nov 4, 2020 9:21am
Please subscribe me if you like my notes. thank you.
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