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Attachments: Lock's Cable Corner
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Lock's Cable Corner

  • Post #261
  • Quote
  • Edited 12:50pm Sep 20, 2016 12:27pm | Edited 12:50pm
A very important note here is about the multipass pit gap downside at 28875-2902. This is surely a big zone of interest for any pit session around here. So, carry this information forward for the upcoming pits.

18:50 +1 GMT It looks like short covering. Very normal considering the magnitude of the move down. Last four periods higher without volume. But one timeframing higher mode from C period.
Ubi maior minor cessat
Well, not so much to say here. Let's see tomorrow. I'm off. Good continuation. Best L.
Ubi maior minor cessat
EARLY MORNING REPORT

yesterday pit session auction was incomplete above with a cluster poor high at 2989 and incomplete below with a poor low at 29465. Tonight Tokyo session tagged that low, making it even weaker then before. Also note the weak low of current Tokyo J period at round 2950.

As written yesterday in post 261 the double pass pit gap 28875-2902 is surely a very important zone for any following pit session from now. Below that we have the last weak price zone from the 15-16 of August: 28785 Tokyo 08.16 poor low and 2865 Pit Session 08.15 poor low. Also note that the POC of 08.15 at 2876 is very prominent. Finally price is still balancing, as it started to do yesterday, at the main composite poc of this zone at 2965.

If price will go and test the weak zone below, we could have two possible situations: a further attempt down to the low of the lower daily bracket at 27948 (never tested since its formation during 07.06) or a retracing up to the lower daily bracket high at 30465. (this second possibility could require a further balance, because generally we do not have a V shape action price. Note that all this move down from Tuesday 09.06 was a liquidation of the weak price action from 08.15, so it is very weak and if we do not find new sellers below 2865 poor low or below 27948, it could be retraced easily.

Note also that anyone knows about the weak references below current price zone: so watch out! Considering the weakness of this move down, a correction upside, even in this weak condition below, is always possible (specially during news emotion), just in order to remove some of the weak seller partecipants from this market.
Ubi maior minor cessat
Quoting Lock
EARLY MORNING REPORT yesterday pit session auction was incomplete above with a cluster poor high at 2989 and incomplete below with a poor low at 29465. Tonight Tokyo session tagged that low, making it even weaker then before. Also note the weak low of current Tokyo J period at round 2950. As written yesterday in post 261 the double pass pit gap 28875-2902 is surely a very important zone for any following pit session from now. Below that we have the last weak price zone...
Thanks, good morning.
Quoting Lock
EARLY MORNING REPORT yesterday pit session auction was incomplete above with a cluster poor high at 2989 and incomplete below with a poor low at 29465. Tonight Tokyo session tagged that low, making it even weaker then before. Also note the weak low of current Tokyo J period at round 2950. As written yesterday in post 261 the double pass pit gap 28875-2902 is surely a very important zone for any following pit session from now. Below that we have the last weak price zone...
Great, cause I am long. (DEMO)
Quoting attilafx
{quote} Great, cause I am long. (DEMO)
Well, I didn't write it is going to go higher from here. I wrote it is currently in balance and that we have at least a couple of different scenariios to consider. Please, read the post again if you like. Best L.
Ubi maior minor cessat
GB is going to open exactly at yesterday GB close/unchanged (2972). A sign of great indecision. But aslo a first acceptation of this price level.
Ubi maior minor cessat
Note that G and H Tokyo period highs at ar Tokyo open (2982). This could be a first testing zone for GB, above.
Ubi maior minor cessat
So B period was inside bar of A period and C is now attempting a breakout to the downside. The first test above Tokyo open is failed. Note that we are back again to yesterday GB close/unchange zone: a secure place to stay evidently. Let's see what kind of test could C perform: a test below the early morning low (2865 that is also the main composite POC of this zone)? Or will C fail this attempted breakout downside coming back to the opposite side of the balance to make an other attempt above Tokyo open? Note that current C low is at open! Market totally controlled by weak hands.
Ubi maior minor cessat
Quoting Lock
So B period was inside bar of A period and C is now attempting a breakout to the downside. The first test above Tokyo open is failed. Note that we are back again to yesterday GB close/unchange zone: a secure place to stay evidently. Let's see what kind of test could C perform: a test below the early morning low (2865 that is also the main composite POC of this zone)? Or will C fail this attempted breakout downside coming back to the opposite side of the balance to make an other attempt above Tokyo open? Note that current C low is at open! Market...

A B periods poor low now.
Ubi maior minor cessat
Please note that Tokyo close is exactly at yesterday GB close/unchanged that is also today GB open price 12973 !!!!**

**let me underline this:

  1. Yesterday preUS opened at 2973 (GB unchanged 14:00 +1 GMT),
  2. then again at 18:00 +1 GMT GB made its close exactly at 2973.
  3. Then Today, again, GB open is exactly at 2973 (9:00 + 1GMT),
  4. then eventually Tokyo closed exactly at 2973 (+10:30 + 1GMT)

Ubi maior minor cessat
GB is now testing Tokyo high and, more than this, the yesterday GB upper distribution (2998-3020) If there will be rejection from here it will come back to the main POC/ current GB cluster low (2965 level). If there is acceptation inside it we could test the top of it (half back of the down move from 30905 (monday 09.19 pit session poor high) and also th elower daily bracket high at 30465.
Ubi maior minor cessat
Quoting Lock
GB is now testing Tokyo high and, more than this, the yesterday GB upper distribution (2998-3020) If there will be rejection from here it will come back to the main POC/ current GB cluster low (2965 level). If there is acceptation inside it we could test the top of it (half back of the down move from 30905 (monday 09.19 pit session poor high) and also th elower daily bracket high at 30465.
In the last 2 hours the test above 2998 failed and price found no acceptance inside the yesterday gb session upper distribution. So the natural direction after that should be the poor low of the GB session (2965). Anyhow the preUS session is going to open in less than half an hour: different partecipants will join the market and different reasons could mix with the old ones. For instance, I suppose that the yesterday pit session poor high (2989) should at least be tested by preUS: so preUS could open above it (and in this case the test is automatically done ), or below it, and in this second case the test should be performed during the session.

Note also that if preUS will open around here, it will do it with a gap higher, meaning an other double pass gap at this level: I mean that price could open inside the yesterday pit gap down (30195-2989) and consequently above yesterday pit high 2989.

In this particular case the new double pass gap will be the second in a row downside. A very rare situation.
Ubi maior minor cessat
Quoting Lock
{quote} ... Anyhow the preUS session is going to open in less than half an hour: different partecipants will join the market and different reasons could mix with the old ones. For instance, I suppose that the yesterday pit session poor high (2989) should at least be tested by preUS: so preUS could open above it (and in this case the test is automatically done ), or below it, and in this second case the test should be performed during the session. Note also that if preUS will open around here, it will do it with a gap higher,...

And in fact pre US opened above yesterday pit session high (so it is tested now), with a gap higher. Now let's see the possible test of the GB high and eventually the test at 30185.
Ubi maior minor cessat
Lock - brilliant analysis
I tip my hat to you
Quoting Fader123
Lock - brilliant analysis I tip my hat to you
Hello Fader, thank you very much. Have a nice trading. Best L.
Ubi maior minor cessat
Quoting Lock
{quote} And in fact pre US opened above yesterday pit session high (so it is tested now), with a gap higher. Now let's see the possible test of the GB high and eventually the test at 30185.
For now the test above GB high failed and preUS retraced completely the initial gap higher. For a substantial correction downside we want to see price confirming at least below yesterday pit sessoin high. If not, we still have the possibility for a new test up to 30185.

Note that if we have confirmation below yesterday pit high (2989) the natural direction is yesterday pit poor low 29465.

I'm off for some time, see you soon. Have a good continuation.
Ubi maior minor cessat
If upcoming pit will open here, inside yesterday pit range/value, initial acceptation/balance is expected. Also, because we are very close to yesterday pit high, an other test of it could be performed (2989) by upcoming pit session.

Note also that we are going to open exactly at yesterday pit unchange (see post #271 )
Ubi maior minor cessat
Quoting Lock
If upcoming pit will open here, inside yesterday pit range/value, initial acceptation/balance is expected. Also, because we are very close to yesterday pit high, an other test of it could be performed (2989) by upcoming pit session. Note also that we are going to open exactly at yesterday pit unchange (see post #271 )
Please note that "sometimes what a market didn't do is more important of what it actually did". (JD) If for some reasons price will break down from here without a test of the yesterday pit poor high (nor the correctiion of current A B period highs) this will be a wonderfull piece of information. A price coming down from such a weak level untested, after all the weaknesses above, could only be an extraordinary weak action. And for this reason an extraordinary opportunity in the case of retracement upwards...Carry this information forward (if this eventually will happen , obviously...).
Ubi maior minor cessat
Please note that this pit initial balance, with its 12 pips of range, is the narrowest of the last 62 days and more...
Ubi maior minor cessat
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