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Lock's Cable Corner

  • #641
  • Oct 4, 2016 8:33am Oct 4, 2016 8:33am
Pit session open with a gap downside of 50 pips. If the gap will be retraced quickly we could experience a substantial retracement upside, eventually up to the yesterday pit session poor high (2872) and more (considering the weakness of the structure above). If it will resist the weak low downside (27356)has good possibilies to be revisited and a new low established.
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  • #642
  • Oct 4, 2016 8:41am Oct 4, 2016 8:41am
Quoting Lock
{quote} So when we are less than 10 minutes to go for the pit session open, we have the current situation: weekly and daily trend down. (one timeframing lower both) a weak low made by GB tagged by preUS at 27356 a preUS poor high around the Tokyo spike low (exactly at 27715) a preUS gap down, retraced only in part. a breakeven at 2795 (lower daily bracket low) not tested yet nor by Gb nor by preUS. a preUS C period inside bar of B period. (balance, then possible breakout from here) inventories from yesterday pit unchanged (2839) that...
15:41+1GMT
preUS poor high corrected.
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  • #643
  • Oct 4, 2016 9:04am Oct 4, 2016 9:04am
Quoting Lock;9177435.... [I
preUS C period inside bar of B period. (balance, then possible breakout from here)[/i] .....
Attempted breakout of pit session period A above preUS C period high: failure above it then back down to the opposite side of C period.

Quoting Lock
{quote} USDX is now above 96.22 aiming to a possible test at September high. {image}
USDX September high (96.33) taken out some time ago...

C period high at open price (2760). Take this information forward.
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  • #644
  • Oct 4, 2016 9:49am Oct 4, 2016 9:49am
16:48 +1GMT
B & C periods poor low.
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  • #645
  • Oct 4, 2016 9:56am Oct 4, 2016 9:56am
Quoting Lock
... C period high at open price (2760). Take this information forward.
Back to it and taken out. (...starting from a poor low)

Market totally controlled by weak hands.

Please note that current "Alltime" low is a preUS low (27356) back to back with a GB low. And right above it we got the new poor low (27395) made by current pit session.

C period inside bar of B period. Possible breakout from here. Pit session gap down still in place.
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  • #646
  • Oct 4, 2016 10:28am Oct 4, 2016 10:28am
Watch out. Next period E is the last one of London. And we are only some pips below GB unchanged price (price at preUS open)
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  • #647
  • Oct 4, 2016 10:41am Oct 4, 2016 10:41am
Quoting Lock
{quote} Back to it and taken out. (...starting from a poor low) Market totally controlled by weak hands. Please note that current "Alltime" low is a preUS low (27356) back to back with a GB low. And right above it we got the new poor low (27395) made by current pit session. C period inside bar of B period. Possible breakout from here. Pit session gap down still in place.
D was inside bar of C that was inside bar of B...
27356 and 27395 both taken out during E period attempted breakout from D C B balance.

clap, clap, clap...
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  • #648
  • Oct 4, 2016 10:46am Oct 4, 2016 10:46am
Quoting Lock
Watch out. Next period E is the last one of London. And we are only some pips below GB unchanged price (price at preUS open)
Please note that E period high was also at hb...

I'm off. have a nice continuation. Best L.

PS: I have no idea of what could happen now. Current excess of E period looks too much. (too many single pips) But in any case as written multiple times, this market is currently ruled by weak hands, so it is particulraly risky (and tricky).
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  • #649
  • Oct 4, 2016 10:52am Oct 4, 2016 10:52am
Quoting Lock
{quote} Please note that E period high was also at hb... I'm off. have a nice continuation. Best L. PS: I have no idea of what could happen now. Current excess of E period looks too much. (too many single pips) But in any case as written multiple times, this market is currently ruled by weak hands, so it is particulraly risky (and tricky).
Taken out.

clap clap clap again and that's all for today. Best L.
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  • #650
  • Oct 4, 2016 4:27pm Oct 4, 2016 4:27pm
Quoting Lock
{quote} Please note that E period high was also at hb... I'm off. have a nice continuation. Best L. PS: I have no idea of what could happen now. Current excess of E period looks too much. (too many single pips) But in any case as written multiple times, this market is currently ruled by weak hands, so it is particulraly risky (and tricky).
E period totally retraced (only 1 single pip left downside)

Best L.

PS: Pit session closed with a poor low at 2719.
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  • #651
  • Oct 5, 2016 1:02am Oct 5, 2016 1:02am
08:00 +1GMT (edited untill 08:09)
EARLY MORNING REPORT

Cable is one timeframing lower weekly and daily. Yesterday Tokyo (with China bank holiday that will last untill Friday) broke the low of the major daily bracket at 2795, made a gap lower for GB, that GB was not able to retrace creating a balance and allowing a further gap lower for preUS and Pit US sessions, only retraced in part. Nor Tokyo, nor GB nor US sessions retested the breakeven at 2795.

Current "all time" low at 2719, made by pit session, is a poor low, also tagged by today Sydney session. Current Tokyo session has a poor low and a poor high (07:59 +1GMT) and is now right at the bottom of yesterday GB low at 27365. If it will remain below it we could have a further GB gap down for upcoming GB session.

The nearest composite POC is at 2741 and could be a pole of attraction if price will remain around it during the day.

I've seen a lot of emotion coming downside and price action left upside a rare sequence of weak references. All the gaps created during the fall are now working as substitutes for the lack of good highs and as resistances for possible short covering upside. Inventories are hideously short and a correction of inventories could happen at any moment in time. Specially during news.
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  • #652
  • Oct 5, 2016 2:03am Oct 5, 2016 2:03am
GB opens with a notable gap down. If it will resist we could have continuation downside. If it will be retraced we could re enter int the pole of attraction of the nearest composite POC at 2741 and eventually (not probable before news) test the breakeven at 2795.
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  • #653
  • Oct 5, 2016 2:11am Oct 5, 2016 2:11am
Quoting Lock
GB opens with a notable gap down. If it will resist we could have continuation downside. If it will be retraced we could re enter int the pole of attraction of the nearest composite POC at 2741 and eventually (not probable before news) test the breakeven at 2795.
Now the nearest POC moved down to 2732 (same level of the Tokyo POC)
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  • #654
  • Oct 5, 2016 2:40am Oct 5, 2016 2:40am
A and B periods in short covering: for now up to the TAG of yesterday pit unchanged (pit close price 27255) A little part of the GB gap down is still in place but we are also close to the composite POC at 2732.
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  • #655
  • Oct 5, 2016 3:09am Oct 5, 2016 3:09am
Quoting Lock
GB opens with a notable gap down. If it will resist we could have continuation downside. If it will be retraced we could re enter in the pole of attraction of the nearest composite POC at 2741 and eventually (not probable before news) test the breakeven at 2795.
Quoting Lock
{quote} Now the nearest POC moved down to 2732 (same level of the Tokyo POC)
Quoting Lock
A and B periods in short covering: for now up to the TAG of yesterday pit unchanged (pit close price 27255) A little part of the GB gap down is still in place but we are also close to the composite POC at 2732.
And here you are back to the composite POC at 2732. Now it could wait for the news here maybe.

Note that the gap is still in place for a couple of pips. (above a gap generally we find weak hands seller)
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  • #656
  • Oct 5, 2016 3:16am Oct 5, 2016 3:16am
Quoting Lock
{quote} {quote} {quote} And here you are back to the composite POC at 2732. Now it could wait for the news here maybe. Note that the gap is still in place for a couple of pips. (above a gap generally we find weak hands seller)
Now gap fully retraced.

Remember that currently you are warching a short covering of inventories too short. It could last and continue higher obviously but it is old business for now not new money buying. And we are close to the composite POC and before news.
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  • #657
  • Oct 5, 2016 4:01am Oct 5, 2016 4:01am
D is inside bar of C: possible breakout from here.

Note that Tokyo spike down was a benchmark bar to test lower. Now a possible benchmark upside is possible*. But remember that we are watching a short covering for now.

Also considering, as written, that we have not a test yet at the breakeven 2795.
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  • #658
  • Oct 5, 2016 4:39am Oct 5, 2016 4:39am
Quoting Lock
D is inside bar of C: possible breakout from here. Note that Tokyo spike down was a benchmark bar to test lower. Now a possible benchmark upside is possible*. But remember that we are watching a short covering for now. Also considering, as written, that we have not a test yet at the breakeven 2795.
E period failed above C and we are now at the opposite side of the balance as normal. Very tricky market anyhow. Note that it removed the weak D low at half back (it was also the base of the news:the lowest price tagged right after news)
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  • #659
  • Oct 5, 2016 4:55am Oct 5, 2016 4:55am
I do not understand what this market is doing. Tokyo went down to make a benchmark downside:clear. Gb retraced it up to the main nearest POC: up to that it was clear too. Then it attempted a breakout above inside bar D, failed and went back to take out a weak D low left downside: no problem here too. But now it stalled here at the base of yesterday pit session: and I do not understand why.
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  • #660
  • Oct 5, 2016 5:20am Oct 5, 2016 5:20am
Quoting Lock
I do not understand what this market is doing. Tokyo went down to make a benchmark downside:clear. Gb retraced it up to the main nearest POC: up to that it was clear too. Then it attempted a breakout above inside bar D, failed and went back to take out a weak D low left downside: no problem here too. But now it stalled here at the base of yesterday pit session: and I do not understand why.

The only clear thing here is that G is balancing inside F. I was thinking at a coming back up to the main POC 2732, but for now it's doing nothing but balance.
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