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Lock's Cable Corner

  • #1,081
  • Oct 19, 2016 10:30am Oct 19, 2016 10:30am
Quoting HappyMe
{quote} Good observation.... but honestly...no..I didn't... I'm a little overwelmed after following your thread for a few days......Indeed I need a long way to go...!!
It's very normal. It's a long path but it worth it. Or at least this is what I think.

Let me add this: just knowing when a market is weak is a secure way to save your money. Because if you understand that it is weak and consequently you do nothing , you are not going to lose anything, preserving your real financial and psychological capital for better occasions.
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  • #1,082
  • Oct 19, 2016 10:44am Oct 19, 2016 10:44am
Now a quick recap.

 

  1. Current pit session is still inside yesterday pit session range: weak environment because when after more than 2 hours a market is not able to test nor the top nor the bottom of the balance in which it opened, this market could be ruled only by very weak partecipants.
  2. We are now in a forcing action downside aimed clearly at the test below yesterday pit session poor low: a forcing action is weak for definition because it regards old business not new money business.
  3. During this forcing action downside price left behind: a poor high, a weak period high at half back and a weak period high at tround 2300. If it will insist downside in this manner and eventually if it will be able to correct the poor low, the odds are in favour of a correction of the weaknesses left above.

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  • #1,083
  • Oct 19, 2016 10:55am Oct 19, 2016 10:55am
Eventually price is now testing the yesterday pit session poor low: watch out here as written. If for whatever reason it will continue lower skipping the weaknesses above you could follow price but always being aware of the risk involved in it, because you are going against odds.
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  • #1,084
  • Oct 19, 2016 11:00am Oct 19, 2016 11:00am
The first target below, for those who are attempting this breakout, is at Tokyo low (2256).
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  • #1,085
  • Oct 19, 2016 11:05am Oct 19, 2016 11:05am
Quoting Lock
The first target below, for those who are attempting this breakout, is at Tokyo low (2256).
Tagged.
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  • #1,086
  • Oct 19, 2016 11:09am Oct 19, 2016 11:09am
Quoting Lock
Eventually price is now testing the yesterday pit session poor low: watch out here as written. If for whatever reason it will continue lower skipping the weaknesses above you could follow price but always being aware of the risk involved in it, because you are going against odds.

Yes....I believe you are right....I believe the correct HEW structure is now popping up also...anyway not a topic on this thread... but I believe for me different paths are coming together now!
You can manage risk, but you can't manage the return
  • #1,087
  • Oct 19, 2016 11:15am Oct 19, 2016 11:15am
Quoting HappyMe
{quote} Yes....I believe you are right....I believe the correct HEW structure is now popping up also...anyway not a topic on this thread... but I believe for me different paths are coming together now!
Well, you know, sometime I'm right, sometime I'm wrong but the important thing for me is to not go against odds. On the long run I've experienced that this is the only way to survive. If I miss a trade I miss a trade, so what? I hope anything good for fellow traders what ever the path they decide to follow anyhow. Best L.
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  • #1,088
  • Oct 19, 2016 11:24am Oct 19, 2016 11:24am
Now we got 2 possibilities here: a correction upside removing right now all the weak hands piling on this break, or a continuation downside given by current weak hands momentum. In this second case we have space, as written, at least down to the base of the gap higher (2201) but also more... If so those who will pile on this will be retraced next days. This second possibility is against odds, but, as written, everything is possible in a marked ruled by weak hands only.

Anyhow for continuation downside you need to see price acceptation below overnight low 22555 (at least a couple of m30 periods closed below it). If not you know where is going to go...

PS: personally I'm buying right after the overnight low failed test.
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  • #1,089
  • Oct 19, 2016 11:34am Oct 19, 2016 11:34am
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  • #1,090
  • Oct 19, 2016 11:35am Oct 19, 2016 11:35am
18:35 +1GMT
There is a minus development at 2278-2284. This space could divide the session in two different distributions: if price will not be able to close this pace quickly I'll be out of my longs, because if the double distributions will be preserved the situation could change against me. If instead this space will be filled the odds of a full retracement upside will increase.
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  • #1,091
  • Oct 19, 2016 11:44am Oct 19, 2016 11:44am
Quoting filostro
{image}
Hello Fillostro, what this chart shows with the colored bars? Best L.
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  • #1,092
  • Oct 19, 2016 12:03pm Oct 19, 2016 12:03pm
Quoting Lock
18:35 +1GMT There is a minus development at 2278-2284. This space could divide the session in two different distributions: if price will not be able to close this pace quickly I'll be out of my longs, because if the double distributions will be preserved the situation could change against me. If instead this space will be filled the odds of a full retracement upside will increase.
19:03 +1GMT
Scaled out some of my long position because tempo is very slow upside and the minus development upside has not been filled yet completely.
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  • #1,093
  • Oct 19, 2016 12:13pm Oct 19, 2016 12:13pm
BTW G period was inside bar of F. H failed above G little balance and went to the opposite side of it. Consequently I'm off. I will not follow this breakout downside anyway because the weaknesses above are too many and I'm too tired anyway to work at this time in the evening after more of ten hours of trading. I wish you all the best and see you tomorrow! Best L.
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  • #1,094
  • Oct 19, 2016 3:02pm Oct 19, 2016 3:02pm
Quoting Lock
{quote} Hello Fillostro, what this chart shows with the colored bars? Best L.
Hello Lock,
Long time ago I studied MP on the book of Dalton and I used it with the previous software..now I use Ensign that has no MP, but a sort a light version of it, with no letters but only price or volume. So you have the formations but not the time.
  • #1,095
  • Oct 19, 2016 3:22pm Oct 19, 2016 3:22pm
I have inner and outer TPO, Rang. POC, extended POC..everithing of MP but not the letters
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  • #1,096
  • Oct 20, 2016 12:28am Oct 20, 2016 12:28am
Quoting filostro
{quote} Hello Lock, Long time ago I studied MP on the book of Dalton and I used it with the previous software..now I use Ensign that has no MP, but a sort a light version of it, with no letters but only price or volume. So you have the formations but not the time.
Hi Filostro,
do you use a different platform to place your orders? Anyway, why don't you use also an MT4 just to see the MP letters using a tool for this purpose: it's totally free and you could have it in the background of your main platform in order to follow the thread with greater ease. (obviously if you want to and if you like it).
PM me for answers if you like, I could help you to set mt4 if you do not know already how to do it.
Best L.
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  • #1,097
  • Edited 1:57am Oct 20, 2016 1:28am | Edited 1:57am
16 10 20 THURSDAY 08:28 +1GMT (ed. 08:54)
EARLY MORNING REPORT

Yesterday GB session managed to make a test above Wednsday 10.12 high at 23248. We are still in the zone of attraction of the composite poc at 2292 and this is leading weak price action up and down it. Yesterday pit session went too short and eventually managed to cover inventories late in the evening. So right now we are in a 2 day balance up here and current Tokyo action is well inside (for now) yesterday GB range (2264-23317). Let's see where GB is going to open. If we will open inside it we could expect initial acceptation of it and eventually tests above and/or below it (as written many times for other cases like this).

If instead GB will open below yesterday with a final spike made by Tokyo we will have a gap downside: in this case, if not retraced quickly, we could go and test the 10.18 GB session low at 22294 and eventually test the gap upside below this level.

Do not forget that we are in a "major" 7 days daily bracket for GB and that its current range is 23317-21315. If something will happen downside consequently remember also that the 2135 zone is very weak because we have a cluster of different lows down there. Before it we have the lower composite poc at 2193.
If instead something will happen above the bracket, remember that we have space for a correction up to 2450: if we will find buyers above 23317, the upper zone is infact full of weaknesses and could be retraced quickly. (in this case the upper composite poc is at 2433.)

Final note: about current sessions situation remember that this action downside is leaving behind a pit poor high at 23222 and a Tokyo poor high at 2298 only some pips above the composite poc. Downside instead we got a very suspect minus develpment made by 10.18 Sydney session at 21897-22166.

About USDX this is the current situation:

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  • #1,098
  • Oct 20, 2016 2:03am Oct 20, 2016 2:03am
09:02 +1GMT
So, GB opened inside yesterday range (2264-23317) and immediately let us know who is in controll of this initial price action: infact it went up to yesterday unchanged 2283 and went back from it: weak hands. Also, it is now balancing between yesterday GB close 22786 and unchanged...

09:36 Did you see it? B period tagged exactly yesterday GB open 22584 and went back and current action started upside at yesterday unchanged 2283 as written: who do you think is in control of this market?

09:40 22766 half back tagged at the pipette... again who is in control...
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  • #1,099
  • Oct 20, 2016 3:13am Oct 20, 2016 3:13am
10:13 Very narrow range for GB and price action still totally controlled by weak hands partecipants. B low is at yesterday open as AB poor high is at yesterday unchanged as current C high is at today GB open.

Note also that C is inside B.
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  • #1,100
  • Oct 20, 2016 3:35am Oct 20, 2016 3:35am
The euro session is non trend infact in few hours there will ECB press conference and MBR.
C is at the minum of euro session of yesterday.
We have US gap up and down. Down we have poor lows of Tokyo and GB session of 18.10. Instead UP we have stronger highs.

I suppose that from here the market con move up or down with 50-50 possibility.

THe today range is included in yesterday range so today if the yesterday range will be broken we could have a strong trend. Where ...boh

What do you think Lock?
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