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Lock's Cable Corner

  • #1,141
  • Oct 21, 2016 2:27am Oct 21, 2016 2:27am
No meaningfull reaction for now, no buyers at all: the weak momentum is still ruling for now. I'll stay out of this market unless something will occurr.

PS: if you are following this move downside your structural SL should be just inside the C period balance and your initial target is the base of the old GB gap upside at 21975. Maybe we could expect a meanigfull reaction right below it but right below it we have also the 2193 composite poc that could eventually attract price. But remember: if you are selling this you are acting alongside weakest hands, so watch out!
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  • #1,142
  • Oct 21, 2016 2:43am Oct 21, 2016 2:43am
I've never ever seen a thing like this in a normal market condition (no bank holiday, no upcoming news, no special occurring events). It is really incredible I repeat it. There is absolutely nobody trading this pair right now but weak hands money providers.
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  • #1,143
  • Oct 21, 2016 2:48am Oct 21, 2016 2:48am
Hello to everyone

Next week it is possible that the market will take a clear direction
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  • #1,144
  • Edited 3:07am Oct 21, 2016 2:52am | Edited 3:07am
Quoting Devart
Hello to everyone Next week it is possible that the market will take a clear direction {image} {image}
Absolutely correct. If nothing will happen today we are in a 2 week balance that could lead to a breakout.
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  • #1,145
  • Oct 21, 2016 2:55am Oct 21, 2016 2:55am
11:54 +1GMT
Eventually we got a weak reaction right below the overnight low. Those who were selling below C balance are no more. But watch out this correction started from a poor low: carry this information forward if it will not continue higher.
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  • #1,146
  • Oct 21, 2016 2:59am Oct 21, 2016 2:59am
11:59 This correction stalled exactly at current half back 2234: this provide us 2 usefull information.

  1. It is still weak going downside because we still have weak partecipants selling from exact references.
  2. It is a weak reaction upwards because stronger timeframes will never be stopped by weak hands at half back.

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  • #1,147
  • Oct 21, 2016 3:27am Oct 21, 2016 3:27am
Quoting Lock
{quote} Absolutely correct. If nothing will happen today we are in a 2 week balance that could lead to a breakout.
In your opinion lock considering a down movment where could be good to position a stop loss and where it could be good the TP. The second one is harder
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  • #1,148
  • Oct 21, 2016 3:38am Oct 21, 2016 3:38am
Quoting Devart
{quote} In your opinion lock considering a down movment where could be good to position a stop loss and where it could be good the TP. The second one is harder {image} {image} {image}
I'm not thinking to sell in this weak conditions unless a further gap downside for upcoming pit sessions will develop. Your question is to difficult to answer right now from a day timeframe trader perspective. Obviously after a meningfull correction upside, let's say above the higher composite poc at 2292 we could imagine a possible reaction in order to test, at least initially the weak cluster at 2135. In this case a stop could be palced in the gap upside. But for a bigger test downside down to the weak Sydney low I need more information. For now I see only a huge confusion and an unexeperienced before lack of partecipation.

Let me say that after the 14 of October I have not seen a proper market anymore. This is very bad for forex day timeframe traders. I hope for a return of bigger timeframes in this market or it will be very difficult from now on.
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  • #1,149
  • Oct 21, 2016 3:44am Oct 21, 2016 3:44am
12:44 Now G period is inside bar of F. Again: everything is weak above and below. The weak momentum is still down and for now I see no buyers at all. Very dangerous situation to trade.

We have a double TAG at half back and if it will continue lower form here it will put itself in big troubles I think.
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  • #1,150
  • Oct 21, 2016 3:49am Oct 21, 2016 3:49am
Quoting Lock
12:44 Now G period is inside bar of F. Again: everything is weak above and below. The weak momentum is still down and for now I see no buyers at all. Very dangerous situation to trade. We have a double TAG at half back and if it will continue lower form here it will put itself in big troubles I think.

With that you mean the Fire Cracker situation.... or?
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  • #1,151
  • Oct 21, 2016 4:12am Oct 21, 2016 4:12am
Quoting HappyMe
{quote} With that you mean the Fire Cracker situation.... or?
Price action left above a lot of weaknesses and these weaknesses are very close one each other. If price will eventually start to retrace them, the first one could trigger the second one as the second one could trigger the third and so on up to tha last one upside: this is a fire cracker effect. Obviously in order to have it we need buyers and for now I do not see any trace of them..

Note that the same thing could happen below where we have a cluster of lows very close one each other. If we will not find buyers below the gap upside base (21977) and if the composite poc will not stop price action at 2193 we could go and remove the first weak low at 21735 (10.17 Sydney low) and this could lead to a correction of all the other lows below it: a fire cracker effect.
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  • #1,152
  • Oct 21, 2016 4:27am Oct 21, 2016 4:27am
13:27 The weak break downside left a minus development in H period up to 22215: if removed there are odds for a correction upside, if preserved we could see price continue lower.
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  • #1,153
  • Oct 21, 2016 4:36am Oct 21, 2016 4:36am
Quoting Lock
13:27 The weak break downside left a minus development in H period up to 22215: if removed there are odds for a correction upside, if preserved we could see price continue lower.
13:37
J failed above I period balance and the minus devolopment has been preserved for now. It is still a very (edit) risky move considering what we left above but at least this is an other structural place where to put your stops if you are selling.
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  • #1,154
  • Oct 21, 2016 5:06am Oct 21, 2016 5:06am
Quoting Lock
16 10 20 THURSDAY 08:28 +1GMT (ed. 08:54) EARLY MORNING REPORT .... Downside instead we got a very suspect minus develpment made by 10.18 Sydney session at 21897-22166. ...
14:06 +1GMT
The very weak Sydney minus development is no more. And we are now at the composite poc 2193.
Let's see if current preUS will buid a gap lower for upcoming pit session. If so we could continue lower, if not watch out for a correction of the mess upside.

I'll be off untill pit session open. Have a nice continuation. Best L.
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  • #1,155
  • Oct 21, 2016 5:09am Oct 21, 2016 5:09am
Quoting Lock
{quote} I'm not thinking to sell in this weak conditions unless a further gap downside for upcoming pit sessions will develop. Your question is to difficult to answer right now from a day timeframe trader perspective. Obviously after a meningfull correction upside, let's say above the higher composite poc at 2292 we could imagine a possible reaction in order to test, at least initially the weak cluster at 2135. In this case a stop could be palced in the gap upside. But for a bigger test downside down to the weak Sydney low I need more information....
eheh yes, infact I was curious of ur opinion about SL and TP.
The market now should develops a mini bracket here (I am refering to the triangle drawn) because it is friday and there is not so many time for trading.
  • #1,156
  • Oct 21, 2016 5:40am Oct 21, 2016 5:40am
Quoting MohammadEC
hi lock I think if it breaks 2254 successfully it'll go down to 217x, what do u say? Or at least tests 2193 first
Luckily it happened as I thought, although I quit the market b4 London open Bcuz of the weak hands as u say
  • #1,157
  • Oct 21, 2016 5:55am Oct 21, 2016 5:55am
Quoting MohammadEC
{quote} Luckily it happened as I thought, although I quit the market b4 London open Bcuz of the weak hands as u say
Indeed...I'm not sure but do we can have short-covering "P-shape" again here?
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  • #1,158
  • Oct 21, 2016 6:31am Oct 21, 2016 6:31am
Quoting HappyMe
{quote} Indeed...I'm not sure but do we can have short-covering "P-shape" again here? {image}
Absolutely not a short covering. At the contrary is a liquidation. The P shape is a short covering when it starts from downside.
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  • #1,159
  • Oct 21, 2016 6:33am Oct 21, 2016 6:33am
15:32 +1GMT
Pit session opens with a gap downside, if preserved we could insist downwards. If retraced quickly, you know wher it could go.

Note the preUS poor low.
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  • #1,160
  • Oct 21, 2016 6:33am Oct 21, 2016 6:33am
Quoting Lock
{quote} Absolutely not a short covering. At the contrary is a liquidation. The P shape is a short covering when it starts from downside.
aha...! Thanks!

Well I hope I'm not bothering you with my post....
You can manage risk, but you can't manage the return
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