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Lock's Cable Corner

  • #1,421
  • Oct 28, 2016 4:14am Oct 28, 2016 4:14am
11:13 +1GMT What ever this market is going to do I opted to stay out of it. See you later if something will occur. Have a nice continuation. Best L.
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  • #1,422
  • Oct 28, 2016 4:33am Oct 28, 2016 4:33am
Quoting Lock
10:54 Double tag at open by C and D periods. Note that D is inside C: possible break from here.
11:33 Eventually E period managed to break below the D balance. *It tested only th e first weekly balance low at 21353. Now after this attempted break, in order to have a possible continuation downside we want to see price acceptation below overnight low at 2152. Note that the gap downside is the ruling reason for this action downside.

*I was not in this action, because I didn't like the Tokyo poor high left without correction right below the gap downside. Let's see now.

11:39 Please note that 21314 is (it was, obviously) the lowest low for GB. Acceptation or rejection below it is fundamental for any meaningfull continuation downside for GB.
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  • #1,423
  • Oct 28, 2016 5:01am Oct 28, 2016 5:01am
Quoting Lock
{quote} 11:33 Eventually E period managed to break below the D balance. *It tested only th e first weekly balance low at 21353. Now after this attempted break, in order to have a possible continuation downside we want to see price acceptation below overnight low at 2152. Note that the gap downside is the ruling reason for this action downside. *I was not in this action, because I didn't like the Tokyo poor high left without correction right below the gap downside. Let's see now.

12:01+1GMT Two m30 period closed below overnight low at 2152: we got acceptation below it. We still have not acceptation below the old lowest low for GB at 21314 anyway.

Note that F period is inside E period. We are in balance. So a possible break could occur again from here.

Note also that current GB action is building a gap for the upcoming preUS/pit sessions: if so we could have continuation also for US sessions.

A final note is about the current double distribution profile: In order to preserve it (meaning possible continuatoin downside) the upper minus development of E period at 2153-2163 has to be preserved at least in part.

Quoting Lock
19:20 In any case, it's now very late for me and I'm very tired. So I'm off. Note that the last attempt downside made by G period stopped 1 pip above the minus development of 10.25 pit session (2136-21473). Have a nice continuation. Best L.
As you see current GB action is filling the old pit US minus development.
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  • #1,424
  • Oct 28, 2016 5:18am Oct 28, 2016 5:18am
12:18 F period is weak above at Sydney low TAG (2152) and below at old lowest GB low TAG (21314). So watch out. Overall current GB session is in one timeframing lower mode from B period high.

12:33 Still no acceptation below old lowest GB (21314). G closed as inside bar of F that is inside bar of E: again, watch out for a break from this balance.
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  • #1,425
  • Oct 28, 2016 5:44am Oct 28, 2016 5:44am
Quoting Lock
12:18 F period is weak above at Sydney low TAG (2152) and below at old lowest GB low TAG (21314). So watch out. Overall current GB session is in one timeframing lower mode from B period high. 12:33 Still no acceptation below old lowest GB (21314). G closed as inside bar of F that is inside bar of E: again, watch out for a break from this balance.
14:44 +1GMT H attempting a break below G inside period balance. Monitor for continuation and remember that if we have a failure below a balance the natural target after the failure is the opposite side of the balance.
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  • #1,426
  • Oct 28, 2016 6:02am Oct 28, 2016 6:02am
13:02 Still no acceptation below old lowest GB (21314) but we have clean space below G balance. poor low at 21235. Not a good "all time low" for GB clearly.
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  • #1,427
  • Oct 28, 2016 6:16am Oct 28, 2016 6:16am
Quoting Lock
13:02 Still no acceptation below old lowest GB (21314) but we have clean space below G balance. poor low at 21235. Not a good "all time low" for GB clearly.
13:16 Taken out as normal in such cases..

13:21 Very short inventories for GB. Price is grinding downside.

13:24 Note that 2119 is the lowest close for October. The10.11 pit session made it.
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  • #1,428
  • Oct 28, 2016 6:33am Oct 28, 2016 6:33am
13:33 Watch out: right now we got 3 distributions for GB session. It's a clear sign of emotional trading activity. Also we got 4 anomalies for current GB session.
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  • #1,429
  • Oct 28, 2016 6:36am Oct 28, 2016 6:36am
Quoting Lock
13:33 Watch out: right now we got 3 distributions for GB session. It's a clear sign of emotional trading activity. Also we got 4 anomalies for current GB session.
13:35 As you see... Third distributin cleared. Now we have only 2 of them.
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  • #1,430
  • Oct 28, 2016 6:50am Oct 28, 2016 6:50am
13:50 +1GMT
It looks like preUS is going to open out of balance from yesterday pit session range, with a gap downside from yesterday pit low at 21488. Anyway carry the following information forward: GB F period high is at overnight low 2152, I period high is at weekly low 21352 and current J period high is at previous "all time" low for GB at 21314. They are all exact references, meaning that this last part of GB action has been conducted and ruled by weak hands traders.

If the possible gap downside will not be retraced quickly anyway we could expect continuation downside. If instead it will filled swiftly we could have a substantial correction upside, considering that we are at the base of a weekly balance and that normaly when we have a failure below balance the natural target is at the opposite side of that balance.
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  • #1,431
  • Oct 28, 2016 6:57am Oct 28, 2016 6:57am
Quoting Lock
13:50 +1GMT It looks like preUS is going to open out of balance from yesterday pit session range, with a gap downside from yesterday pit low at 21488. Anyway carry the following information forward: GB F period high is at overnight low 2152, I period high is at weekly low 21352 and current J period high is at previous "all time" low for GB at 21314. They are all exact references, meaning that this last part of GB action has been conducted and ruled by weak hands traders....
13:57 +1GMT
Most of them taken out even before preUS open... This is the importance of market generated information.
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  • #1,432
  • Oct 28, 2016 7:02am Oct 28, 2016 7:02am
14:02 PreUS opened with a microscopic 2 pips gap downside from yesterday pit session low(21488) and retraced 1 pip of it: so now we have a strange 1 single pip gap downside for preUS: consider this as an other weak reference upside (2148).
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  • #1,433
  • Oct 28, 2016 7:12am Oct 28, 2016 7:12am
14:12
Considering that yesterday pit session was already a liquidation and that that session has a very prominent poc (at 2173), consider current preUS activity downside as particularly weak and risky.

I'm not saying at all it cannot continue lower from here, I'm only saying it is very weak because it is taking place below value from yesterday that in my opinion was already very short as inventories.

Carry this info forward for the next sessions if today it will continue lower from here following this weak short momentum.
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  • #1,434
  • Oct 28, 2016 7:23am Oct 28, 2016 7:23am
14:23 the micro gap downside has been filled but A period high is still weak as it is tagging yesterday pit session low 21488 (also just 1 single pip below round 2150.)
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  • #1,435
  • Oct 28, 2016 7:28am Oct 28, 2016 7:28am
14:28 A period low is weak too because it is tagging the weekly low at 21352. So watch out for a possible shake out here.
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  • #1,436
  • Oct 28, 2016 7:35am Oct 28, 2016 7:35am
Quoting Lock
13:50 +1GMT...Anyway carry the following information forward: GB F period high is at overnight low 2152, I period high is at weekly low 21352 and current J period high is at previous "all time" low for GB at 21314. They are all exact references, meaning that this last part of GB action has been conducted and ruled by weak hands traders. ...
All the GB weak refs taken out..

Quoting Lock
14:23 the micro gap downside has been filled but A period high is still weak as it is tagging yesterday pit session low 21488 (also just 1 single pip below round 2150.)
Quoting Lock
14:28 A period low is weak too because it is tagging the weekly low at 21352. So watch out for a possible shake out here.
Shake out occurred as normal to correct both the weaknesses left above and below..

clap, clap, clap..
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  • #1,437
  • Oct 28, 2016 7:41am Oct 28, 2016 7:41am
14:41 Current B low is tagging 10.25 pit open 2126: it is weak.
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  • #1,438
  • Oct 28, 2016 7:48am Oct 28, 2016 7:48am
14:48+1GMT
less than 45 minutes to go for pit session. Overall we are very short as inventories. Let's see if pit session will open below yesterday pit low 21488 with a gap downside or inside its range (21488-2223). If below we could skip weak refs above for a while and eventually continue this weak momentum lower. If inside initial acceptation of yesterday pit range is expected and then eventually tests above and or below it. Remember the prominent poc at 2173 if something will go wrong downside.
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  • #1,439
  • Oct 28, 2016 8:25am Oct 28, 2016 8:25am
15:25+1GMT less than 5 minutes to go for pit session and price is currently inside yesterday pit range, at the bottom of it.
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  • #1,440
  • Oct 28, 2016 8:37am Oct 28, 2016 8:37am
15:37 Pit session opened exactly at yesterday unchanged 2159 and immediately punished those who were short yesterday below half back and below the poc at 2173...
Current pit high is clearly weak tagging GB and Tokyo today highs (1 single pip below them and exactly 1 single pip above yesterday half back!)

Note a lot of single pips for this initial A period meaning clearly initial short covering activity of the inventories too short left by yesterday pit session..

15:40 Note price balancing up and down exactly at yesterday pit poc at 2173....
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