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Lock's Cable Corner

  • #2,041
  • Dec 13, 2016 10:01am Dec 13, 2016 10:01am
For now we got acceptation inside yesterday range but we didn't below the monthly breakeven. Note also the weak high tagging preUS high. Plus the B single pips. I'm off for for a while. Best L.
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  • #2,042
  • Dec 13, 2016 10:31am Dec 13, 2016 10:31am
Quoting Lock
For now it's a liquidation with a test of the monthly breakeven: note the extreme elongation of B period with a lot of single pips. This does not mean it cannot continue. It means only it is a liquidation meaning old business versus new money selling.
17:31+1GMT
B period retraced almost 50%. Now we are in the last London period (E). December highest close for GB is at 27046, while yesterday GB close is at 26756: price is currently between these values.
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  • #2,043
  • Edited 1:10am Dec 14, 2016 1:00am | Edited 1:10am
16/12/14 WEDNESDAY 08:00+1GMT (edited untill 08:10)
EARLY MORNING REPORT

Yesterday pit session, after a considerable correction of the too extended B period, continued downside with a forcing action that in my opinion leaded leggard traders in a short in the hole situation. We will see this afternoon with the upcoming pit session.
After pit settle, Tokyo balanced all night long around pit session poor low (26528), tagging the top of the old double pass pit gap at 26394. And establishing a new Tokyo poor low right there.

Tokyo spent its entire session also inside the borders of the old GB gap upside (2646-2669) where it is also current price location. So right now we are below yesterday GB session range (2669-27234) and below the monthly breakeven at 2673, still our most important reference for this day. Let's see where GB is going to open.

Today will be full of important news so we could see volatility as normal.

Pit session left downside 2 double pass gap that could be interesting if we will go downside (lower one at 25255-2548, higher at 2630-26394). Instead above we still have the preUS poor high at 27688 and the GB poor high right above it at 27744. Then yesterday we added the weak composite poor high preUS+pit US at 27274. Below the first important reference, at least for GB will be the 12.12 spike base at 26118.

Major composite pocs are: above at 2714 while below at 2578.
An other big reference is clearly the 27115 half back of the entire move downside from 09.06. Far downside we still have the weekly breakeven at 2512: it is below the 2 double pass pit gaps: to reach it we need a full reversal of current monthly attempted breakout, meaning a consitent failure abive 2673 monthly breakeven that for now is still very uncertain.

Remember the USDX still has a 5 pass GB gap around 100.35 level and has still a not good "al time high": so both directions are possible and maybe both are needed in an unknown sequence.
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  • #2,044
  • Dec 14, 2016 3:00am Dec 14, 2016 3:00am
10:00+1GMT
B period was the last of Tokyo. Yes Tokyo close at 26865: today close is below it. Gb close is at 26837.
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  • #2,045
  • Dec 14, 2016 3:02am Dec 14, 2016 3:02am
Quoting Lock
10:00+1GMT B period was the last of Tokyo. Yes Tokyo close at 26865: today close is below it. Gb close is at 26837.
Tagged.
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  • #2,046
  • Dec 14, 2016 3:05am Dec 14, 2016 3:05am
Quoting Lock
{quote} Tagged.
If there will not be acceptation above it, watch out for correction.
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  • #2,047
  • Dec 14, 2016 3:17am Dec 14, 2016 3:17am
Quoting Lock
{quote} If there will not be acceptation above it, watch out for correction.
As you see... served on a silver plate. Note the exactness of day timeframes references: weak hands ruling this market. Note C low at open level.

Watch out it's a dangerous market.
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  • #2,048
  • Dec 14, 2016 9:27am Dec 14, 2016 9:27am
16:27+1GMT
All what we saw from GB H period is clearly short covering for now. Pit session opened inside yesterday range: initial acceptation of it expected then possible tests above and or below it. Note that we have 2 pit poor lows downside plus 2 back to back double pass pit gaps, plus today GB session poor low. I'm not saying it has to go down right now but carry this information forward.
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  • #2,049
  • Dec 14, 2016 9:29am Dec 14, 2016 9:29am
Obviously yesterday pit high is weak as it is a tag of pre US high.
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  • #2,050
  • Dec 14, 2016 9:35am Dec 14, 2016 9:35am
Quoting Lock
16/12/14 WEDNESDAY 08:00+1GMT (edited untill 08:10) EARLY MORNING REPORT Yesterday pit session, after a considerable correction of the too extended B period, continued downside with a forcing action that in my opinion leaded leggard traders in a short in the hole situation. We will see this afternoon with the upcoming pit session. ....

Note that the pit open confirmed the assumption about the "short in the hole" position of yesterday leggard sells: those who sold below yesterday pit poc at 2678 found themselves under the water at today pit open.
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  • #2,051
  • Dec 14, 2016 9:50am Dec 14, 2016 9:50am
Note current pit poor high tagging exactly the 27115 half back of the entire move downside from 09.06. Extremely weak.

But also note the new poor low for pit session: now we have 3 back to back pit poor lows...
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  • #2,052
  • Dec 14, 2016 10:23am Dec 14, 2016 10:23am
Quoting Lock
Note current pit poor high tagging exactly the 27115 half back of the entire move downside from 09.06. Extremely weak. But also note the new poor low for pit session: now we have 3 back to back pit poor lows...
17:23+1GMT
Taken out.
Now we are going to enter the last GB period (E). Highest GB close for DEC is at 27046, while yesterday GB close is at 26837.
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  • #2,053
  • Dec 14, 2016 10:32am Dec 14, 2016 10:32am
Quoting Lock
{quote} 17:23+1GMT Taken out. Now we are going to enter the last GB period (E). Highest GB close for DEC is at 27046, while yesterday GB close is at 26837.
Note price up and downs exactly at this level...
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  • #2,054
  • Dec 14, 2016 10:45am Dec 14, 2016 10:45am
17:45+1GMT
Note that current market is weak both above and below. Below we left 3 pit poor lows (2 of them back to back) plus two double pass pit gaps. Above yesterday weak high at 27267 and above it the pre US poor high at 27688 and GB poor high at 27744. So, considering this environment and the upcoming news: watch out.
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  • #2,055
  • Dec 14, 2016 10:58am Dec 14, 2016 10:58am
Quoting Lock
17:45+1GMT Note that current market is weak both above and below. Below we left 3 pit poor lows (2 of them back to back) plus two double pass pit gaps. Above yesterday weak high at 27267 and above it the pre US poor high at 27688 and GB poor high at 27744. So, considering this environment and the upcoming news: watch out.

the question is will it take return out the pit lows and gaps or head to the opposite extreme . . .
  • #2,056
  • Dec 14, 2016 10:59am Dec 14, 2016 10:59am
27948 is the upper monthly bracket low. Carry also this information forward considering the weekly one timeframing higher. Such a test is not impossible considering the environment and if major timeframes will step in.
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  • #2,057
  • Dec 14, 2016 11:01am Dec 14, 2016 11:01am
Quoting Lock
{quote} 17:23+1GMT Taken out. Now we are going to enter the last GB period (E). Highest GB close for DEC is at 27046, while yesterday GB close is at 26837.
Quoting Lock
{quote} Note price up and downs exactly at this level...
18:01+1GMT
the apple doesn't fall far from the tree
Today GB close just above our main ref at 27115 and less than 8 pips from highest dec close.
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  • #2,058
  • Dec 14, 2016 11:06am Dec 14, 2016 11:06am
Quoting Zaak
{quote} the question is will it take return out the pit lows and gaps or head to the opposite extreme . . .

The answer is: if it goes in one direction without correcting the other references in the opposite direction, when it eventually will stop the first move, we will then have big odds for a reverse move in order to correct those refs left uncorrected: this could be your/our opportunity.
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  • #2,059
  • Dec 14, 2016 11:12am Dec 14, 2016 11:12am
Quoting Lock
{quote} The answer is: if it goes in one direction without correcting the other references in the opposite direction, when it eventually will stop the first move, we will then have big odds for a reverse move in order to correct those refs left uncorrected: this could be your/our opportunity.

Obviously we could also have other opportunities if market generated information will suggest us. So we need total absorption in this market and total acceptation of what this market is telling us dynamically. This is the main purpose of the market profile tool: organize dynamically market provided information.
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  • #2,060
  • Dec 14, 2016 11:17am Dec 14, 2016 11:17am
Watch current preUS+pit US profile: how does it looks like? Isn't it a perfect "p"? So what we got for now? Short covering and then balance. That's all for now. Plus: look at the references this market is using. They are all exact references downside: so, who is supporting this move upside right now? Weak hands or strong hands?
This does not mean that stronger hands couldn't pile on this currently weak move, but it means that before or after weak hands downside have to be removed in order to have any meaningfull continuation upside. The same thing could be said regarding the upper situation.
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