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Lock's Cable Corner

  • #2,061
  • Dec 14, 2016 11:20am Dec 14, 2016 11:20am
Quoting Lock
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...

Where is D low? At round 2700. Where is the current B low? Back to back with A low. Where is preUS low? Exactly at monthly breakeven... etc..
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  • #2,062
  • Dec 14, 2016 11:21am Dec 14, 2016 11:21am
Note E inside period of D.
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  • #2,063
  • Dec 14, 2016 11:25am Dec 14, 2016 11:25am
And, in a major scale: where is price? Isn't around a major composite poc? (2714) And what happens when a price action supported by weak hands is close to a major composite poc? It happens that it tends to attract price, continuosly. And in fact all the last periods of current pit session crossed this level at least once.
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  • #2,064
  • Dec 14, 2016 11:29am Dec 14, 2016 11:29am
weak hands upside and downside rotating now
  • #2,065
  • Dec 14, 2016 11:36am Dec 14, 2016 11:36am
Quoting Zaak
weak hands upside and downside rotating now
Exactly. But watch out because of the E balance: this is an attempted break.
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  • #2,066
  • Dec 14, 2016 11:42am Dec 14, 2016 11:42am
Quoting Lock
{quote} Exactly. But watch out because of the E balance: this is an attempted break.
but E is inside D undecided or is it a failed attempt upside . .
  • #2,067
  • Dec 14, 2016 11:52am Dec 14, 2016 11:52am
Quoting Zaak
{quote} but E is inside D undecided or is it a failed attempt upside . .
E inside D was the balance period. Then F attempted downside (closing below E low). Then G continued the attempt and it is now at poor low, making it extraordunary weak. Note anyway that F high is at yesterday open. So it is still a very weak and risky environment. If you ar selling from below balance you need acceptation below it for any meaningfull continuation downside. If not watch out for a retracement back above E balance high.
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  • #2,068
  • Dec 14, 2016 11:55am Dec 14, 2016 11:55am
If we will have continuation we have big space downside. You know the weak refs there.
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  • #2,069
  • Dec 14, 2016 12:04pm Dec 14, 2016 12:04pm
yes quite a few lows and gaps. not much upside in comparison.
  • #2,070
  • Dec 14, 2016 12:09pm Dec 14, 2016 12:09pm
A lot of efforts to take out the poor low. Watch out. Amd monitor for continuation.
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  • #2,071
  • Dec 14, 2016 12:10pm Dec 14, 2016 12:10pm
Quoting Zaak
yes quite a few lows and gaps. not much upside in comparison.
Yes but sometimes market could be tricky, specially in these situation of weak environment: so watch out.
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  • #2,072
  • Dec 14, 2016 12:11pm Dec 14, 2016 12:11pm
This is a liquidation of the previous short covering. Consequently watch out: for now it's old business versus new money selling.
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  • #2,073
  • Dec 14, 2016 12:17pm Dec 14, 2016 12:17pm
Quoting Lock
{quote} Where is D low? At round 2700. Where is the current B low? Back to back with A low. Where is preUS low? Exactly at monthly breakeven... etc..
The liquidation of these weak support levels..
But watch out, again. A liquidation could morph in something more, but unless bigger timeframes will step in, for now it remains a liquidation.
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  • #2,074
  • Dec 14, 2016 1:12pm Dec 14, 2016 1:12pm
Quoting Lock
{quote} Yes but sometimes market could be tricky, specially in these situation of weak environment: so watch out.
Here we are with a majestic shake out. Above these ruins note we left above a new poor high. And a huge minus development for current J period. Plus the lower upside gap is still in place. Now: let's see if pit will able to accept price below current GB low (overnigh low) or not. If not: all the way back upside. If acceptation below GB low we could have continuation downside in orde to take fill the gap. And maybe to reach the other poor low at 25517 and the double pass gap below it.
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  • #2,075
  • Dec 14, 2016 1:13pm Dec 14, 2016 1:13pm
GB spike 12.12 tagged at the pip.
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  • #2,076
  • Dec 14, 2016 1:23pm Dec 14, 2016 1:23pm
Quoting Lock
{quote} Here we are with a majestic shake out. Above these ruins note we left above a new poor high. And a huge minus development for current J period. Plus the lower upside gap is still in place. Now: let's see if pit will able to accept price below current GB low (overnigh low) or not. If not: all the way back upside. If acceptation below GB low we could have continuation downside in orde to take fill the gap. And maybe to reach the other poor low at 25517 and the double pass gap below it.
GB low is important also because it coincides with the monthly pit breakout at 26345. So it is a very important go/no go level for pit session because it could lead to a rejection or an acceptation of the monthly breakeven.

Generally we considered 2673 as the monthly breakeven because it is a general reference for all the session while 26345 is only for pit participants.
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  • #2,077
  • Dec 14, 2016 1:37pm Dec 14, 2016 1:37pm
20:37+1GMT
Well, you know the references above and below. I'm too tired right now. Let's see tomorrow. Have a nice continuation. Best L.
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  • #2,078
  • Edited 2:31pm Dec 14, 2016 1:50pm | Edited 2:31pm
Lock, do you use candlesticks and MP?
  • #2,079
  • Dec 14, 2016 2:20pm Dec 14, 2016 2:20pm
thanks for sharing your encyclopedic knowledge LocK.
  • #2,080
  • Dec 15, 2016 1:35am Dec 15, 2016 1:35am
Quoting Zaak
Lock, do you use candlesticks and MP?
I use bars for major timeframes in order to speed read the market(to know where price is: in a trend or in a balance?), then market profile to organize market generated information coming from daily sessions.
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