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Lock's Cable Corner

  • #2,381
  • Jan 10, 2017 6:26am Jan 10, 2017 6:26am
H4 broke support at 1.2198 and is in compression now awaiting for the next direction. Next swing is anyone's guess but if it swings up and 1.2198 confirms resistance my guess will probably be cable moving downwards towards the low 1.1967. If it can close below 1.2122 by this week high chance we can have downward continuation.
  • #2,382
  • Jan 10, 2017 6:28am Jan 10, 2017 6:28am
Quoting Oddbjorg
Hello from a learner. Like you tread. Thank you. Oddbj.
You're welcome. Best L.
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  • #2,383
  • Jan 10, 2017 6:31am Jan 10, 2017 6:31am
Quoting Trade-G
H4 broke support at 1.2198 and is in compression now awaiting for the next direction. Next swing is anyone's guess but if it swings up and 1.2198 confirms resistance my guess will probably be cable moving downwards towards the low 1.1967. If it can close below 1.2122 by this week high chance we can have downward continuation.
Hi Trade-G, you are welcome and thank you for your opinions about current market. Note anyhow that here we try to analyze market with a different approach. Please, read post 1 if you like. Best L.
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  • #2,384
  • Jan 10, 2017 6:44am Jan 10, 2017 6:44am
Apologies if in anyway I cause disturbance... I see that you are using some form of volume profiling.... great alternative analysis.... how do you reckon the pocket at 1.28 will be filled?
  • #2,385
  • Jan 10, 2017 7:07am Jan 10, 2017 7:07am
Quoting Trade-G
Apologies if in anyway I cause disturbance... I see that you are using some form of volume profiling.... great alternative analysis.... how do you reckon the pocket at 1.28 will be filled?
No disturbance at all! It's fine! I was only underligning the approach of the thread because maybe you didn't know about it. We use market profile to organize data (market generated information). Market profile is only a tool working as a dynamic database for market data. If you want to learn more about it start with the market profile handbook.

About your specific question let's put the situation in a context: we are in a mid term trend downside and probably still in a long term trend downside (even if we are technically in balance). In the short term timeframe we are also in a down trend. So starting from this I'll try to take the market a piece at a time. 1.28 is a very far reference and as a day trader I'm currently not so interested in it.
12795 is the upper monthly bracket low, so I'll start to consider such ref when and if current mid term dowside will be over. At that moment in time surely I will try to understand if a new short trend upside could eventually lead price up to that level in order to probe it.

Best L.
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  • #2,386
  • Jan 10, 2017 7:12am Jan 10, 2017 7:12am
PreUS opened inside yesterday pit range. So, again, our expectations should be modest at least initially and we could wait for possible tests above and/or below yes pit range. Obviously the untested references below are very attractive but we got to let the market decide about current priorities. Remember that for now inventories are net short from yesterday pit session unch. And very short if we consider the entire move starting from Monday.
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  • #2,387
  • Jan 10, 2017 7:18am Jan 10, 2017 7:18am
Quoting Lock
{quote} No disturbance at all! It's fine! I was only underligning the approach of the thread because maybe you didn't know about it. We use market profile to organize data (market generated information). Market profile is only a tool working as a dynamic database for market data. If you want to learn more about it start with the market profile handbook. About your specific question let's put the situation in a context: we are in a mid term trend downside and probably...
Thanks Lock, good contextual explanation ! For now as daytraders we keep to whats closer and bear in mind whats further... looking for more of your writings... right now sideways awaiting breakout...
  • #2,388
  • Jan 10, 2017 7:36am Jan 10, 2017 7:36am
Note yesterday pit session poor high 21787 plus current preUS poor high 21705. Also note that today Tokyo tagged yesterday pit high. It's only one data point and we are against mid term trend, but carry this info forward.
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  • #2,389
  • Jan 10, 2017 8:02am Jan 10, 2017 8:02am
B inside A, B low at half back(also tagging yes pit unch), poor high. Weak hands still ruling this market but a break is possible.
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  • #2,390
  • Jan 10, 2017 8:32am Jan 10, 2017 8:32am
Pit session opened inside yesterday pit range: no change for now. Glued to composite poc. Overnight inventories are neutral. Note preUS C inside B inside A. And current pit A inside preUS C: full balance here.
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  • #2,391
  • Jan 10, 2017 8:39am Jan 10, 2017 8:39am
Quoting Lock
Note yesterday pit session poor high 21787 plus current preUS poor high 21705. Also note that today Tokyo tagged yesterday pit high. It's only one data point and we are against mid term trend, but carry this info forward.
Watch out if it will take out these poor highs and after that you will not see continuation.
If instead we will find continuation we could aim at the upper composite poc 2233 or at least some correction of the old pig gap downside.
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  • #2,392
  • Jan 10, 2017 8:43am Jan 10, 2017 8:43am
Quoting Lock
{quote} Watch out if it will take out these poor highs and after that you will not see continuation. If instead we will find continuation we could aim at the upper composite poc 2233 or at least some correction of the old pig gap downside.
2171 Structure high tested and rejected, but the pocket above 1.22 is a magnet...
  • #2,393
  • Jan 10, 2017 9:33am Jan 10, 2017 9:33am
Quoting Trade-G
{quote} 2171 Structure high tested and rejected, but the pocket above 1.22 is a magnet...
It took out the first poor high 21787 (preUS) and only tagged the higher one 21705 (yesterday pit): from there it liquidated, just to remain glued again at composite poc. It is one of the weakest market ever experienced. And at the same time this is very expectable considering the exceptional location of price and the fact that we opened inside yesterday range/value. 2171 Remained extremely weak, but at the same time also structure below is weak. Olso we have to note the huge indecision as price is up and down open continuously.
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  • #2,394
  • Jan 10, 2017 9:46am Jan 10, 2017 9:46am
C low tagged yesterday pit open: an other day timeframe reference.
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  • #2,395
  • Jan 10, 2017 10:18am Jan 10, 2017 10:18am
Quoting Lock
C low tagged yesterday pit open: an other day timeframe reference.
Exactly from this further day timeframe reference (that suggests us who is still in control of this market) price went up and eventually took out also the second poor high (yesterday pit high). Now: we have a minus development up to 2200. Then there is the rest of the old gap downside and the composite poc at 2233. But remeber that structure below is very weak and that we are against mid term trend downside.
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  • #2,396
  • Jan 10, 2017 10:31am Jan 10, 2017 10:31am
Where is currently price? At open..
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  • #2,397
  • Jan 10, 2017 11:17am Jan 10, 2017 11:17am
E and F periods' highs both at current half back 2168 level: still a very low confidence session, ruled by daily timeframes.
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  • #2,398
  • Jan 10, 2017 11:42am Jan 10, 2017 11:42am
Quoting Lock
{quote} Exactly from this further day timeframe reference (that suggests us who is still in control of this market) price went up and eventually took out also the second poor high (yesterday pit high). Now: we have a minus development up to 2200. Then there is the rest of the old gap downside and the composite poc at 2233. But remeber that structure below is very weak and that we are against mid term trend downside.
And, as normal in a very low confidence day,here we are again at yesterday pit open, where the last action upside started.
Then, just to remind you: we left above E anf F period's highs at current half back (2168) and current G high at yesterday pit unchanged (2158). These levels, again, are day timeframe references: so the market was up before leaded by weak hands and it is currently down leaded again by the same weak market participants.
Note anyhow that now, we are aligned with the mid term trend downside. Also, we have already a test above yesterday range high (failed) and consequently the level of confidence downside could eventually increase. The natural direction*, after a failure above balance, is the opposite side of that balance: that in this case is yesterday pit low 21283.

*Note that I'm speaking about "natural direction", not a level to reach surely.
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  • #2,399
  • Jan 10, 2017 11:57am Jan 10, 2017 11:57am
Quoting Lock
E and F periods' highs both at current half back 2168 level: still a very low confidence session, ruled by daily timeframes.
Still at risk, considering the very low confidence.
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  • #2,400
  • Edited Jan 11, 2017 12:39am Jan 10, 2017 9:47pm | Edited Jan 11, 2017 12:39am
2183 now is the barrier to overcome if it were to have any upside, pocket remain at 1.22 highest 1.2198. should region 1.2172-1.2156 goes it will favour the downside greatly. 2148 must break and hold as resistance.
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