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Lock's Cable Corner

  • #2,401
  • Jan 11, 2017 2:37am Jan 11, 2017 2:37am
Quoting Lock
{quote} Still at risk, considering the very low confidence.
As you see eventually the last action of the yesterday pit session took that cluster at 2168 out.
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  • #2,402
  • Jan 11, 2017 2:48am Jan 11, 2017 2:48am
17/01/11 WEDNESDAY 09:48+1GMT
MORNING REPORT

GB opened at the top of yesterday GB range, slightly out of balance, went back down inside it, found nothing and went up again. Price is very close to the major composite poc of 2165 and we need volume to evade it. Note the triple pass GB gap left above at 2193-21995 and the double pass GB gap 2193-22072: both are possible zone of attraction for current GB session. Also remember that these zones are both inside the last GB gap downside from 01.06 (from 2191 up to 2341) so we are speaking of a zone of resistance.
So a possibility could be go upside and fill at least the triple pass GB gap and coming down again after that. An other one could be go upside , fill that zone and insisting higher up to the upper major composite poc at 2285.
At the contrary a third option could be to obtain acceptation back inside yesterday GB range and consequently attempt a complete filling of it down to the new lowest of the year for GB at 21067, probing below it.

Remember anyhow that current price location will be difficult to evade because as said we are very close to a big pole of attraction (yesterday was almost entirely spent around it) Note also that yesterday GB close is only a couple of pips below this composite poc: if we do not get acceptation above it, odds are good to go downside.
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  • #2,403
  • Jan 11, 2017 3:05am Jan 11, 2017 3:05am
Quoting Trade-G
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.
Hi Trade-G what do you mean with the term "pocket". Do you perhaps mean stops to get? I got the lowest of December for GB at 2207 and the lowest of December for pit US at 2202. Are you referring to this second resistance level? Best L.

Btw 2148 will remain support or resistance untill pit session open, because it is a pit reference (it is the yesterday pit session poor low). So GB could probe below it and fail, probe and succeed, but in any case upcoming pit session will take in serious consideration this level, because pit participants established it yesterday.
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  • #2,404
  • Jan 11, 2017 3:16am Jan 11, 2017 3:16am
Quoting Lock
17/01/11 WEDNESDAY 09:48+1GMT MORNING REPORT GB opened at the top of yesterday GB range, slightly out of balance, went back down inside it, found nothing and went up again. Price is very close to the major composite poc of 2165 and we need volume to evade it. ....
a little imprecision here: current nearest composite poc is at 1263, so it almost coincides with yesterday GB close (the lowest GB close for this new year).
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  • #2,405
  • Jan 11, 2017 3:18am Jan 11, 2017 3:18am
Quoting Lock
{quote} Hi Trade-G what do you mean with the term "pocket". Do you perhaps mean stops to get? I got the lowest of December for GB at 2207 and the lowest of December for pit US at 2202. Are you referring to this second resistance level? Best L. Btw 2148 will remain support or resistance untill pit session open, because it is a pit reference (it is the yesterday pit session poor low). So GB could probe below it and fail, probe and succeed, but in any case upcoming pit session will take in serious consideration this level, because pit participants...
Hi Lock, pocket as in a gap left between a swing top and bottom. Between this sideways can develop into a megaphone structure. Trade cautiously, now that 2148 is cleared it may either be tested or might just flush down to the lowest support at 2121
  • #2,406
  • Jan 11, 2017 3:29am Jan 11, 2017 3:29am
Quoting Trade-G
{quote} Hi Lock, pocket as in a gap left between a swing top and bottom. Between this sideways can develop into a megaphone structure. Trade cautiously, now that 2148 is cleared it may either be tested or might just flush down to the lowest support at 2121
Sure, I'll subscirbe it: trade cautiously, specially in a weak environment before news. The "megaphone structure" or pattern is an other way to underlign the huge indecision of current market activity, the lack of participation of major timeframes capable to provide a clear orientation to price activity. Obviously day timeframes left alone in a market could only do what they always do, continuously going up to down and viceversa in a well difined range waiting for some change above or below. Consequently this could expand range progressively in both directions, creating volatility.
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  • #2,407
  • Jan 11, 2017 3:32am Jan 11, 2017 3:32am
Quoting Lock
{quote} a little imprecision here: current nearest composite poc is at 1263, so it almost coincides with yesterday GB close (the lowest GB close for this new year).
Note D high exactly at compositepoc/yesterday GB close at 21634: day timeframes/short term ruling current market.
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  • #2,408
  • Jan 11, 2017 3:38am Jan 11, 2017 3:38am
Quoting Lock
17/01/11 WEDNESDAY 09:48+1GMT MORNING REPORT .... At the contrary a third option could be to obtain acceptation back inside yesterday GB range and consequently attempt a complete filling of it down to the new lowest of the year for GB at 21067, probing below it.
Quoting Lock
Remember anyhow that current price location will be difficult to evade because as said we are very close to a big pole of attraction (yesterday was almost entirely spent around it) Note also that yesterday GB close is only a couple of pips below this composite poc: if we do not get acceptation above it, odds are good to go downside.
Third scenario in place: price accepted inside yesterday GB range (2 m30 periods closed inside it) failed test above yesterday GB close, then back to the opposite side of yesterday GB range (as a direction): but remember we need substantial volume to stay away of upper composite poc, so watch out if we do not find acceptation below yesterday GB session range.
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  • #2,409
  • Jan 11, 2017 3:39am Jan 11, 2017 3:39am
Quoting Lock
{quote} Sure, I'll subscirbe it: trade cautiously, specially in a weak environment before news. The "megaphone structure" or pattern is an other way to underlign the huge indecision of current market activity, the lack of participation of major timeframes capable to provide a clear orientation to price activity. Obviously day timeframes left alone in a market could only do what they always do, continuously going up to down and viceversa in a well difined range waiting for some change above or below. Consequently this could expand range progressively...
Most well explained Lock ! 2121 zone reached, it may just slowly drift downwards before another surprised move upwards.... shall have to watch 2107 how it reacts, might just zoom down from here to 2083
  • #2,410
  • Jan 11, 2017 3:45am Jan 11, 2017 3:45am
Quoting Trade-G
{quote} Most well explained Lock ! 2121 zone reached, it may just slowly drift downwards before another surprised move upwards.... shall have to watch 2107 how it reacts, might just zoom down from here to 2083
Thank you. Right now we are in a 2 sessions balance (GB sessions 01.09 and 01.10 overlapping ranges from 21067 to 2193): we could have acceptation below this balance or rejection below it. If acceptation monitor for continuation downside. If rejection, the natural direction is to the opposite side of this balance.
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  • #2,411
  • Jan 11, 2017 3:47am Jan 11, 2017 3:47am
Quoting Lock
{quote} {quote} Third scenario in place: price accepted inside yesterday GB range (2 m30 periods closed inside it) failed test above yesterday GB close, then back to the opposite side of yesterday GB range (as a direction): but remember we need substantial volume to stay away of upper composite poc, so watch out if we do not find acceptation below yesterday GB session range.
Yesterday GB range low tagged at the pip: now it is weak (as it is a very exact reference used mainly by day timeframes and short term participants), but watch out below it.
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  • #2,412
  • Jan 11, 2017 3:50am Jan 11, 2017 3:50am
Note also a very elongated D period. I'm out for a while. Have a nice continuation.
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  • #2,413
  • Jan 11, 2017 3:56am Jan 11, 2017 3:56am
Quoting Lock
{quote} Yesterday GB range low tagged at the pip: now it is weak (as it is a very exact reference used mainly by day timeframes and short term participants), but watch out below it.
Let me explain this better before I leave: below it we could find mid term participants or at least stronger short term participants. We came down from a very exact reference (yesterday GB close) meaning a ref used by weak hands traders (day timeframes/short term).
Conclusion: if it will go up from above yesterday GB range low, with out a test downside below it, who do you think will lead the action upside from such an exact ref? Again, short term and daily timeframes. If instead it will go below it and fails we could imagine the participation of stronger hands buyers there. Consequently if we find acceptation below it we could again imagine that some bigger stronger timeframes piled on this move downside right below the balance range.
Do you understand this concept? This concept clearly define our own expectation because, if we go below yes range and fail or succeed we could expect a bigger stronger action upside or downside respectively, if instead we go up from above current low we could expect a less strong action upside eventually aimed only to take out the weak ref left above.
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  • #2,414
  • Jan 11, 2017 4:05am Jan 11, 2017 4:05am
Quoting Trade-G
{quote} Most well explained Lock ! 2121 zone reached, it may just slowly drift downwards before another surprised move upwards.... shall have to watch 2107 how it reacts, might just zoom down from here to 2083
Out of shorts... phew.... staying to watch 2107 break convincingly before deciding to do anything.... downside bias still favoured. Expect some reaction at this region to 2083 ...
  • #2,415
  • Jan 11, 2017 4:17am Jan 11, 2017 4:17am
21306 region will decide if we will have a brief moment for an upswing.
  • #2,416
  • Jan 11, 2017 4:20am Jan 11, 2017 4:20am
Now as you see this first test downside has been rejected. We could imagine 2 different scenarios here:

  1. below yesterday Gb range we found serious buyers, then we could have odds to retrace almost completely at least the last action downside or..
  2. price went down only to take stops first: in this second eventuality a new attempt downside could be more serious and attract strongest sellers.


How to monitor current situation: first, for any meaningfull continuation upside we need acceptation back inside yesterday range (meaning at least a couple of m30 period closed inside it), second we have to close asap the D clean space above current E period high up to C period low. At the opposite a serious action downside will need, a new test accepted below yesterday range low, the current D period clean space preserved (in order to have a double distribution trend day)

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  • #2,417
  • Jan 11, 2017 4:34am Jan 11, 2017 4:34am
Quoting Lock
Now as you see this first test downside has been rejected. We could imagine 2 different scenarios here: below yesterday Gb range we found serious buyers, then we could have odds to retrace almost completely at least the last action downside or.. price went down only to take stops first: in this second eventuality a new attempt downside could be more serious and attract strongest sellers. How to monitor current situation: first, for any meaningfull continuation upside we need acceptation back inside yesterday range (meaning at least a couple of m30...
Lock where are your D E C periods? need to understand better... I based mine on also in a way balanced of buyers and sellers
  • #2,418
  • Jan 11, 2017 4:49am Jan 11, 2017 4:49am
Odd shaped reversal pattern in placed, 2130 needs to break upwards for an upswing
  • #2,419
  • Jan 11, 2017 5:05am Jan 11, 2017 5:05am
Hi Trade-G, this is not a thead dedicated to "standard" technical analysis. I trade organizing my data with market profile and I do not have the references you are using in your approach. I'm not a "profile trader", I'm only a trader that use market generated information. Your data, even if they are surely interesting and probably valid are off topic here in the way thay are obtained and expressed. I wouldn't be misunderstood with this statement but I posted it just to clarify the situation. Best L.
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  • #2,420
  • Jan 11, 2017 5:11am Jan 11, 2017 5:11am
Quoting Lock
Now as you see this first test downside has been rejected. We could imagine 2 different scenarios here: below yesterday Gb range we found serious buyers, then we could have odds to retrace almost completely at least the last action downside or.. price went down only to take stops first: in this second eventuality a new attempt downside could be more serious and attract strongest sellers.
Quoting Lock
How to monitor current situation: first, for any meaningfull continuation upside we need acceptation back inside yesterday range (meaning at least a couple of m30 period closed inside it), second we have to close asap the D clean space above current E period high up to C period low. At the opposite a serious action downside will need, a new test accepted below yesterday range low, the current D period clean space preserved (in...
So we got acceptation back inside yesterday GB range and we close the clean space up above C period low (21353): now, current situation could at least inform us about the fact that we had no strong sellers upside, because in this case we would never have joined/linked the 2 original distributions of current session. Now the natural initial target should be the high of D period (meaning yesterday GB close at 21634.) Obviously I'm speaking about odds and not about certainties.
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