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Lock's Cable Corner

  • #2,421
  • Jan 11, 2017 5:16am Jan 11, 2017 5:16am
Let me add here an important note: this morning I wrote about the 2148 level and I wrote that it was and it will remain an important level untill pit session open because it is a reference "built" by yesterday pit US participants. As you see we are tagging it now again. Now: the game here is to see where price will be at pit open. If below it, we will have a gap lower form yesterday pit session low. If above it we will have to take care of it with at least a test below it.

Quoting Lock
{quote} .... 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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  • #2,422
  • Jan 11, 2017 5:21am Jan 11, 2017 5:21am
I'm off again, have a nice continuation. See you later.
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  • #2,423
  • Jan 11, 2017 5:26am Jan 11, 2017 5:26am
Quoting Lock
Let me add here an important note: this morning I wrote about the 2148 level and I wrote that it was and it will remain an important level untill pit session open because it is a reference "built" by yesterday pit US participants. As you see we are tagging it now again. Now: the game here is to see where price will be at pit open. If below it, we will have a gap lower form yesterday pit session low. If above it we will have to take care of it with at least a test below it. {quote}
Very interesting Lock, 2148 was also my yesterdays very important reference, breaking it today and if confirmed resistance will confirm the bearish bias. It seems rejected but need to see how it goes. It may want to close the pocket 1.22 above though so that's my reason if any for the upswing to continue.....
  • #2,424
  • Jan 11, 2017 5:33am Jan 11, 2017 5:33am
Quoting Trade-G
{quote} Very interesting Lock, 2148 was also my yesterdays very important reference, breaking it today and if confirmed resistance will confirm the bearish bias. It seems rejected but need to see how it goes. It may want to close the pocket 1.22 above though so that's my reason if any for the upswing to continue.....
Note also that 2148 is also the yesterday GB unchanged price (the last GB m30 period close before preUS open) so accepation above it could let us wish to something more upside for current GB session, rejection above it could at the contrary inform us about the fact that nothing "changed" from yesterday and the the action could build value downside. Off again, best L.
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  • #2,425
  • Jan 12, 2017 1:57am Jan 12, 2017 1:57am
17/01/12 THURSDAY 08:57+1GMT
EARLY MORNING REPORT

Note that what happened yesterday has been the natural consequence of the first test below the pit "all time low" at 2087. As easily predicted below that level we could find stronger buyers. And note also that the correction upside took out entirely the very weak Tokyo session downside done during Tokyo bank holiday on Monday.

This is what I wrote:

Quoting Lock
17/01/10 TUESDAY 08:58+1GMT EARLY MORNING REPORT .... As a recap, we are in a long term trend downside** (monthly), in a mid term trend downside (weekly), a short term trend downside (daily) and currently we have a cluster at Tokyo half back 2154 and a substantial imbalance of inventories clearly very very short.
and again in the same report:

Quoting Lock
So in such condition if price will come up from here we could imagine some sort of correction of current inventories but for now we should not have new money buying: nor without a test below the all time lows, specially the pit low at 20872..
and then I conluded with this note:

Quoting Lock
And, even in this case if new money will be found below these levels we have to expect at least a mid term balance before any new serious reversal of current long term trend downside. .
Now, price is up above yesterday GB session range high and we are inside the previous GB gap downside from the low of GB session 01.06 at 23413. The triple pass GB gap 2193-21995 and the double pass GB gap 2193-22072 are currently below price and if GB will open around here, the triple pass one will become a 4 pass gap: it is very rare that such a condition could remain so without correction. Consequently carry forward this info.

Remember, anyhow, that below 2087 we could halso have found mid term timeframes buyers. Surely we found short term traders.
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  • #2,426
  • Jan 12, 2017 2:00am Jan 12, 2017 2:00am
Ok false breakout from megaphone structure propels it to 1.22 pocket closing and thereafter retrace to a bullish setup on the hourly at 1.2172 support for the next upswing. However, if 1.2267 strong zone, there is a strong possibility for a collapse back. Still magnet attracts to gap at 1.2280. If upswing strong next target 1.2380 region.
  • #2,427
  • Jan 12, 2017 2:09am Jan 12, 2017 2:09am
Lock tried to send you a personal message, but somehow got rejected....
  • #2,428
  • Jan 12, 2017 2:30am Jan 12, 2017 2:30am
Quoting Trade-G
Lock tried to send you a personal message, but somehow got rejected....
I got it, I answerd it. Best L.
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  • #2,429
  • Jan 12, 2017 2:38am Jan 12, 2017 2:38am
2272 is the last 2016 Tokyo close: an interesting level for the last Tokyo period of today. As it is the current GB low at 22536 that is the lowest Tokyo close for December 2016. Note anyhow that we are between two major composite pocs at 2233 (below here) and 2285 (right above here)
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  • #2,430
  • Jan 12, 2017 2:44am Jan 12, 2017 2:44am
Above current price location the main GB level is at 23117 (weekly 21.11.16) that is also equal to the main volume valley here. Then if GB will continue higher to fill the old gap we also have the 23315 (first GB daily bracket high from 19.10.16), 23355 the last 2016 GB close and 2342 that is the GB open price for current year. This last ref is also the top of the gap downside from 01.06.
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  • #2,431
  • Jan 12, 2017 2:51am Jan 12, 2017 2:51am
if failure in B....then back to base also value mid at 1.2285 at least and maybe to value low at 1.2255....?

mhhh waiting....
You can manage risk, but you can't manage the return
  • #2,432
  • Jan 12, 2017 2:58am Jan 12, 2017 2:58am
Quoting HappyMe
if failure in B....then back to base also value mid at 1.2285 at least and maybe to value low at 1.2255....? mhhh waiting....
We got conflicting information here: the new gap upside from yesterday GB high is currently a support to any action downside. At the same time the four pass gap left below looks like to need correction. Plus we have a very prominent poc attracting price right around here. A short at 23117 is licit: but monitor for continuation downside. If not the left portion of GB gap downside up to 23413 could still attract price again.
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  • #2,433
  • Jan 12, 2017 3:10am Jan 12, 2017 3:10am
Quoting HappyMe
if failure in B....then back to base also value mid at 1.2285 at least and maybe to value low at 1.2255....? mhhh waiting....
For instance: we are now at the top of Tokyo range high: for any meaningfull continuation downside we need acceptation back inside its range. If not, this is the first sign that this correction down is not so strong.
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  • #2,434
  • Jan 12, 2017 3:12am Jan 12, 2017 3:12am
Quoting Lock
{quote} For instance: we are now at the top of Tokyo range high: for any meaningfull continuation downside we need acceptation back inside its range. If not, this is the first sign that this correction down is not so strong.

C low currently exactly at open price 2260: 2 things here. If the action downside was strong price will never stopped there. Second, current market is leaded by weak hands, because also serious buyers will never buy at that level.
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  • #2,435
  • Jan 12, 2017 3:16am Jan 12, 2017 3:16am
So now you know who you are competing against: you may do 2 things. Follow what they currently are doing, using the references that they normally use to trade or wait untill they will eventually put themselves in trouble and going against them at that moment in time. It depends upon your trading style and your abilities.
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  • #2,436
  • Jan 12, 2017 3:19am Jan 12, 2017 3:19am
Quoting Lock
{quote} We got conflicting information here: the new gap upside from yesterday GB high is currently a support to any action downside. At the same time the four pass gap left below looks like to need correction. Plus we have a very prominent poc attracting price right around here. A short at 23117 is licit: but monitor for continuation downside. If not the left portion of GB gap downside up to 23413 could still attract price again.
Yes Lock spot on 2315 region for a short is a good region as all the various levels points to a strong resistance, which is why a strong retrace now back to 1.2267 support previous day high. But still not ruling out the target 1.2380 target yet. May be the swing high is near, as the upswing strength is not strong, participants weak... in the chart a reversal is forming.
  • #2,437
  • Jan 12, 2017 3:46am Jan 12, 2017 3:46am
Quoting Lock
So now you know who you are competing against: you may do 2 things. Follow what they currently are doing, using the references that they normally use to trade or wait untill they will eventually put themselves in trouble and going against them at that moment in time. It depends upon your trading style and your abilities.
Note current D low exactly at Tokyo high 2264. An other day timeframe weak ref. (as it is current D high exactly at half back 2285)
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  • #2,438
  • Jan 12, 2017 4:00am Jan 12, 2017 4:00am
D inside C
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  • #2,439
  • Jan 12, 2017 4:12am Jan 12, 2017 4:12am
Quoting Lock
D inside C
E broke below C inside period (balance) and took out the two weak refs left below (the C low at open and the D low at Tokyo high). Now, for any meaningfull continuation downside we need acceptation below early morning low (A period low at 2254)
If not and if price will instead get acceptation back inside D period range we could aim at the opposite side of it.
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  • #2,440
  • Jan 12, 2017 5:58am Jan 12, 2017 5:58am
Quoting Lock
{quote} E broke below C inside period (balance) and took out the two weak refs left below (the C low at open and the D low at Tokyo high). Now, for any meaningfull continuation downside we need acceptation below early morning low (A period low at 2254) If not and if price will instead get acceptation back inside D period range we could aim at the opposite side of it.
F closed inside D period and here we are at the top of it as normal.
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