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Lock's Cable Corner

  • #2,481
  • Jan 13, 2017 6:54am Jan 13, 2017 6:54am
Quoting HappyMe
{quote} You are doing really a great job here! I'm reading the handbook again... it is starting to become clearer and clearer.... looks more logical then the first time I was reading it. Some puzzles getting on place at the moment.... Thanks again, I really learn a lot from your good and serious thread! A real eye-opener (for me at least!)
You're welcome. I'm very happy you found this usefull. Best L.
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  • #2,482
  • Jan 13, 2017 6:58am Jan 13, 2017 6:58am
Now, GB retraced itself completely establishing for now a poor low. The move upside was clearly a forcing action aimed to take out the multipass gaps and also to cover some of the weak shorts left by yesterday pit session liquidation. As a recap note that we are going to see preUS opening inside yesterday pit range(maybe), we are close to the lowest composite poc 2163. And we have the yesterday pit poor low to solve at 2152. Inventories are currently short, because even if the overnight activity took place almost entirely above yes pit unchanged at 2157 the last part of GB action was totally downside. So take note of this inventories imbalance situation.
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  • #2,483
  • Jan 13, 2017 7:03am Jan 13, 2017 7:03am
Trade location is not particularly good as we are in the middle of a trading range made by the last 5 overlapping daily ranges from 01.09. So watch out, also considering that we are before news.
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  • #2,484
  • Jan 13, 2017 7:14am Jan 13, 2017 7:14am
Note that yesterday pit rally high is at 21765. The rally high is a test made late in the afternoon in a downtrend session. Price accepted below this level (during pit session) could signify acceptation of yesterday action downside. Acceptation above it could instead underlign a substantial rejection of that attempt downside. So carry this information forward for the upcoming pit session.
Remenber the if you are not capable to wait for a good trade location (as I normally am for instance) use your demo or fake account to perform random trades, but do not place positions "just to try" in the real account: preserving your own financial and psychological capital is vital.
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  • #2,485
  • Jan 13, 2017 7:57am Jan 13, 2017 7:57am
Note the perfect tag of Tokyo low at 21392 and price glued to composite poc 2163: who is in control of this market?
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  • #2,486
  • Jan 13, 2017 8:32am Jan 13, 2017 8:32am
Pit opened inside yesterday range: moderate your expectation initially. From this location if we do not take out the poor preUS low tagging Tokyo low and the yesterday pit poor low we could only have short covering. Not serious buyers. If instead we will go below then finding nothing then the situation will completely change.

Obviously we could also find acceptation below them, and in this case we could aim lower.
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  • #2,487
  • Jan 13, 2017 8:34am Jan 13, 2017 8:34am
Note current low tagging yesterday pit poor low
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  • #2,488
  • Jan 13, 2017 8:40am Jan 13, 2017 8:40am
This cluster of lows should not survive: but watch out if we find no sellers below it.
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  • #2,489
  • Jan 13, 2017 8:49am Jan 13, 2017 8:49am
Quoting Lock
Note that yesterday pit rally high is at 21765. The rally high is a test made late in the afternoon in a downtrend session. Price accepted below this level (during pit session) could signify acceptation of yesterday action downside. Acceptation above it could instead underlign a substantial rejection of that attempt downside. So carry this information forward for the upcoming pit session. Remenber the if you are not capable to wait for a good trade location (as I normally am for instance) use your...
For now we are below the yesterday ARH at 21765 but: preUS C high is at preUS half back 21653 and inventories are currently very short. We do not have acceptation above yes unch at 2157 but note that current A high is only 1 single pip above it: who sell at an exact level like this? Longer timeframes have no idea of such references nor they could care less about them: so those sellers are weak hands, probably daytimeframes or short term traders. Also we are before news. And it's Friday: I repeat it, watch out. This does not mean it cannot go lower from here but it means that current location is risky.
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  • #2,490
  • Jan 13, 2017 8:53am Jan 13, 2017 8:53am
13. Jan. 2017 14:53
Hello
Have a nice weekend.
Have closed all down for now.
All the best.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #2,491
  • Jan 13, 2017 8:55am Jan 13, 2017 8:55am
Quoting Oddbjorg
13. Jan. 2017 14:53 Hello Have a nice weekend. Have closed all down for now. All the best. Oddbj.
Hello Oddbjorg,
have a nice weekend too. Best regards, L.
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  • #2,492
  • Jan 13, 2017 9:49am Jan 13, 2017 9:49am
Quoting Lock
This cluster of lows should not survive: but watch out if we find no sellers below it.
Quoting Lock
{quote} For now we are below the yesterday ARH at 21765 but: preUS C high is at preUS half back 21653 and inventories are currently very short. We do not have acceptation above yes unch at 2157 but note that current A high is only 1 single pip above it: who sell at an exact level like this? Longer timeframes have no idea of such references nor they could care less about them: so those sellers are weak hands, probably daytimeframes or short term traders. Also we are before news. And it's Friday:...
As you see: all the weak hands coming down caught short in the hole...
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  • #2,493
  • Jan 13, 2017 9:56am Jan 13, 2017 9:56am
Now I'll let it go. I hope you appreciated again the importance of market generated information.

Note: watch out again if we will not find acceptation above yes rally high at 21765.
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  • #2,494
  • Jan 13, 2017 9:58am Jan 13, 2017 9:58am
Quoting Lock
Now I'll let it go. I hope you appreciated again the importance of market generated information. Note: watch out again if we will not find acceptation above yes rally high at 21765.
tagged right now.
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  • #2,495
  • Jan 13, 2017 10:09am Jan 13, 2017 10:09am
Now, for any meaningfull continuation upside we need 2 things: first, acceptation above yesterday rally high at 21765, second we do not want to see current clean space of C period completely filled, because we want to have a double distribution trend day.
If one or both of them will not be obtained watch out because the composite poc at 2163 is very close to current price location and this session could end in a rotational way.
If instead we will get these confirmations then we could aim at the upper composite poc 2233 or even more.
I'm off, have a nice weekend. Best L.
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  • #2,496
  • Jan 13, 2017 10:32am Jan 13, 2017 10:32am
Quoting Lock
Now, for any meaningfull continuation upside we need 2 things: first, acceptation above yesterday rally high at 21765, second we do not want to see current clean space of C period completely filled, because we want to have a double distribution trend day. If one or both of them will not be obtained watch out because the composite poc at 2163 is very close to current price location and this session could end in a rotational way. If instead we will get these confirmations then we could aim at the...
Please, note price came down exactly at this level.
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  • #2,497
  • Jan 13, 2017 12:18pm Jan 13, 2017 12:18pm
I'm off. Have a great weekend Lock and all.
  • #2,498
  • Edited 5:28am Jan 16, 2017 5:17am | Edited 5:28am
Some data points about current price level.

Lowest 2016 low (07.10.2016) for different data providers:

  1. CME futures (pit session) 2034
  2. ALPARI ECN forex 19782
  3. IDC forex Sydney 1950
  4. FXCM forex Sydney 19048
  5. OANDA forex Sydney 16496

Obout other sessions 2017 lowest lows and close (ALPARI ECN):

  1. Tokyo low 19863 (Today)
  2. GB low 2018 (Today)
  3. US pit low 2037 (11.01)
  4. Tokyo close 20365 (Today)
  5. GB close 21145 (11.01)
  6. US pit close 2157 (12.01)

So note current GB F period low exactly at US pit lowest low 2037 and current G period low exactly at round 2050.
Olso, more important, we still do not have a "good" all time low for cable. The all time low is still a "Sydney" low which ever the forex data you want to consider.
Finally consider that we got a poor low for current GB session at 2018. And we have a big gap downside from Friday GB low at 2160.

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  • #2,499
  • Jan 16, 2017 5:40am Jan 16, 2017 5:40am
please what is a pit session in Us or UK time frame
  • #2,500
  • Jan 16, 2017 5:47am Jan 16, 2017 5:47am
Quoting adetola99
please what is a pit session in Us or UK time frame

UK
US Open 13:00
US Pit Open 14:30 - Close 22:00 (and is also Sydney open)
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