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Lock's Cable Corner

  • #2,581
  • Jan 18, 2017 10:57am Jan 18, 2017 10:57am
Quoting Lock
Now watch out if price will not be able to be confirmed backinside yesterday pit range above 23496. Monitor for continuation. If not, all the way back downside. If acceptation, instead we could aim at yesterday pit poor high.
C was not able to test above 23496 and D and E retraced 80% of early pit action upside.
Ubi maior minor cessat
  • #2,582
  • Jan 18, 2017 10:58am Jan 18, 2017 10:58am
Shame upon me: I miss the break below D balance.
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  • #2,583
  • Jan 18, 2017 10:59am Jan 18, 2017 10:59am
Quoting Lock
{quote} it is very important to understand if we have inventories imbalances made by overnight because sometimes after the corretion of it, the pit session tends to go in the opposite direction. So: overnight inventories too long or too short> correction made by early pit session action> then opposite direction. Old business first, then new business.
and the correction of it is what the pit session is currently doing by retracing to yesterday's pit low?
  • #2,584
  • Jan 18, 2017 11:01am Jan 18, 2017 11:01am
Quoting Zaak
{quote} and the correction of it is what the pit session is currently doing by retracing to yesterday's pit low?
The correction occured untill C period high. Is the partial correction of overnight. Then we got the liquidation of the short covering with D and E periods.
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  • #2,585
  • Jan 18, 2017 12:04pm Jan 18, 2017 12:04pm
Market too weak and waiting for news. I'm off for now. Best L.
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  • #2,586
  • Jan 19, 2017 1:28am Jan 19, 2017 1:28am
17/01/19 THURSDAY 08:28+1GMT
EARLY MORNING REPORT

Yesterday we saw a partial liquidation of the big move upside that, as written, left a very weak/poor high at 24145. The liquidation occurred during Sydney, Tokyo, GB and preUS sessions. Then the initial action of pit US corrected some of it going upwards untill C period high. Eventually after an inside period (balance: D period inside C) pit session broke downside and liquidated all what we have seen in the early stages of the pit session. Btw I missed this trade even if I underlined it because I was too focused of the weaknesses left above.
Note that yesterday GB session attempted a spike downside and its base is at 2300: it will be a very important level for upcoming GB session because if price will accept that spike we could continue the liquidation started yesterday. (Specially if we will have a further gap below its low at 22704) If instead this spike will be rejected we could come upside again in order to remove the weak/poor pit high.
Yesterday pit session left a poor low at 2254: current Tokyo session is tagging it with its own poor low. Consequently this level is very weak right now.

Note also that price is balancing around 2 major composite pocs at 2285 and 2233. In case of weak market they will tend to attract price. Overall it is a very uncertain market so watch out.
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  • #2,587
  • Jan 19, 2017 1:41am Jan 19, 2017 1:41am
A very important note regards yesterday GB session: it is inside the previous session range. So any action occurred above or below yesterday GB range 22705-23415 could be considered an attempted breakout from balance. Balance rules will apply.
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  • #2,588
  • Jan 19, 2017 2:10am Jan 19, 2017 2:10am
Quoting Lock
17/01/19 THURSDAY 08:28+1GMT EARLY MORNING REPORT .... Note that yesterday GB session attempted a spike downside and its base is at 2300: it will be a very important level for upcoming GB session because if price will accept that spike we could continue the liquidation started yesterday. (Specially if we will have a further gap below its low at 22704) If instead this spike will be rejected we could come upside again in order to remove the weak/poor pit high. ....
Tagged.
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  • #2,589
  • Jan 19, 2017 2:26am Jan 19, 2017 2:26am
As you remember 23117 is an other very important level. We wrote about it numerous times during the last weeks. It is the GB weekly balance low from 21.11.16. We need acceptation above it for any meaningfull continuation upside. We also need acceptation above 2300 spike base as written previously. This is a short covering* for now: note the elongation of this initial A period.

*It is covering the weak liquidation made by yesterday pit session.
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  • #2,590
  • Jan 19, 2017 2:41am Jan 19, 2017 2:41am
Also 2308 is the yesterday GB close level: an other important reference for short term timeframes. We need acceptation above it too for continuation.

PS: note B period low at current half back 2296: carry this info forward.
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  • #2,591
  • Jan 19, 2017 2:49am Jan 19, 2017 2:49am
All the liquidation from yesterday pit session D period low is now almost corrected.(less than 3 pips left from D period low) Let's see if it want continue higher or not.
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  • #2,592
  • Jan 19, 2017 2:54am Jan 19, 2017 2:54am
Remember that for any meaningfull continuation upwards we need acceptation (at least 2 m30 periods closed above) above 2300, 2308 and 23117.
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  • #2,593
  • Jan 19, 2017 3:05am Jan 19, 2017 3:05am
23265 is yesterday GB open: note the automatic reaction above it. Short term and daily timeframes ruling this action for now. Note also the 3 letters poc ABC: carry this information forward too.
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  • #2,594
  • Jan 19, 2017 3:08am Jan 19, 2017 3:08am
Note that B period (last for Tokyo participants) closed exactly at yesterday Tokyo close 23105. Not a sign of great conviction in any particular direction.
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  • #2,595
  • Jan 19, 2017 3:15am Jan 19, 2017 3:15am
Note also C low exactly at yes GB close price 23085. A confirmation of the weak hands participants of this action. This does not mean it cannot last but it is important to know who your competitors are in any particular market environment.
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  • #2,596
  • Jan 19, 2017 3:26am Jan 19, 2017 3:26am
23315 as written many times is an other very important reference for GB as it is the 1st weekly balance high from 19.10.2016.
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  • #2,597
  • Jan 19, 2017 3:40am Jan 19, 2017 3:40am
C high exactly 1 pip below 23355 the last GB close price for 2016. D high exactly at yesterday GB open 23265. Who do you think is ruling this market?
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  • #2,598
  • Jan 19, 2017 3:47am Jan 19, 2017 3:47am
Quoting Lock
23265 is yesterday GB open: note the automatic reaction above it. Short term and daily timeframes ruling this action for now. Note also the 3 letters poc ABC: carry this information forward too.
Note that price came back to it and now we have a 4 letters poc ABCD.
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  • #2,599
  • Jan 19, 2017 3:54am Jan 19, 2017 3:54am
Quoting Lock
Note also C low exactly at yes GB close price 23085. A confirmation of the weak hands participants of this action. This does not mean it cannot last but it is important to know who your competitors are in any particular market environment.
Note D low exactly at current half back that coincides also with the yesterday GB close 23085. (also C low)
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  • #2,600
  • Jan 19, 2017 3:57am Jan 19, 2017 3:57am
Finally: note D period inside C. Go with the break if any. If it fails, natural direction opposite side of the balance D.
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