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Lock's Cable Corner

  • #2,961
  • Jan 31, 2017 8:00am Jan 31, 2017 8:00am
Quoting Lock
Now we want to see acceleration. No stallmate.
And we got it too. Maybe to much: it is a short covering, remember this. Suggestion: scale out some at any ref taken out.
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  • #2,962
  • Jan 31, 2017 8:03am Jan 31, 2017 8:03am
Now for any continuation above, considering that we are at the upper major composite poc (2587), we want to see acceptation above Friday pit high 25795. And we also want to preserve at least a portion of current C minus development.*

If, for what ever reason, you want to add some to your positions, do it below the comp. poc, not above it.

*consider anyhow that the more we take out above, the riskier this game will become.
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  • #2,963
  • Jan 31, 2017 8:23am Jan 31, 2017 8:23am
Current situation:

  1. D inside C, new poor high,
  2. we are going to enter in the last period of London.
  3. We still have 3 back to back pit poor highs above (2 old ones 2612 and 2638 plus the new one 25905).
  4. Highest London close of this year is at 26175, while yesterday London close is at 24735.
  5. we are below the upper composite poc at 2587.
  6. For now we have clean space above early morning high (B period high at 25465)
  7. we left downside a new preUS poor low 24743 and a GB poor low 24115.
  8. D low at half back 25535.

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  • #2,964
  • Jan 31, 2017 9:02am Jan 31, 2017 9:02am
E inside D inside C
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  • #2,965
  • Jan 31, 2017 9:03am Jan 31, 2017 9:03am
We got acceptation above Friday pit high. Poor high and One timeframing higher but weak D low at half back: conflicting information, good oportunity.
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  • #2,966
  • Jan 31, 2017 9:11am Jan 31, 2017 9:11am
I'm off for today: nothing technical, I'm only too tired and already in big profit: I do not want to risk at the end of my trading day. Have a nice continuation. Best L.
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  • #2,967
  • Edited 11:39pm Jan 31, 2017 11:23pm | Edited 11:39pm
17/02/01 WEDNESDAY 08:23+1GMT
EARLY MORNING REPORT

We are in a monthly balance (current month opened inside previous 3 months of balance), in a weekly balance (probably, but it depends upon where current week is going to close), in a daily balance (even if technically we are in a one timeframing down action for the last 4 days).

Yesterday all the session went in the same direction after E and F periods' low has been made during GB: it has been a short covering rally and it took out 2 of the above 4 poor highs left by previous pit sessions.( 2612 and 2638 are the 2 pit poor highs still not corrected)
If you consider all the yesterday sessions' profiles (GB+preUS+pitUS) as a unique profile you will find a "p" shaped composite profile: it is a confirmation of the fact that yesterday we saw short covering. In fact the market rallied, took out the weakesses left the days before and then, because this was its main purpose, it stalled, originating a balance. From this behaviour, typical of a short covering action, derive the "P" shape.

Now, we still have weaknesses to cover above but at the same time we left downsde a GB poor low, as said, at 24115 and a new preUS poor low at 24743: both of them could be skipped if, for instance, upcoming GB session will open above yesterday GB high at 25145, making a new gap upside. And, obviously, if this possible new gap will not be retraced quickly.

So, our main ref for upcoming GB are the top of yesterday GB range (25145) and the 25122 level only 3 pips below it, then we have the nearest composite poc at 2587 and the lower composite poc at 2479. Above we have the very weak Sydney poor high at 2600 round tagged also by a Tokyo session high, the highest GB close for current year at 26175 and the highest GB high at 2673, that as written many times, is weak as it is a perfect tag of a very important GB ref.

Note that the FOMC at 20:00+1GMT could heavily influence the behaviour and even the partecipation of upcoming GB and US sessions.
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  • #2,968
  • Feb 1, 2017 12:27am Feb 1, 2017 12:27am
So, GB opened with a substantial gap upside from yesterday GB high. Note anyhow the huge lack of confidence of current action: numerous times up and down open price. Watch out, weak hands in total control for now.
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  • #2,969
  • Feb 1, 2017 12:40am Feb 1, 2017 12:40am
25825 is yes GB close. For any meaningfull continuation upside we need acceptation above it.
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  • #2,970
  • Feb 1, 2017 12:43am Feb 1, 2017 12:43am
Dear followers, if you understood what I'm writing and why, please click the like button. I need to know if my analysis are comprehensible or not. Thanks for your help.
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  • #2,971
  • Feb 1, 2017 12:43am Feb 1, 2017 12:43am
Quoting Lock
25825 is yes GB close. For any meaningfull continuation upside we need acceptation above it.

...huh...??

yes GB-close is 1.24877
or do you mean yes. us-pit close @ 1.2574
You can manage risk, but you can't manage the return
  • #2,972
  • Feb 1, 2017 12:45am Feb 1, 2017 12:45am
Quoting Lock
Dear followers, if you understood what I'm writing and why, please click the like button. I need to know if my analysis are comprehensible or not. Thanks for your help.
For me it is... definitive!!

I'm starting to get a feeling with it....
You can manage risk, but you can't manage the return
  • #2,973
  • Feb 1, 2017 12:45am Feb 1, 2017 12:45am
Quoting HappyMe
{quote} ...huh...?? yes GB-close is 1.24877 or do you mean yes. us-pit close @ 1.2574
This is the GB unch value: the close of the last period before preUS open. GB close is the last bar with the participation of GB traders and it is the close of the E period of pit session.
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  • #2,974
  • Feb 1, 2017 12:46am Feb 1, 2017 12:46am
Quoting HappyMe
{quote} For me it is!! I'm starting to get a feeling about it....
Fine. Happy about that. Thanks a lot for your active participation.
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  • #2,975
  • Feb 1, 2017 12:48am Feb 1, 2017 12:48am
Current GB initial balance is one of the smaller of the last months. Take note.
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  • #2,976
  • Feb 1, 2017 12:58am Feb 1, 2017 12:58am
An other important reference for current GB session could be the rally high made during 26.01 GB session at 26255. It marks the limit of the last action downside, consequently obtaining acceptation above it could mean the end of the attempt downwards started that day, or, if rejected from there or never reached, it could mean that the action downside is not over yet.
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  • #2,977
  • Feb 1, 2017 1:03am Feb 1, 2017 1:03am
Quoting Lock
25825 is yes GB close. For any meaningfull continuation upside we need acceptation above it.
tagged.
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  • #2,978
  • Feb 1, 2017 1:08am Feb 1, 2017 1:08am
Very very grinding and weak action for now and we are before news: watch out.
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  • #2,979
  • Feb 1, 2017 1:10am Feb 1, 2017 1:10am
Quoting Lock
An other important reference for current GB session could be the rally high made during 26.01 GB session at 26255. It marks the limit of the last action downside, consequently obtaining acceptation above it could mean the end of the attempt downwards started that day, or, if rejected from there or never reached, it could mean that the action downside is not over yet.
That is high of period G of that GB-session (26/01) ?
You can manage risk, but you can't manage the return
  • #2,980
  • Feb 1, 2017 1:17am Feb 1, 2017 1:17am
Quoting HappyMe
{quote} That is high of period G of that GB-session (26/01) ?
Exactly, it is the attempted retracement made by that period G. It was a sort of test in order to evaluate the possible continuation of the action downside. Also it was a correction of inventories that at that moment in time should have been too short. Now, because from there the market never stopped the action downside it is clearly now an important level to evaluate the possibility to start a new action upside. If price will not obtain acceptation above it it will mean that nothing changed yet.
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