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Lock's Cable Corner

  • #3,041
  • Feb 2, 2017 5:35am Feb 2, 2017 5:35am
G low at yes GB close 26425: again, carry this info forward if something will go wrong upside.
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  • #3,042
  • Feb 2, 2017 6:11am Feb 2, 2017 6:11am
It's a wild and volatile day....

Just waiting here...Draghi must also do his speak in a few minuts. Normally this also triggers some volatility.....
Just waiting, watching and monitoring the MarketProfile
You can manage risk, but you can't manage the return
  • #3,043
  • Feb 2, 2017 6:19am Feb 2, 2017 6:19am
Quoting Lock
2697 is a major volume valley.
Quoting Lock
{quote} If you have a composite profile indicator a valley is simply the lowest "volume" zone between two major composite pocs: sometimes a valley could work as support or resistance, sometimes it could attract price in order to fill the lack of "volume" in that particular zone.
Note period "I" high exactly at 2697: in this case the major valley worked as resistance.
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  • #3,044
  • Feb 2, 2017 6:21am Feb 2, 2017 6:21am
Quoting HappyMe
It's a wild and volatile day.... Just waiting here...Draghi must also do his speak in a few minuts. Normally this also triggers some volatility..... Just waiting, watching and monitoring the MarketProfile
Exactly. And, let me say, as expected. And this is the reason why I suggested to stay away from it in case of personal uncertainty or weakness.
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  • #3,045
  • Feb 2, 2017 7:01am Feb 2, 2017 7:01am
Quoting Lock
17/02/02 THURSDAY 08:23+1GMT EARLY MORNING REPORT .....For upcoming pit session, note that last action upside left behind a poor pit session low at 2613, a poor preUS low at 24743 and a poor GB low at 24115: all of them are currently "protected" by the support made by the new gaps upside of both GB and pit sessions. Note anyhow that the last 3 pit sessions in a row built very prominent pocs (2485, 2575 and current 2642)....
These 3 prominent pit pocs could ne important for upcoming pit session, as written this morning. And remember the weaknesses left downside if you'll see continuation. Note also that right now the yesterday pit gap higher will become a double pass gap if pit US will open below yesterday pit low at 2613.
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  • #3,046
  • Feb 2, 2017 8:24am Feb 2, 2017 8:24am
So, let's see if yesterday pit session could become an island reversal, isolated from the rest of the market by 2 gaps, one upside made yesterday and one downside pssible for today. If so we could continue lower with a substantial liquidation. If not, the current GB high is still at risk.
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  • #3,047
  • Feb 2, 2017 10:28am Feb 2, 2017 10:28am
D inside C: and we are going to enter in the last period of London.
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  • #3,048
  • Feb 2, 2017 10:39am Feb 2, 2017 10:39am
Look,

I was wondering that we hold at 1.2706.... I didn't had this value on my radar. I thought nothing was in the way between 1.2679 to 1.2722

Well I saw the Pivot R1 (@1.27079) at that level (yes with that I was warned...) but that is not what we looking for here.... what did I overlooked?!
You can manage risk, but you can't manage the return
  • #3,049
  • Feb 2, 2017 10:45am Feb 2, 2017 10:45am
The only thing I know right now is that this pit session is extraordinary weak. It went downside grinding with microscopic actions. We got a poor low (and as you remember we also have a preUS poor low at 24743 ), so we have 2 back to back US poor lows. But the way is going down is very very very suspect.
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  • #3,050
  • Feb 2, 2017 10:52am Feb 2, 2017 10:52am
This market could be too short. If so watch out.
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  • #3,051
  • Feb 2, 2017 11:05am Feb 2, 2017 11:05am
2548 is the main issue here: it is the low of the highest daily bracket made during 08.12.2016. It is desperately trying to get acceptation below or above it.
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  • #3,052
  • Feb 2, 2017 11:28am Feb 2, 2017 11:28am
Total absence of any participation but day timeframe traders: the weakest of the weakest. It spent half an hour just to take out an half back. It made a poor low. And C high is at open. Also we made 39 pips after 6 periods, 3 full hours.
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  • #3,053
  • Feb 2, 2017 11:34am Feb 2, 2017 11:34am
Quoting Lock
2548 is the main issue here: it is the low of the highest daily bracket made during 08.12.2016. It is desperately trying to get acceptation below or above it.
Here we are, now let's see.
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  • #3,054
  • Feb 2, 2017 11:43am Feb 2, 2017 11:43am
I think I'm going to throw in the towel. It is too weak for me. Very difficult market in this pit session. I must admit that I didn't expect such weaknesses after news. Anyway, have a nice continuation. Best, L.
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  • #3,055
  • Edited 1:11am Feb 3, 2017 12:57am | Edited 1:11am
17/02/03 FRIDAY 07:57+1GMT
EARLY MORNING REPORT

We are in a monthly balance, and yesterday we saw an other failure above November 2016 balance high. We are in a 2 weeks balance and unless a new successful attempt above 2673 this will be the outcome for current week. And we are in a daily bracket (at the middle of it right now) of which the extremes are 27055 (yesterday high) and 24115 (31.01 low).

As said yesterday we saw a new failed attempt above the November GB breakeven at 2673. It was tricky because before to liquidate GB obtained acceptation above that level. GB performed a final test downside with a spike (base at 26415): this level is the most important one for upcoming GB session. If upcoming GB open will be below this level we could consider the new test downside as at least initially accepted. If this acceptation will be confirmed we could aim to continue downside. In which case the next most visible reference will be the previous GB poor low at 24115.

If instead the open will be above that level we will have an initial rejection of the test and a possible new attempt upside aiming to 2673 again.
Note that right now we are back inside a previous GB gap higher (25145-25665): this zone could be filled or skipped with a new open below it. If the open will below it we will have, also for the new GB session, a double pass gap. Meaning an overlapping zone of 2 gaps: the old one upside and the new one downside. Note that in this particular case we will have two excess in the same direction: the yesterday spike downside plus the new gap downside.
Generally such situation could be considered as a must do short.
An exception to this could be an immediate, or at least very quick, correction and retracement of the new gap and a continuation back inside the yesterday spike.

In any case for upcoming GB session the level 25122 could be very important. As it was so in all the last GB sessions.

About yesterday pit session, it opened below the previous gap upside made the day before: consequently that old gap became a double pass one and the entire session of 01.02 became an "island reversal" meaning a session totally separed by the rest of the market. It could be a short term signal for a possible new short term downtrend. The double pass gap is at 25955-2613.

So for upcoming pit session our most important level will be yesterday high at 25645 (the bottom of the new gap downside) and yesterday low at 25175. This low is particularly weak as it is a perfect tag of the previous 31.01 pit session low.
If the island reversal will be accepted and not retraced, our next reference downside will be the old pit gap upside at 2380-24435. This gap could be, in case of continuation downside, at least partially filled.
During the run we have also to get rid of the old preUS poor low at 2474. Consider anyhow that GB could anticipate this action and consequently the upcoming pit open could be even below those levels.

If instead the island reversal will be retraced (meaning the upper double pass upside 25955-2613 filled), we could aim to a new test above, probably aimed to take out the old pit poor high at 27225 and the old preUS high at 2769.

Current Tokyo session is in full balance, so a possible break could occur at any moment in time.
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  • #3,056
  • Edited 1:40am Feb 3, 2017 1:29am | Edited 1:40am
Note that this is the first Asia session with the participation of China after the 1 week holiday: last reference for China were Thursday Asia unch at 2628 and Asia close at 26605: current action, or the Asia action of the next days could test them.

If not it will mean a clear rejection of those old values and a clear acceptation of what the market did during this holiday.
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  • #3,057
  • Feb 3, 2017 5:11am Feb 3, 2017 5:11am
Good morning Lock

you said " During the run we have also to get rid of the old preUS poor low at 2474. Consider anyhow that GB could anticipate this action and consequently the upcoming pit open could be even below those levels "

Please correct me if I am wrong ....... I think we are on this option .... is it correct ?
I am a newbie and try to learn

Thanks
Animum debes mutare non caelum
  • #3,058
  • Feb 3, 2017 6:33am Feb 3, 2017 6:33am
Quoting giorgio1448
Good morning Lock you said " During the run we have also to get rid of the old preUS poor low at 2474. Consider anyhow that GB could anticipate this action and consequently the upcoming pit open could be even below those levels " Please correct me if I am wrong ....... I think we are on this option .... is it correct ? I am a newbie and try to learn Thanks
Hi Giorgio,
we were below it but now we have to see where it is going to close: if above that level, it will be still in place because preUS have different participants. I mean that we will still consider it a poor low for both upcoming preUS and pit US sessions. If instead preUS will open below it then we will consider it obviously already corrected.

Note also that current GB left downside a new poor low for now at 2465. Then we currently have 2 GB poor lows back to back. (the other one is at 24115)

Best, L.
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  • #3,059
  • Feb 3, 2017 7:09am Feb 3, 2017 7:09am
2479 is our main composite poc in this zone. Below we have an other one at 24168, while above it is at 2572. Remember that in order to evade a major poc volume is needed. In absence of it generally price tend to come back to the poc. Specially in case of uncertainty. Remember also that generally directional moves go from poc to poc, poc to valley, valley to poc or valley to valley. And now we are at a poc.
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  • #3,060
  • Feb 3, 2017 7:21am Feb 3, 2017 7:21am
Quoting giorgio1448
Good morning Lock you said " During the run we have also to get rid of the old preUS poor low at 2474. Consider anyhow that GB could anticipate this action and consequently the upcoming pit open could be even below those levels " Please correct me if I am wrong ....... I think we are on this option .... is it correct ? I am a newbie and try to learn Thanks
No is no more, because preUS action took it out.
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