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Lock's Cable Corner

  • #3,181
  • Feb 8, 2017 7:50am Feb 8, 2017 7:50am
Quoting Lock
C period is trying 3 tasks at a time: staying below early morning low (B period low), staying below yes unch and testing below yes afternoon pull back low: for now it didn't manage to get any of them.
Again, the importance of market generated information...
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  • #3,182
  • Feb 8, 2017 7:52am Feb 8, 2017 7:52am
Quoting Lock
Btw it has already performed a test below yes unchanged at 2508: and it failed for now. Unchanged is a very important day timeframe reference and we are coming down from an other day timeframe reference (overnight high/preUS high). So watch out.
taken out too...
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  • #3,183
  • Feb 8, 2017 7:56am Feb 8, 2017 7:56am
2548 is the highest daily bracket low (08.12.16): it is a short term reference.
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  • #3,184
  • Feb 8, 2017 8:03am Feb 8, 2017 8:03am
Quoting Lock
2548 is the highest daily bracket low (08.12.16): it is a short term reference.
Day timeframes that are currently ruling this market tend to not go above or below bigger timeframe references. So this bounce has not been caused by short term traders but more probably by automatic day timeframe shorts. Also note that this retracement occurred after a test of yesterday pt high, again, an other day timeframe reference.

Short term traders, if any, should be above that reference and they could be new buyers or new sellers.
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  • #3,185
  • Feb 8, 2017 8:27am Feb 8, 2017 8:27am
D inside C, upcoming E last period of London.
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  • #3,186
  • Feb 8, 2017 9:23am Feb 8, 2017 9:23am
Very weak market: F low again at half back, F high at yes high. Attempted break above E still on the run. If nothing will happen soon, considering also the 5 letters poc, I'll be off.

PS: note also C high at round 2550.
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  • #3,187
  • Feb 8, 2017 9:37am Feb 8, 2017 9:37am
Now, because F failed above D/E balance, a break downside working as liquidation is possible (reaching the composite poc 2479). But in any case I do not like current high. So I don't know. In any case watch out.
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  • #3,188
  • Edited 11:23pm Feb 8, 2017 11:09pm | Edited 11:23pm
17/02/09 THURSDAY 08:09+1GMT
EARLY MORNING REPORT

We still are in a full balance environment on the monthly, weekly and daily bases. There is huge uncertainty and a complete lack of partecipation of major timeframes but short term one. Currently even short term traders seem to be absent.

On Tuesday we saw a substantial short covering action, the consequences of which we are still watching today: a balance as a result of the inventories imbalances produced during Tuesday covering rally.

We left downside 2 back to back GB poor lows one at 2346 and the second one at 2479, but between them we have a new gap upside that is working as support for now. Also close to the lower GB poor low we have a preUS poor low too at 23505 and for preUS/pit US sessions currently we do not have any new gap as support.

Price is constantly up and down the nearest major composite poc at 2479 that as you see coincides with yesterday GB poor low: as a consequence we could consider that level as extremely weak: because we got at least 2 reasons to come backe there, the composite poc as a pole of attraction and the unfinished GB auction underlined by its poor low.

One of the most intersting thing anyway is the current GB situation: yesterday session balanced between two double pass GB gaps, one above at 25375-25695 and one below at 2435-2479: this underlines the uncertainty of the GB participants and has to be solved in some way. It could be solved above and then come back to solve below or viceversa.

About cable I currently need more information but a clue could come from the USDX situation: yesterday USDX range was inside the day before range: so it could break in any direction. If so, the USDX break could eventually influence the indecisions of cable and lead its participants somewhere, at least on the short term bases.

Finally yesterday pit session tagged a short term reference above (2548): as written yesterday because it was only a tag and not a test above it, I do not think short term has been involved in that bounce downside. So potentially it could be tested again and this time we could find the short term participants whether they are new money buyers or sellers.

Note: Because of the speach of Carney late in the evening, we could have, again, indecision and lack of participation during the upcoming session.
This does not mean we cannot have volatility, specially considering the very narrow GB range made yesterday. So watch out.
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  • #3,189
  • Feb 9, 2017 12:15am Feb 9, 2017 12:15am
Quoting Lock
17/02/09 THURSDAY 08:09+1GMT EARLY MORNING REPORT ...One of the most intersting thing anyway is the current GB situation: yesterday session balanced between two double pass GB gaps, one above at 25375-25695 and one below at 2435-2479: this underlines the uncertainty of the GB participants and has to be solved in some way. It could be solved above and then come back to solve below or viceversa. ...
The higher double pass has been already solved by current rally. (very elongated period btw, a lot of single pips)

Quoting Lock
Note: Because of the speach of Carney late in the evening, we could have, again, indecision and lack of participation during the upcoming session. This does not mean we cannot have volatility, specially considering the very narrow GB range made yesterday. So watch out.
ANd as you may appreciate, here we have the volatility, just at open! Watch out!
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  • #3,190
  • Feb 9, 2017 12:28am Feb 9, 2017 12:28am
Now, this will be not a so easy session, as written: it could spend some time filling with volume the already taken out double pass gap (25375-25695) and then continue higher, in this case the "open drive" could be read as confidence upside. Or it could spend sometime filling this zone and then come back inside yesterday GB range, and in this case we could read what we've just seen as emotion. In this second case the double pass gap downside (2435-2479) is at risk obviously.

Our main ref around here is 2548: for any meaninfull continuation upside we need acceptation above it.
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  • #3,191
  • Feb 9, 2017 12:46am Feb 9, 2017 12:46am
In case of acceptation above 2548, and consequently in case of continuation upside, the first visible GB reference above is the GB spike base at 26415 from 02.02 GB session. Also, below this ref we have the 02.02 GB minus development at 26025-26345.
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  • #3,192
  • Feb 9, 2017 12:51am Feb 9, 2017 12:51am
In case of failure above 2548, the safest place to come back, at least initially, is the major composite poc at 2479.
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  • #3,193
  • Feb 9, 2017 12:59am Feb 9, 2017 12:59am
B inside A
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  • #3,194
  • Feb 9, 2017 1:04am Feb 9, 2017 1:04am
Quoting Lock
In case of acceptation above 2548, and consequently in case of continuation upside, the first visible GB reference above is the GB spike base at 26415 from 02.02 GB session. Also, below this ref we have the 02.02 GB minus development at 26025-26345.
We got acceptation above it. But now we need acceptation also above the filled gap high at 25695. It is the low of the 02.02 GB session: without an acceptation also above it, how could we imagine to reach the spike base made during that session?
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  • #3,195
  • Feb 9, 2017 5:45am Feb 9, 2017 5:45am
Quoting Lock
{quote} We got acceptation above it. But now we need acceptation also above the filled gap high at 25695. It is the low of the 02.02 GB session: without an acceptation also above it, how could we imagine to reach the spike base made during that session?
So the entire GB session completed without obtaining that acceptation and, as you see, nothing happened.

Now, about upcomimg pit session, the most important ref is yes pit high at 2549: we have to see if current preUS is capable to build a new substantial gap upside or not.

Also consider the old double pass pit gap at 25955-2613. Pit session could be interested to fill that zone because it is currently separing the 01.02 pit session from the rest of the market. Furthermore 25645 is the last pit session poor high and the more the pit open will be close to this level the more the odds to take it out. If pit will open above it we will consider it as automatically solved.
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  • #3,196
  • Feb 9, 2017 5:53am Feb 9, 2017 5:53am
Note that with any probability most of the left stops of the entire move down from preUS 02.02 are above preUS 02.02 high at 25785: monitor for continuation above this level if reached. Because the game could also be to go there and take the stops out and then game over. Or, at the opposite, go there take out the sell stops and trigger new money buying automatic orders: in which case we could experience a substantial acceleration.
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  • #3,197
  • Feb 9, 2017 6:19am Feb 9, 2017 6:19am
Quoting Lock
{quote} So the entire GB session completed without obtaining that acceptation and, as you see, nothing happened. Now, about upcomimg pit session, the most important ref is yes pit high at 2549: we have to see if current preUS is capable to build a new substantial gap upside or not. Also consider the old double pass pit gap at 25955-2613. Pit session could be interested to fill that zone because it is currently separing the 01.02 pit session from the rest of the market. Furthermore 25645 is the last pit session poor high and the more the pit...
Remember that if for any reason price will fail above this level and eventually will obtatin acceptation back inside yesterday pit range (meaning below this level) we could experience a substantial liquidation, including the entire pit session range made yesterday and at least part of the minus developments left during 07.02 pit rally. But let's see.
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  • #3,198
  • Feb 9, 2017 6:55am Feb 9, 2017 6:55am
Quoting Lock
{quote} ... Furthermore 25645 is the last pit session poor high and the more the pit open will be close to this level the more the odds to take it out. If pit will open above it we will consider it as automatically solved.
Note the perfect tag of 25645: a short term reference used by day timeframe participants for now.
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  • #3,199
  • Feb 9, 2017 6:57am Feb 9, 2017 6:57am
25395 yes unch: need acceptation below it for continuation downside: if not all the way back upside.
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  • #3,200
  • Feb 9, 2017 7:00am Feb 9, 2017 7:00am
Quoting Lock
{quote} Remember that if for any reason price will fail above this level and eventually will obtatin acceptation back inside yesterday pit range (meaning below this level) we could experience a substantial liquidation, including the entire pit session range made yesterday and at least part of the minus developments left during 07.02 pit rally. But let's see.

Do not forget yes pit high: all the game will be played around the acceptation below or above this level(2549) and 25395 yes unch.
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