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Lock's Cable Corner

  • #3,341
  • Feb 21, 2017 9:03am Feb 21, 2017 9:03am
Note: extreme elongation of A period, gap downside still in place, A low at Friday unch 24075. Current action is clearly a short cover. It could last but is weak.
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  • #3,342
  • Feb 21, 2017 9:46am Feb 21, 2017 9:46am
B inside A: attempted break. If failed, natural direction opposite side of B. If instead it will succed we need acceptation inside yes range for continuation upside.
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  • #3,343
  • Feb 21, 2017 9:47am Feb 21, 2017 9:47am
Quoting Lock
B inside A: attempted break. If failed, natural direction opposite side of B. If instead it will succed we need acceptation inside yes range for continuation upside.
ok, can you at least share A, B etc so we are aligned on what your talking about? many thanks
  • #3,344
  • Feb 21, 2017 9:51am Feb 21, 2017 9:51am
24595 is yes pit unch: overnight inventories corrected.
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  • #3,345
  • Feb 21, 2017 9:53am Feb 21, 2017 9:53am
Quoting titi14
{quote} ok, can you at least share A, B etc so we are aligned on what your talking about? many thanks

Dear titi14: it is not so easy to update all the market information I saw. Inside periods (balance) are very common situations in this thread and I generally noted them, so generally those who are following my analysis know them even without my update. Best L.
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  • #3,346
  • Feb 21, 2017 9:57am Feb 21, 2017 9:57am
Quoting Lock
24595 is yes pit unch: overnight inventories corrected.
...like overnight inventories: all overnight action occurred below yesterday pit session unchanged. Most of traders following this thread know exactly what this mean and even so I generally noted them. Sometime, anyhow, I don't. If you read what written in other previous posts you could at least have an idea of the references I use in my anlaysis.
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  • #3,347
  • Feb 21, 2017 10:00am Feb 21, 2017 10:00am
2464, major composite poc. It could attract price, specially in a short covering action like this one. Now volume is needed in order to evade it.
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  • #3,348
  • Feb 21, 2017 10:00am Feb 21, 2017 10:00am
Quoting Lock
{quote} ...like overnight inventories: all overnight action occurred below yesterday pit session unchanged. Most of traders following this thread know exactly what this mean and even so I generally noted them. Sometime, anyhow, I don't. If you read what written in other previous posts you could at least have an idea of the references I use in my anlaysis.
I have!! and its confused me even more.... never mind, i appreciate your responses though.
  • #3,349
  • Feb 21, 2017 10:01am Feb 21, 2017 10:01am
Acceptation above yes high (2477) could lead to an upside session (a session started below the previous one and eventually closed above it)
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  • #3,350
  • Feb 21, 2017 10:03am Feb 21, 2017 10:03am
Quoting titi14
{quote} I have!! and its confused me even more.... never mind, i appreciate your responses though.

Sorry about that. But you have to consider that it is not easy to grasp all these information in a small amount of time. It's a long path. And I'm not surprised by your cognitive dissonance. I felt exactly the same sensations during my learning process.
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  • #3,351
  • Feb 21, 2017 10:16am Feb 21, 2017 10:16am
Quoting Lock
17/02/21 TUESDAY 08:50 +1GMT EARLY MORNING REPORT ..... Current composite poc is at 2464. If the balance environment will be preserved it will be a very important refernence for upcoming sessions. .....
As you see, considering the balance environment and the weak participation, the composite poc is playing its natural major role: remember that the poc (point of control) could be also defined as the fairest place at which business has been conducted before. So, in a very weak and indecisive environment it is very normal to come back to the price level that most of market participants considered fair in recent activity.
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  • #3,352
  • Feb 21, 2017 10:22am Feb 21, 2017 10:22am
Quoting Lock
{quote} As you see, considering the balance environment and the weak participation, the composite poc is playing its natural major role: remember that the poc (point of control) could be also defined as the fairest place at which business has been conducted before. So, in a very weak and indecisive environment it is very normal to come back to the price level that most of market participants considered fair in recent activity.
Specially if the recent activity trying to evade it has been very weak and based upon a very weak structure as noticed many time all day long, and even more specially if recent activity has been conducted by the weakest of the market participants, id est overnight market participants (Asia+GB+preUS). That, as written, in this case occurred also below yesterday pit session unchanged: so overnight inventories were almost 100% short from yesterday pit unch and below major composite poc..
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  • #3,353
  • Feb 21, 2017 10:27am Feb 21, 2017 10:27am
Now, C closed above yes pit unch (24595) and above yes pit low (2449), let's see D close. Remember that for any meaningfull continuation upside we need acceptation above both these levels. Even though acceptation above them does not imply automatically continuation.
An other important element for a serious continuation should be the preservation of at least a clean portion of the C period, in order to have a double distribution session.
Do not forget that preUS A period low is weak (tagging Friday pit low at 2405) as I and J GB periods made a poor low at 2401 (also round number). And, specially, do not forget that what you have seen untill now is short covering.
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  • #3,354
  • Feb 21, 2017 10:31am Feb 21, 2017 10:31am
Quoting Lock
Now, C closed above yes pit unch (24595) and above yes pit low (2449), let's see D close. Remember that for any meaningfull continuation upside we need acceptation above both these levels. Even though acceptation above them does not imply automatically continuation. An other important element for a serious continuation should be the preservation of at least a clean portion of the C period, in order to have a double distribution session. Do not forget that preUS A period low is weak (tagging Friday pit low at...
We got acceptation. D inside C: possible new break. But do not underestimate the attraction power of composite poc.
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  • #3,355
  • Feb 21, 2017 10:35am Feb 21, 2017 10:35am
If serious buyers will pile on this attemptad break next visible refs are 2532 and 25645 both old pit poor highs.
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  • #3,356
  • Feb 21, 2017 10:39am Feb 21, 2017 10:39am
E last period of London: yes GB close is at 24645. Current E high is tagging yesterday pit high 2477: it is weak (day time frame reference).
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  • #3,357
  • Feb 21, 2017 10:56am Feb 21, 2017 10:56am
Quoting Lock
E last period of London: yes GB close is at 24645. Current E high is tagging yesterday pit high 2477: it is weak (day time frame reference).
tagged.
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  • #3,358
  • Feb 21, 2017 11:02am Feb 21, 2017 11:02am
Quoting Lock
{quote} We got acceptation. D inside C: possible new break. But do not underestimate the attraction power of composite poc.
And infact here we are again at it (2464). Now let's see if we could consider the attempted break as a full failure or if we will have a second attempt in order to remove, at least, the weak E period high.
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  • #3,359
  • Feb 21, 2017 11:24am Feb 21, 2017 11:24am
Now, from a market in this condition we could expect the following scenarios:

  1. pit session will close balancing around here considering the attraction of composite poc.
  2. pit session will attempt again above yes pit high (2477) and will succeed aiming at the higher weak references.
  3. pit session will liquidate the short covering (even without a further test above yes high).


Without acceptation above yes high, the liquidation and the balance are the most probable. With acceptation above it the most probable will be the continaution upside.

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  • #3,360
  • Feb 21, 2017 11:29am Feb 21, 2017 11:29am
A test of yes unch 24595 could give us the answer to current issue.
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