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Lock's Cable Corner

  • #3,541
  • Feb 23, 2017 8:22am Feb 23, 2017 8:22am
Quoting Lock
New possible scenarios: no acceptation above 2548, then liquidation and balance above new pit gap. no acceptation above 2548, then liquidation, filling the new gap and eventually taking out all the weaknesses left downside during overnight and more. acceptation above 2548, then take out of the last poor high 25645 and eventually filling of the old double pass gap upside up to 2613. Note in the meanwile the filling of the single pips of C
based on experience only can you share your gut feeling in which one? 1,2, or 3?? just curious
  • #3,542
  • Feb 23, 2017 8:26am Feb 23, 2017 8:26am
Quoting Lock
{quote} the slaughter of the lambs... {quote} Tagged. Elongated C {quote} We still have 25645 but very elongated C. {quote} Fine!
D low at half back 25305: almost 50 % correction od C.
Ubi maior minor cessat
  • #3,543
  • Feb 23, 2017 8:28am Feb 23, 2017 8:28am
Quoting titi14
{quote} based on experience only can you share your gut feeling in which one? 1,2, or 3?? just curious
well in 4 mins that will be the second period to fail to close above the reference we were just at.. so already the market is telling you it is either tired or going to experience a pause. whether we actually liquidate overnight all the way or just balance above the gap depends probably on its next interaction with the overnight high which is sitting right below the poor lows of the current session

hope that can help in any way.. and again just my take Lock could provide a completely different insight and if he does Id go with that lol!
  • #3,544
  • Feb 23, 2017 8:30am Feb 23, 2017 8:30am
Quoting titi14
{quote} based on experience only can you share your gut feeling in which one? 1,2, or 3?? just curious
Well we saw a strong reaction at 2548 and C was very elongated. Still the gap is supporting this move. And now we have D at half back. Current market is ruled by day timeframe traders. Short term will not stop at half back if seriously selling so.. I really do not know. I'm still in my long having scaled out more than 50% around 2548.

I'm monitoring USDX because it left above a double pit pass gap. And it looks like cable is very influenced by USDX in the last period. Let's see.
Ubi maior minor cessat
  • #3,545
  • Feb 23, 2017 8:32am Feb 23, 2017 8:32am
D inside C, E last period of London.
Ubi maior minor cessat
  • #3,546
  • Feb 23, 2017 8:34am Feb 23, 2017 8:34am
Quoting Lock
{quote} double pit pass gap.
I'm guessing this is a gap between the two sessions that is holding?
  • #3,547
  • Feb 23, 2017 8:36am Feb 23, 2017 8:36am
Quoting Piphunter00
{quote} I'm guessing this is a gap between the two sessions that is holding?
in USDX pit 21.02 gapped higher, than today pit gapped lower: as a consequence we have a zone of overlapping gaps. If current action will fill this zone and obtain acceptation above it then we could imagine a continuation upside. Consequently this could influence cable to go lower. But it is only an hypothesis.
Ubi maior minor cessat
  • #3,548
  • Feb 23, 2017 8:38am Feb 23, 2017 8:38am
Important note for tomorrow: today GB session was an inside session. Its range is inside the previous GB session range as its value is inside the previous session' s value. So if we will find GB open (tomorrow) above that balance we will have a gap but also a breakout from balance: carry this information forward.
Ubi maior minor cessat
  • #3,549
  • Feb 23, 2017 8:43am Feb 23, 2017 8:43am
Quoting Lock
{quote} in USDX pit 21.02 gapped higher, than today pit gapped lower: as a consequence we have a zone of overlapping gaps. If current action will fill this zone and obtain acceptation above it then we could imagine a continuation upside. Consequently this could influence cable to go lower. But it is only an hypothesis.
so it is not about them being consecutive in direction but if we have a session inbetween two gaps that are counter direction to each other also.. in the situation described by you just now could the gap being filled lower and accepted likely result in the opposite happening.

would like to know so I can spot the situation for myself

thanks for your response

another day another great lesson
  • #3,550
  • Feb 23, 2017 8:52am Feb 23, 2017 8:52am
Quoting Piphunter00
{quote} so it is not about them being consecutive in direction but if we have a session inbetween two gaps that are counter direction to each other also.. in the situation described by you just now could the gap being filled lower and accepted likely result in the opposite happening. would like to know so I can spot the situation for myself thanks for your response another day another great lesson
Let's make an example: session A settles somewhere. Session B gapped above session A and conserves that gap. Then Session C gapped below session B. At that moment in time Session B is separated by the rest of the market because we have a gap higher from A high and a gap lower from C high.
In such cases the session separated by market is called "island reversal", because it is not rare that such situation could lead to a reversal of the previous trend (if any). At the same time this double pass gap zone could attract price because as any unknown or untested price zone, market participants want to know (or at least could be courious about) what is the content of that zone: are there sellers or buyers?

So it could be interpreted in two opposite ways.
Ubi maior minor cessat
  • #3,551
  • Feb 23, 2017 8:58am Feb 23, 2017 8:58am
Quoting Lock
{quote} Let's make an example: session A settles somewhere. Session B gapped above session A and conserves that gap. Then Session C gapped below session B. At that moment in time Session B is separated by the rest of the market because we have a gap higher from A high and a gap lower from C high. In such cases the session separated by market is called "island reversal", because it is not rare that such situation could lead to a reversal of the previous trend (if any). At the same time this double pass gap zone could attract price because as any...
thank you for the example I will keep an eye out for this.. is the play on the situation a matter of seeing what gap we end up testing and what transpires in that area. like you said finding the content of that zone to see what side participants are there
  • #3,552
  • Feb 23, 2017 9:01am Feb 23, 2017 9:01am
Now I'm pretty tired so I'm off. Nothing technical. Have a nice continuation. Best L.
Ubi maior minor cessat
  • #3,553
  • Feb 23, 2017 9:12am Feb 23, 2017 9:12am
Quoting Lock
Now I'm pretty tired so I'm off. Nothing technical. Have a nice continuation. Best L.
enjoy the rest of your day Lock, thank you for another day of your guidance
  • #3,554
  • Feb 23, 2017 9:14am Feb 23, 2017 9:14am
I opened a new chart, installed the TPO indicator and have the Candlestick/Bar/Line showing and can't find a way to remove it. Any suggestions?
  • #3,555
  • Feb 23, 2017 9:16am Feb 23, 2017 9:16am
Quoting Zaak
I opened a new chart, installed the TPO indicator and have the Candlestick/Bar/Line showing and can't find a way to remove it. Any suggestions?
you don't remove it you have to go into your chart properties and change either bar or line to black or whatever you decide for your background, then select that, saves you changing all the different candle parameters to black
  • #3,556
  • Feb 23, 2017 9:22am Feb 23, 2017 9:22am
Quoting Piphunter00
{quote} you don't remove it you have to go into your chart properties and change either bar or line to black or whatever you decide for your background, then select that, saves you changing all the different candle parameters to black
that's it, change Line Graph colour to none. thanks.
  • #3,557
  • Feb 23, 2017 11:23pm Feb 23, 2017 11:23pm
hi piphunter whts your view today? anxiously waiting for lock's daily report
  • #3,558
  • Feb 23, 2017 11:27pm Feb 23, 2017 11:27pm
Morning all, most likely going to open GB with a gap so gap rules in effect.
monitoring for acceptance of this gap relies on a bit of intuition and reading the tempo of each move.
if we head for the gap very quickly monitor for a quick and swift failure if not we may accept.

Overnight inventory from what I can see is fairly neutral, so I'm not sure what that means in terms of any retracement of those participants.
upside reference that is of most importantance to me at the moment is 2583 a previous gb session high from 09/02
downsides are the usual overnight low and the gb high + unch.
  • #3,559
  • Feb 23, 2017 11:55pm Feb 23, 2017 11:55pm
17/02/24 FRIDAY 08:55+1GMT
EARLY MORNING REPORT

Monthly balance, weekly balance (currently at the top of previous week 2548 in what we could consider as an attempted breakout), daily trend up (one timeframing higher in the last 3 days and attempted break from 20.02 inside day)

GB is likely to open gapping higher. If the gap will support our action we could imagine balance or even continuation upside. If it will not support us and will be retracd quickly we could see a complete reversal of current attempted breakout. Note anyhow that the possible new GB gap seems pretty big, the bigger the gap the bigger the change occurred and, consequently the more difficult will be for upcoming participants to revert the occurred change.

Let me say that the most important reference for today are clearly the weekly balance high 2548 and the 2 higher short term references at 26345 and 2673 in case of continuation. Downside we have instead the half back of the entire last bracket (02.02 to 07.02) at 2526, then 25122 that was very important yesterday and 24437.

Note the extreme complexity of the USDX situation where we are currently below a triple GB pass gap.

Remember: acceptation above 2548, could probe the occurring weekly breakout, rejection above it could lead price to retrace the entire weekly balance.
Ubi maior minor cessat
  • #3,560
  • Feb 24, 2017 12:03am Feb 24, 2017 12:03am
If the IB holds above 2548 I'm going to go out on a limb here and say that's a small data point that adds weight to this gaps genuine
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