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Lock's Cable Corner

  • #3,901
  • Mar 15, 2017 2:43pm Mar 15, 2017 2:43pm
We are around a major composite poc at 2285 and we do not have acceptation above pit year open at 2289 for now. We got a poor high so it could take it out at 23025. And this could also lead to the upper poor high at 23275. But in any case I'm off. I'll let it go with the last lots on. Let's see tomorrow.
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  • #3,902
  • Mar 16, 2017 2:23am Mar 16, 2017 2:23am
Quoting Lock
Fighting above pit year open. Above it 2 major short term refs: 23013 and 23117, then the final pit poor high at 23275 just below the very important 23315.
Note yesterday pit unch exactly at pit year open 2289. And then note that price was not able to overcome the 2 major short term refs at 23013 and 23117 (this one never reached)

Quoting Lock
Round 2300 was a pit poor high: taken out. But it also was the top of the minor daily bracket: acceptation above it is needed for continuation. If not...
Quoting Lock
We are around a major composite poc at 2285 and we do not have acceptation above pit year open at 2289 for now. We got a poor high so it could take it out at 23025. And this could also lead to the upper poor high at 23275. But in any case I'm off. I'll let it go with the last lots on. Let's see tomorrow.
And in fact last pit session action took out the poor high at 23025 then price remained here to balance around composite poc 2285, all night long.
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  • #3,903
  • Edited 3:43am Mar 16, 2017 3:32am | Edited 3:43am
17/03/16 WEDNESDAY 09:32+1GMT
MORNING REPORT

We are in a monthly balance where during current week we saw a test of the 22043 monhtly balance low* (failed for now). Then we are in a weekly breakout from balance downside (we got the last 2 weeks closed below the upper weekly bracket low at 23464.) And finally we are in a daily bracket (last 10 days action) where yesterday we saw an attempted break above the minor daily bracket (21087-2252 last 6 days bracket range)

Yesterday we took out most of the weaknesses left above from the last price action and the short covering paused at the composite poc 2285 where price is currently balancing. The question here is: will this short covering morph into something more eventually trying to retest the upper weekly bracket low or will it conclude here the covering then retracing downside to take out the weaknesses left downside?

To answer this question the first information we have to evaluate could come from the new GB gap upside from yesterday GB range high at 2237. If it will hold we have the possibility to continue higher if it will be retraced (filled) we could aim to correct downside. The problem here is that we are before major upcoming news and this could froze this possible information untill eventually the news will be announced.

Also we have to consider the upcoming pit session situation. Meaning: where pit will open today in relation to yesterday range? And, more than this: where pit session will open in relation to the lower triple pass pit gap just below yesterday range low at 21905? An open inside yesterday pit range could let the market balance, at least initially, and then attempt a test above and/or below yesterday range. An open above or below yesterday range limits could drastically change the situation. And it could eventually let us wish to something more above or below yesterday pit range. Let's see.

*I'm speaking about the inside monthly balance of November 2016: it was the first monthly balance after the monthly break of October. Consequently its limit were and remain very important short/mid term references for the entire monthly bracke developed after this month.
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  • #3,904
  • Mar 16, 2017 3:43am Mar 16, 2017 3:43am
Note that we are in the last Tokyo period and we are balancing around 2016 Tokyo close 22725.
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  • #3,905
  • Mar 16, 2017 3:47am Mar 16, 2017 3:47am
Do not forget that we also have a double pass GB gap from yesterday GB range high to 2248 (06.03 GB low). Also note current GB low tagging exactly tonight Tokyo poor low at 2260: current market is totally ruled by weak hands using very exact references. This is confirmed by the fact that GB action is occurring up and down open level 22725: great indecision and lack of conviction in any direction for now.
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  • #3,906
  • Mar 16, 2017 4:15am Mar 16, 2017 4:15am
C high at half back, B at open and A at GB daily bracket high TAG. Plus Sydney and Tokyo highs back to back at 2296. At the same time C low is at round 2250. Finally the new gap upside is still in place. Very uncertain situation.Lack of participation of any major timeframe but daily one.
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  • #3,907
  • Mar 16, 2017 7:16am Mar 16, 2017 7:16am
Quoting Lock
17/03/16 WEDNESDAY 09:32+1GMT MORNING REPORT .... The question here is: will this short covering morph into something more eventually trying to retest the upper weekly bracket low or ...
Testing now the upper weekly bracket low (23464). Let's see pit open. For now we are above the last pit weakness (pit poor high 23275) and right above the major short term ref of 23315 underlined yesterday. Also we are now above yesterday pit range high at 2309. For any meaningfull continuation upside we need an open above it and then acceptation of this new level. Consider that all what we saw from yesterday was short covering. So we need these acceptations to see this covering action morphing into something more upside. If not watch out for retracement.
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  • #3,908
  • Mar 16, 2017 7:40am Mar 16, 2017 7:40am
Two important note here: the low of the upper weekly bracket for pit session is at 23694, so we didn't test it yet. This is the major reference for upcoming pit US session (and also for current preUS one). Then we have the half back of the entire bracket from 11.01 to 01.02 at 23583 and we are testing it right now. For any meaningfull continuation upside we need acceptation above both of them during pit session.

These references are short/mid term ones.
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  • #3,909
  • Edited 8:15am Mar 16, 2017 8:05am | Edited 8:15am
Quoting Lock
Two important note here: the low of the upper weekly bracket for pit session is at 23694, so we didn't test it yet. This is the major reference for upcoming pit US session (and also for current preUS one). Then we have the half back of the entire bracket from 11.01 to 01.02 at 23583 and we are testing it right now. For any meaningfull continuation upside we need acceptation above both of them during pit session. These references are short/mid term ones.
Testing the low of the pit upper weekly bracket right now: it is a go no go level and we need acceptation above it for any serious continuation upside. I mean acceptation of upcoming pit session. Remember that it is a short/mid term reference so we could find stonger buyers or sellers above it.
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  • #3,910
  • Mar 16, 2017 8:09am Mar 16, 2017 8:09am
Note that from 23275 to 2374 we have an old pit gap downside. So if pit will open around current location we will have a double pass pit gap down to 23275 and a new gap upside from yesterday pit range high at 2309. This double pass pit gap zone could be interested by a partial or full filling during upcoming pit action if we will not see a sharp fast continuation upside.
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  • #3,911
  • Mar 16, 2017 9:33am Mar 16, 2017 9:33am
Quoting Lock
Note that from 23275 to 2374 we have an old pit gap downside. So if pit will open around current location we will have a double pass pit gap down to 23275 and a new gap upside from yesterday pit range high at 2309. This double pass pit gap zone could be interested by a partial or full filling during upcoming pit action if we will not see a sharp fast continuation upside.
So for now everything as expected: pit opened with a new gap upside then the old one downside became double pass and price filled it partially. Now we are exactly at the major pit half back 23583 and we have B period closed above it and inside previous A period. My suggestion is to go with the possible break outside B balance (if any) and then monitor for continuation. Specially monitor for acceptation or rejection above 23583 and 23695. (upper weekly bracket low/ go no go pit level for short and mid term participants)
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  • #3,912
  • Mar 16, 2017 9:42am Mar 16, 2017 9:42am
If we will find rejection above those levels we could expect a new correction donwside to at least complete the filling of the double pass pit gap to 23275 and maybe more down to yesterday pit high 2309. If instead we will find acceptation above them we could aim at the upper composite pocs 2432 and 2464. Obviously for this targets we will need also acceptation above 24063 half back of the pit bracket from 01.02 to 09.03.
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  • #3,913
  • Edited 2:57am Mar 17, 2017 2:30am | Edited 2:57am
17/03/17 FRIDAY 08:30+1GMT
EARLY MORNING REPORT

Monthly and weekly balance. Daily attempted breakout above last 10 days bracket 21333-2307. Yesterday action tested inside the upper weekly bracket 23464-27057 where current action is still occurring right now (edit: it were inside it during all Tokyo action overnight untill current liquidation). But then note that yesterday pit session attempted above pit weekly bracket low at 23695 and failed, closing below it at 23603, while yesterday GB participants probed inside GB weekly bracket 23465-27057 and closed above its low at 23705. So we got conflicting information from different market participants.

Having said this, current price action is occurring far above yesterday GB session range high at 22795 so if upcoming GB session will open around here we will see a new GB gap upside. The bigger the gap, the less the odds to see a complete filling of it. Generally with a so big gap the rule is to go alongside its direction. Anyway, considering the particular location (at the bottom of the upper weekly bracket) the most importan information to evaluate will be acceptation or rejection inside it. Furthermore we are below the half back of the entire GB downside action from 06.12.2016 to 16.01.2017 (HB at 2396), below the entire GB upside action from 16.01.2017 to 02.02.2017 (HB at 2362) and finally below the last GB downside action half back from 02.02.2017 to 14.03.2017 (HB at 24072)

Consequently our most important levels for upcoming GB session will be:

  1. GB upper weekly bracket low at 23465
  2. GB yesterday close level at at 23705
  3. GB major bracket (downside action) half back at 2396
  4. GB major bracket (upside action) half back at 2362
  5. GB major bracket (downside action) half back at 24072

All these references are short/mid term ones and could work as go no go levels (if eventually reached) for upcoming GB action. Continuation upside could only happen if we will se acceptation above them, starting from the lower one (GB upper weekly bracket low)

Adding to them we could consider the important GB year open at 23395: it will be very difficult to see something serious upside without an acceptation above this very significant level for GB participants.

Finally other important levels (currently downside) are the short term refs at 23117, 23013 and the lower composite poc at 2285. Below them we got the double pass GB gap at 22365-2241. Remember that right now current Tokyo session is building a new GB gap upside that if not quickly retraced could work as support against downside action.

First 2 major references upside underlined in the sessions chart: GB upper weekly bracket low at 23465 and GB year open at 23395

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 216 KB
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  • #3,914
  • Mar 17, 2017 3:05am Mar 17, 2017 3:05am
Testing now the GB weekly bracket low at 23465.
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  • #3,915
  • Mar 17, 2017 6:08am Mar 17, 2017 6:08am
Quoting Lock
17/03/17 FRIDAY 08:30+1GMT EARLY MORNING REPORT ...Consequently our most important levels for upcoming GB session will be: GB upper weekly bracket low at 23465 GB yesterday close level at at 23705 GB major bracket (downside action) half back at 2396 GB major bracket (upside action) half back at 2362 GB major bracket (downside action) half back at 24072...
Quoting Lock
... Continuation upside could only happen if we will se acceptation above them, starting from the lower one (GB upper weekly bracket low) Adding to them we could consider the important GB year open at 23395: it will be very difficult to see something serious upside without an acceptation above this very significant level for GB participants. ...
So for now GB obtained acceptation above GB year open at 23395, GB upper weekly bracket low at 23465, GB major bracket (upside action) half back at 2362 and GB yesterday close level at 23705. But we do not saw price acceptation above GB major bracket (downside action) half back at 2396 and we never reached GB major bracket (downside action) half back at 24072.

Specially 2396 that is the half back of the biggest bracket worked as resistence for now. GB then balance, E was inside period of D, then F started current liquidation (trying to fill some of the minus development left during the A and B periods.)
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  • #3,916
  • Mar 17, 2017 6:27am Mar 17, 2017 6:27am
Quoting Lock
.. .... But we do not saw price acceptation above GB major bracket (downside action) half back at 2396 and we never reached GB major bracket (downside action) half back at 24072. Specially 2396 that is the half back of the biggest bracket worked as resistence for now. GB then balance, E was inside period of D, then F started current liquidation (trying to fill some of the minus development left during the A and B periods.)
A and B period minus developments completely filled during current liquidation.
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  • #3,917
  • Mar 17, 2017 6:29am Mar 17, 2017 6:29am
Now it will be very important to see where GB will settle before preUS open: the reference to consider is obviously the upper GB weekly bracket low at 23645. Above or below?
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  • #3,918
  • Mar 17, 2017 6:30am Mar 17, 2017 6:30am
Note current H low exactly at GB year open 23395. Plus poor low at 2333 (A period low tagged by G period low)
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  • #3,919
  • Edited 7:06am Mar 17, 2017 6:44am | Edited 7:06am
Because preUS is going to open let's start to discuss US references. Yesterday pit US gapped higher leaving downside a double pass gap at 23275-23365. If we will open pit session around this location we could see the fill of this zone, at least partially. Yesterday pit session then developed a rotational environment creating a prominent poc at 2356. Again, if pit US will open around here this level will probably be tested. Then pit US left a poor high at 2377: even this weak level could be interested by a test if pit US will open below it. If instead pit US will open above yesterday pit range (gapping higher) the new gap upside could let the market skip the previous references and continue higher (if the new gap will not be filled quickly at open)

For upcoming pit action consider that the references given in previous posts are different, because the pit bracket ranges vary then also their respective half backs vary. And also the upper weekly bracket, if only pit action has to be considered, has different limits to consider. So, here are the pit main references:

 

  1. Pit upper weekly bracket low at 23695
  2. Pit yesterday close/unchange level at at 23603
  3. Pit major bracket (downside action from 06.12.2016 to 11.01.2017) half back at 23675
  4. Pit major bracket (upside action from 16.01.2017 to 01.02.2017) half back at 23583
  5. Pit major bracket (downside action from 01.02.2017 to 09.03.2017) half back at 24063

While downside as said we have the double pass gap at 23275-23365, then if we will have acceptation below yesterday pit session we could aim at the lower composite poc 2285 and eventually (major move in this case) down to the back to back lows made Wednesday at 21905 level (pit US low 1 pip below preUS low). In this scenario the pit minus development left at 22575-22535 will be filled.

In any case the yesterday pit poor high at 2377 will be very suspect if a liquidation will start without its correction.

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  • #3,920
  • Mar 17, 2017 7:00am Mar 17, 2017 7:00am
PreUS opened inside yesterday pit range: moderate your expectations at least initially. Initial rotational environment expected. Note preUS open exactly at yesterday pit unchanged level 23603: great indecision and lack of conviction.
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