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Lock's Cable Corner

  • #3,961
  • Mar 29, 2017 10:01am Mar 29, 2017 10:01am
Quoting Lock;9719214[B
]Pit session opened gapping lower and inside the previous gap higher 2017.03.20-21 (2396-24233), just above the major half back 24065. It could fill this old gap upside down to 2396 after a test belo 24065. Or it could retrace some upside before and then perform the test lower.[/b]
Here we are at 24065 to test.
Ubi maior minor cessat
  • #3,962
  • Mar 29, 2017 10:03am Mar 29, 2017 10:03am
In any case this market is currently ruled by weak hands only: the weak high at 2441 and current cluster at open level are a clear sign of this.
Ubi maior minor cessat
  • #3,963
  • Mar 29, 2017 10:05am Mar 29, 2017 10:05am
A correction upside from here without a test of the major half back 24065 will only be short covering and not new money buying.
Ubi maior minor cessat
  • #3,964
  • Mar 29, 2017 10:13am Mar 29, 2017 10:13am
Quoting Lock
In any case this market is currently ruled by weak hands only: the weak high at 2441 and current cluster at open level are a clear sign of this.
Note also the new D period high just one pip below current half back(2425): an other sign of weak participation.
Ubi maior minor cessat
  • #3,965
  • Mar 29, 2017 10:43am Mar 29, 2017 10:43am
Quoting Lock
{quote} Here we are at 24065 to test.
TESTED.
Ubi maior minor cessat
  • #3,966
  • Mar 29, 2017 10:44am Mar 29, 2017 10:44am
Now if it will fill the old gap upside it will test also the 23975 half back.
Ubi maior minor cessat
  • #3,967
  • Mar 29, 2017 10:45am Mar 29, 2017 10:45am
Quoting Lock
Now if it will fill the old gap upside it will test also the 23975 half back.
Gap filled, 23975 tested too.
Ubi maior minor cessat
  • #3,968
  • Mar 29, 2017 10:50am Mar 29, 2017 10:50am
Remember that for any meaningfull continuation downside we need acceptation below both 24065 and 23975: if not all the way upside up to 2481 (as a direction). Note that we are leaving above a very weak structure, starting with E high at previous half back 2425 and continuing with session high at yesterday low 2441.

If instead it will obtain acceptation below these references we could continue lower to test the weekly pit bracket low 23695.
Ubi maior minor cessat
  • #3,969
  • Mar 29, 2017 10:52am Mar 29, 2017 10:52am
Does this mean you expect the cable to go up again? After all, 1.24 is intact.

Cheers.
  • #3,970
  • Mar 29, 2017 10:57am Mar 29, 2017 10:57am
Quoting KovanTrader
Does this mean you expect the cable to go up again? After all, 1.24 is intact. Cheers.
I don't know now. I'm waiting for confirmation above or below 24065 and 23975.
Best L.
Ubi maior minor cessat
  • #3,971
  • Mar 29, 2017 10:59am Mar 29, 2017 10:59am
D was inside period of C: so this one is an attempted break below balance. If it fails below the natural target is the opposite side of balance , meaning D high as a minimum. If instead it will succeed we could have elongation downside.
Ubi maior minor cessat
  • #3,972
  • Mar 29, 2017 11:01am Mar 29, 2017 11:01am
E period close was the last one for London: meaning London closed above the major GB half back 24072.
Ubi maior minor cessat
  • #3,973
  • Mar 29, 2017 11:03am Mar 29, 2017 11:03am
For now the break downside is uncertain as E closed right at the base of D.
Ubi maior minor cessat
  • #3,974
  • Mar 29, 2017 11:09am Mar 29, 2017 11:09am
Personally I bought when I saw no continuation below the pit major hlf backs, considering the weaknesses left above. But I'm ready to reconsider my position if I'll see no continuation upside.
Ubi maior minor cessat
  • #3,975
  • Mar 29, 2017 11:09am Mar 29, 2017 11:09am
I do not like the single pips left by period E downside: too many
Ubi maior minor cessat
  • #3,976
  • Mar 29, 2017 11:12am Mar 29, 2017 11:12am
Short again . Long closed for now.

PS: I'm not suggesting to follow me. Specially in this situation so uncertain.
Ubi maior minor cessat
  • #3,977
  • Mar 29, 2017 11:30am Mar 29, 2017 11:30am
We got no acceptation below our 2 major references for now.
Ubi maior minor cessat
  • #3,978
  • Mar 29, 2017 11:32am Mar 29, 2017 11:32am
F inside E: an other possible break from here(above or below obviously). Let's see.
Ubi maior minor cessat
  • #3,979
  • Mar 29, 2017 11:41am Mar 29, 2017 11:41am
I think 1.24 will hold. I entered long at 1.2403. Good luck to myself!
  • #3,980
  • Mar 29, 2017 12:00pm Mar 29, 2017 12:00pm
No acceptation below major refs after 3 periods attempt downside.Long too. But it's risky

Very risky.

It is risky because value is building lower from yesterday and we interrupted one timeframing lower only once. We could see a short covering from here. But it will be weak money in any case. I'm thinking to step aside for today. Too weak.
Ubi maior minor cessat
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