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Lock's Cable Corner

  • #3,981
  • Mar 29, 2017 12:23pm Mar 29, 2017 12:23pm
20 pips up.



But of course, I'm cautious.
  • #3,982
  • Mar 29, 2017 12:28pm Mar 29, 2017 12:28pm
Quoting Lock
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. ....
Quoting Lock
We got no acceptation below our 2 major references for now.
You know what? I made a report about what market generated information were telliing us and then I filled my process decision with a lot of uncertainties and indecision. The fact is that I was waiting exactly for what is occurring now but I also expected a strong reaction during the test of the major references. Istead we got a weak double low at round 2400. Anyway we are watching the short covering. Let's see where it could last. The direction as wirtten is the composite poc at 2481.
Ubi maior minor cessat
  • #3,983
  • Mar 29, 2017 12:36pm Mar 29, 2017 12:36pm
I'll let my longs go with stops above BE*. I'm too tired. I'm off for today. Have a nice continuation! Best , L.

*generally I do not do such things but I'm really exhausted today.
Ubi maior minor cessat
  • #3,984
  • Mar 29, 2017 12:37pm Mar 29, 2017 12:37pm
Hi Lock, I always value exchange of opinions and thoughts. If I read correctly, you believe this to be a mere shorts covering process, ie. a dead cat bounce, to around 2481?
  • #3,985
  • Mar 29, 2017 12:46pm Mar 29, 2017 12:46pm
Quoting KovanTrader
Hi Lock, I always value exchange of opinions and thoughts. If I read correctly, you believe this to be a mere shorts covering process, ie. a dead cat bounce, to around 2481?

Well a short covering could also morph into something more serious. We will see tomorrow. All the sessions clearly rejected the mid levels of any major bracket today. Tokyo rejected 23805 (half back of the entire bracket from 06.12.2016 to 16.01.2017 valid for all sessions), then GB rejected 24072 (half back of the entire GB bracket from from 02.02.2017 to 14.03.2017) and it also rejected 2396 (entire GB downside action from 06.12.2016 to 16.01.2017). Then eventually pit session rejected its own major half back at 24065 (LAST PIT MOVE DOWN from 01.02 to 09.03) and it also clearly rejected 23975 (HALF BACK of pit move downside from 06.12.2016 to 11.01.2017).

So, if tomorrow we will se a confirmation of this rejection we could also insist higher, eventually to the top of the weekly bracket. But a new test downside is not impossible.
Ubi maior minor cessat
  • #3,986
  • Mar 29, 2017 12:56pm Mar 29, 2017 12:56pm
Now, 2480 is the half back of the entire move upside from 25.10.2016 to 06.12.2016. I do not want to give to this level any particular importance because currently the bracket from 06.12.2016 to 11.01.2017 overlaps it including its lower limit. But as you see it is currently offering some form of resistence to our short covering.
Ubi maior minor cessat
  • #3,987
  • Mar 29, 2017 12:57pm Mar 29, 2017 12:57pm
Quoting Lock
{quote} Well a short covering could also morph into something more serious. We will see tomorrow. All the sessions clearly rejected the mid levels of any major bracket today. Tokyo rejected 23805 (half back of the entire bracket from 06.12.2016 to 16.01.2017 valid for all sessions), then GB rejected 24072 (half back of the entire GB bracket from from 02.02.2017 to 14.03.2017) and it also rejected 2396 (entire GB downside action from 06.12.2016 to 16.01.2017). Then eventually pit session rejected its own major half back at 24065 (LAST PIT MOVE DOWN...
thanks for sharing.
  • #3,988
  • Mar 29, 2017 1:04pm Mar 29, 2017 1:04pm
Quoting KovanTrader
{quote} thanks for sharing.
You're welcome.
Ubi maior minor cessat
  • #3,989
  • Mar 29, 2017 1:06pm Mar 29, 2017 1:06pm
Quoting Lock
{quote} You're welcome.
Exited with 20 pips
  • #3,990
  • Mar 30, 2017 3:06am Mar 30, 2017 3:06am
17/03/30 THURSDAY 10:06+1GMT
MORNING REPORT

We are in a monthly, weekly and daily balance. Yesterday we saw multiple tests of the half backs (mid levels) of the major brackets performed by any session. Tokyo failed below 23805, GB failed below both 2396 and 24072 and eventually pit session failed below 23975 and 24063.

As written in one of my last reports the final portion of yesterday pit session was short covering and I wrote that because all the final action upside occurred starting from a very weak double low at 2400 round number. I olso added that a new test downside was possible today and in fact as you see GB is currently performing it. (current B low is 1 pip above 24072.)

Now, GB opened inside yesterday GB range (2393-2476): so balance and acceptation of yesterday price values is expected at least initially, then eventually test upside or/and downside are possible. Note that current action is occurrin non so far below the major composite poc at 2481. If a new test will performed downside below the major half backs references and if this test will fail again, a recovery to the major composite poc will be normal.

If instead a new test will be performed below the major references and this time it will succeed we could eventually see continuation downside.

Note that current GB low (B low) is exactly at yesterday GB close level (24085) so it is weak. At the same time not C high exactly at current half back 2419: it is weak too. So current market is for now ruled by weak hands again.
Ubi maior minor cessat
  • #3,991
  • Mar 30, 2017 4:05am Mar 30, 2017 4:05am
D inside C. D and C highs both at initial half back(2419). D and E lows both at yesterday GB close (24085). Very weak environment. It could break from D but watch out if you will not see continuation in the direction of the initial break because the other extreme of the balance is weak.

First new test below major half back (24072) failed.
Ubi maior minor cessat
  • #3,992
  • Mar 30, 2017 4:10am Mar 30, 2017 4:10am
Quoting Lock
D inside C. D and C highs both at initial half back(2419). D and E lows both at yesterday GB close (24085). Very weak environment. It could break from D but watch out if you will not see continuation in the direction of the initial break because the other extreme of the balance is weak. First new test below major half back (24072) failed.
Attempted break above D, D and C highs at half back removed. It remains weak downside at 24085: monitor carefully for continuation upside.
Ubi maior minor cessat
  • #3,993
  • Mar 30, 2017 4:27am Mar 30, 2017 4:27am
The break above D balance is clearly working and as you see we got acceleration back inside Tokyo session range: currently testing 24437 major short/mid term ref. Above we have the Tokyo poor high at 2450 round. And then the major composite poc at 2481. But watrch out because we are still inside yesterday GB range.
Ubi maior minor cessat
  • #3,994
  • Mar 30, 2017 4:31am Mar 30, 2017 4:31am
For a substantial continuation upside we want a double distribution profile: meaning that we want to preserve current single prints above A high 2431. If it will come back downside to this level we will not have anymore the possibility for a double distribution. In this case the continuation could be more difficult. Let's see.
Ubi maior minor cessat
  • #3,995
  • Mar 30, 2017 4:40am Mar 30, 2017 4:40am
Quoting Lock
For a substantial continuation upside we want a double distribution profile: meaning that we want to preserve current single prints above A high 2431. If it will come back downside to this level we will not have anymore the possibility for a double distribution. In this case the continuation could be more difficult. Let's see.
2431 early morning high tagged: no more single prints above it and no more double distribution. Current F low is now weak: carry this info forward. It could continue higher because of the poor high (2443) but watch out.
Ubi maior minor cessat
  • #3,996
  • Mar 30, 2017 4:44am Mar 30, 2017 4:44am
2428 move up from 25.10.2016 to 16.12.2016 half back could work as support if reached but if not watch out for correction downside.
Ubi maior minor cessat
  • #3,997
  • Mar 30, 2017 4:47am Mar 30, 2017 4:47am
Note also that 2428 substantially coincides with GB open level: we need acceptation above it for any meaningfull continuation upside. Meaning that we need at least a couple of m30 periods closed above this level.
Ubi maior minor cessat
  • #3,998
  • Mar 30, 2017 4:56am Mar 30, 2017 4:56am
Quoting Lock
2428 move up from 25.10.2016 to 16.12.2016 half back could work as support if reached but if not watch out for correction downside.
As you see it bounced exactly at this level 2428: it's an automatic buy made by weak hands, so watch out because it is a weak ref now, coinciding with open price. Let's see if it can last untill poor high at 2443.
Ubi maior minor cessat
  • #3,999
  • Mar 30, 2017 5:02am Mar 30, 2017 5:02am
Quoting Lock
{quote} As you see it bounced exactly at this level 2428: it's an automatic buy made by weak hands, so watch out because it is a weak ref now, coinciding with open price. Let's see if it can last untill poor high at 2443.
It could: taken out.


Now let's see if Tokyo poor high is possible too at 2450.
Ubi maior minor cessat
  • #4,000
  • Mar 30, 2017 5:04am Mar 30, 2017 5:04am
Remember that this is also a test of 24437 major short/mid term ref. We need to get acceptation above it for continuation upside.
Ubi maior minor cessat
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