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Lock's Cable Corner

  • #4,101
  • Apr 7, 2017 12:04pm Apr 7, 2017 12:04pm
If it will continue lower accepting price below 23805, remember this:

Quoting Lock
If the correction upside will fail (and if we will not complete the session in balance) I see a double pit pass gap down to 23275-23345 as a possible target.
See you next week and be carefull, because, I repeat it, G high was at half back, meaning waeak hands selling there.
Ubi maior minor cessat
  • #4,102
  • Apr 9, 2017 3:50am Apr 9, 2017 3:50am
Will be looking to sell any GBP/USD rallies.
  • #4,103
  • Apr 11, 2017 9:50am Apr 11, 2017 9:50am
missing your daily reports Lock!!! hope your well

got my TP at comp poc lets see... although waiting for acceptation above 24683 first
  • #4,104
  • Apr 11, 2017 10:00am Apr 11, 2017 10:00am
Quoting titi14
got my TP at comp poc lets see...
Hit!! im done for the day
  • #4,105
  • Apr 12, 2017 1:55am Apr 12, 2017 1:55am
Very good titi14, you got it. Abut me I've to delay for some time. I'll be back asap. Best L.
Ubi maior minor cessat
  • #4,106
  • Apr 12, 2017 2:03am Apr 12, 2017 2:03am
Following your work. Thanks and
Regards
  • #4,107
  • Apr 13, 2017 2:55am Apr 13, 2017 2:55am
2017/04/13 THURSDAY 09:55+1GMT
MORNING REPORT

We are in a monthly and weekly balance. On daily we are trending upside in the last 3 days. Overall we are in rotational environment where the composite poc at 2485 is having a major role as a pole of attraction. Price went upside in the last 3 days leaving downside a huge mess of weaknesses of all kind, specially poor lows as (from bottom to top) Pit PL 23653 (07/04), GB PL 23865 (10.04), preUS PL 23903 (10/04), GB PL 2403 (11/04), Pit PL 24055 (10/04) and finally yesterday Tokyo PL at 2480. More than this we also have clusters of weak lows as at 23653 where Sydney low tagged the already poor low left by pit session, or yesterday pit low, just 1 pip above GB session low at 24805 that was also less than 1 pip above Tokyo poor low at 2480. Finally we have current GB low 1 pip above tonight Tokyo low at 25425.

So as you see the market structure downside is more than ugly. Plus we are acting above the major composite poc at 2485. Now, current GB action is supported by a new gap upside but at the same time this new gap upside include 2 previous double and triple pass GB gaps around 25365-2543 (double) and 23365-2542 (triple). So this zone is clearly very interesting for GB participants.

Having said that I also think that upcoming pit session should get rid of the old weaknesses left above going down at 25475 and 2556 (pit poor highs), plus preUS poor high at 2563. So even if we will se GB going down to correct the triple and double pass gap downside we will probably see pit session above these weaknesses late in the day. (after 15:30+1GMT). Then, if pit session will find nothing above these references and if it will not be able to continue higher above major references such 2548, 25645 and 25815 we could expect today or tomorrow or in the next days a substantial liquidation downside in order to get rid of the mess left there.

Note that this market is extraordinary weak and uncertain. I see no participation at all by major timeframes for now. Only trading money performed by weak hands participants both during Tokyo, GB and pit sessions. Note current Tokyo poor high at 2474 as a further proof of current situation.
Ubi maior minor cessat
  • #4,108
  • Apr 13, 2017 2:37pm Apr 13, 2017 2:37pm
Regardless whether I am looking to trade the cable for the day, I always love reading your work. Two thumbs up.
  • #4,109
  • Edited 1:49am Apr 18, 2017 1:38am | Edited 1:49am
2017/04/18 TUESDAY 08:38 +1GMT
EARLY MORNING REPORT

If you re-read my last post 4107 you will see that, even if it made the expected action during a period of time of 2 days, it finally completed it. I think that this delay is due to the lack of participation alongside the extended holiday. Anyway let's speak about current situation.

We still are in a monthly-weekly balance environment characterized by the total absence of major timeframes participation. The incredible amount of weaknesses left downside could only be happened for this reason. At the same time It looks like that the very weak momentum action upside had not found, at least for now, any resistance upside, nor by stronger participants nor by other weaker ones. And I do not want to underestimate momentum traders' action even if performed in such environment. I'm a day trader and I generally go flat at the end of the day, so, even if I see the extremely and very rare weaknesses of this action I have to follow what market does not being overwelmed by my major scale considerations about how weak and dangerous is this market continuiing higher. But I'm fully aware of it.

So let's start to put together the information market has provided us in the last days.
We have left downside the following weak references: Pit PL 23653 (07/04), GB PL 23865 (10.04), preUS PL 23903 (10/04), GB PL 2403 (11/04), Pit PL 24055 (10/04), a GB gap upside from 24445 to 24805 (containing 2 minus development left by 04/11 pit session), then we have a cluster of lows around 2480 (Tokyo PL 2480, GB tagging it and pit session low just 1 pip above them), Tokyo PL 24995 (04/14), GB PL 25072 (04/14) tagged by the same day preUS PL (04/14), then an other GB gap upside 04/14-17 from 2516 to 25295 (that contains 2 further previous gaps: a GB double one and a GB triple one!), hust at the top of this GB gap we have a new GB PL 25295 (04/17), followed by a preUS PL 25455 (same day) and finally yesterday pit poor low at 25552.

First of all let me say that I've never ever seen a thing like this in my all experience as a trader and specially as a cable one. We are speaking about 12 poor lows left by different sessions in less than a month. This is very impressive.

Now, as written last week, if it will not be able to continue higher above major references such 2548, 25645, 25815 and eventually 26345 and 2673 the odds are in favour for a substantial correction downside in order to revisit and correct at least partially the mess of weaknesses left downside. These are the odds right now.
If instead we will see acceptation above these major short/mid term references, well, it will mean that something very important is occurred underneath current visible market action. and we will evaluate this possibility in case it will happen.

Finally remember that 27745 is the poor high left by 12.06 GB session in the last year. And this level is currently the top of the major bracket in which all market activity occurred in the last months. So, in the case we will go and test it in the next weeks we should find major participants above it, ready to sell or buy.
Ubi maior minor cessat
  • #4,110
  • Apr 18, 2017 1:44am Apr 18, 2017 1:44am
When we are less than 20 min befor GB open, note that we are building a new gap upside from yesterday GB high at 25495. Note also that current Tokyo session low tagged this level, exactly. Gap rules will be in play in the case this situation will be carried forward untill GB open.
Ubi maior minor cessat
  • #4,111
  • Apr 18, 2017 2:01am Apr 18, 2017 2:01am
We open with a new GB gap upside. Note that the open coincides with yesterday GB close level 25855. It is weak now.
Ubi maior minor cessat
  • #4,112
  • Apr 18, 2017 2:05am Apr 18, 2017 2:05am
Quoting Lock
We open with a new GB gap upside. Note that the open coincides with yesterday GB close level 25855. It is weak now.
Immediately taken out: for any meaningfull continuation upside we need acceptation above it. If not, a liquidation is very possible.
Ubi maior minor cessat
  • #4,113
  • Apr 18, 2017 2:31am Apr 18, 2017 2:31am
Again, note B low at open/yes GB close 25855.
Ubi maior minor cessat
  • #4,114
  • Apr 18, 2017 3:04am Apr 18, 2017 3:04am
The gap is still in place, supporting action upside and we currently have acceptation above yes GB close 25855. But now for continuation we need also acceptation above the minor daiy GB bracket high 25975.
Ubi maior minor cessat
  • #4,115
  • Apr 18, 2017 4:10am Apr 18, 2017 4:10am
Quoting Lock
2017/04/18 TUESDAY 08:38 +1GMT EARLY MORNING REPORT....Now, as written last week, if it will not be able to continue higher above major references such 2548, 25645, 25815 and eventually 26345 and 2673 the odds are in favour for a substantial correction downside in order to revisit and correct at least partially the mess of weaknesses left downside. These are the odds right now. ...

Quoting Lock
When we are less than 20 min befor GB open, note that we are building a new gap upside from yesterday GB high at 25495. Note also that current Tokyo session low tagged this level, exactly. Gap rules will be in play in the case this situation will be carried forward untill GB open.
Quoting Lock
The gap is still in place, supporting action upside and we currently have acceptation above yes GB close 25855. But now for continuation we need also acceptation above the minor daiy GB bracket high 25975.
C inside bar of B, no acceptation above 25975 (GB minor daily bracket high) and here we have the liquidation. New GB gap upside filled. And note also that the weak 25495, underlined this early mornig has been taken out.
Ubi maior minor cessat
  • #4,116
  • Apr 18, 2017 4:17am Apr 18, 2017 4:17am
[color=Black]
Quoting Lock
2017/04/18 TUESDAY 08:38 +1GMT EARLY MORNING REPORT ... We have left downside the following weak references: Pit PL 23653 (07/04), GB PL 23865 (10.04), preUS PL 23903 (10/04), GB PL 2403 (11/04), Pit PL 24055 (10/04), a GB gap upside from 24445 to 24805 (containing 2 minus development left by 04/11 pit session), then we have a cluster of lows around 2480 (Tokyo PL 2480, GB tagging it and pit session low just 1 pip above them), Tokyo PL 24995 (04/14), GB PL 25072 (04/14) tagged...
Quoting Lock
...then an other GB gap upside 04/14-17 from 2516 to 25295 (that contains 2 further previous gaps: a GB double one and a GB triple one!), just at the top of this GB gap we have a new GB PL 25295 (04/17), followed by a preUS PL 25455 (same day) and finally yesterday pit poor low at 25552......
Old triple pass GB gap, double pass GB gap and normal GB gap filled at once at 24445 to 24805.
Ubi maior minor cessat
  • #4,117
  • Apr 18, 2017 4:18am Apr 18, 2017 4:18am
E period is clearly exceptionally elongated right now. Too many single pips for it. Clearly liquidation.
Ubi maior minor cessat
  • #4,118
  • Apr 18, 2017 4:33am Apr 18, 2017 4:33am
2526 GB bracket half back from 02.02 to 07.02 it's an important short term ref. Acceptation needed below it for any meaningfull continuation of current liquidation downside. Still a lot of single prints for E period. Note also that the half back of the pit bracket from 02.02 to 07.02 is almost at the same level of the GB one as it is at 2524. Carry this info forward for upcoming pit session. (15:30+1GMT)
Ubi maior minor cessat
  • #4,119
  • Apr 18, 2017 5:06am Apr 18, 2017 5:06am
Quoting Lock
E period is clearly exceptionally elongated right now. Too many single pips for it. Clearly liquidation.
Quoting Lock
2526 GB bracket half back from 02.02 to 07.02 it's an important short term ref. Acceptation needed below it for any meaningfull continuation of current liquidation downside. Still a lot of single prints for E period. Note also that the half back of the pit bracket from 02.02 to 07.02 is almost at the same level of the GB one as it is at 2524. Carry this info forward for upcoming pit session. (15:30+1GMT)
No acceptation below 2526 major short term ref.
E period completely retraced.
Ubi maior minor cessat
  • #4,120
  • Apr 18, 2017 5:42am Apr 18, 2017 5:42am
26425 highest GB close for current year.
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