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Lock's Cable Corner

  • #4,121
  • Apr 18, 2017 5:46am Apr 18, 2017 5:46am
Remember also the above major references such 2548, 25645, 25815 and eventually 26345 and 2673

We need acceptation above them for serious continuation upside and they are all major short term (even mid term) references, so we could find serious operators above them. Both sellers or buyers as written this morning and last week.

Remember that for GB the final references are 27057 (previous daily bracket high) and 27743 (major bracket high)
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  • #4,122
  • Apr 18, 2017 5:50am Apr 18, 2017 5:50am
But as written the first step is acceptation above 2017 highest GB close at 26425. It is impossible to think at something more without a clear acceptation above this level. At least during current GB session.
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  • #4,123
  • Apr 18, 2017 5:57am Apr 18, 2017 5:57am
I see a lot of traders tuned here. Thanks for your consideration. I'll be off for a while. Not sure to be able to cover preUS open(14:00+1GMT) I think anyway to be back before pit open (15:30+1GMT). Have a nice continuation for now. Best L.
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  • #4,124
  • Apr 18, 2017 9:36am Apr 18, 2017 9:36am
Quoting Lock
Remember also the above major references such 2548, 25645, 25815 and eventually 26345 and 2673 We need acceptation above them for serious continuation upside and they are all major short term (even mid term) references, so we could find serious operators above them. Both sellers or buyers as written this morning and last week. Remember that for GB the final references are 27057 (previous daily bracket high) and 27743 (major bracket high)
So for now we obtained acceptation above 27057, but now we have different participants involved in current market. 27743 as it is the absolute high of the major bracket will remain our most important reference upside for all sessions.

Some considerations anyway need to be put on the table: we opened pit session with a huge gap upside (from yesterday pit high at 25955 we got more than 130 pips of gap). When such a gap builds up it is very rare that a correction could retrace all of its space because there are too many traders involved, leveraged, in margin call and so on. Secondly we are very close to the major bracket high 27743, so a test above it could be interesting for practically any participants right now. So even if we do not reach it, its presence could create a conflicting situation around here somewhere.

The weaknesses left downside by previous US and US pit sessions are still in place. At the same time we could take this new huge gap upside as a form of excess capable to skipp them at least fr sometime (a gap works as a form of excess so the lack of excess underlined by previous poor lows could be "replaced" with it.)

Going into a narrow analysis, note B period low at open level 27374 (surely not a sign of strong participants), plus the A period low at 27298 that is the Dic 2016 pit high (a very important ref for pit session at the time). So current action is supported by a huge gap upside but at the same time we did not see strong participation upside during the first pit session periods.
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  • #4,125
  • Apr 18, 2017 9:42am Apr 18, 2017 9:42am
Important note: remember that 27948 is the upper monthly bracket low. So a possible test above the major bracket high at 27743 could lead to a test also of this upper reference. Acceptation or rejection back above it ( 27948) could be extraordinary important for upcoming days. If rejection above or below it we could aim to a complete retracement of the entire lower bracket. An acceptation above it could lead, potentially, to a strong continuation upside aiming at the top of the upper monthly bracket (1.3500 zone)
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  • #4,126
  • Apr 18, 2017 12:46pm Apr 18, 2017 12:46pm
Quoting Lock
Remember also the above major references such 2548, 25645, 25815 and eventually 26345 and 2673 We need acceptation above them for serious continuation upside and they are all major short term (even mid term) references, so we could find serious operators above them. Both sellers or buyers as written this morning and last week. Remember that for GB the final references are 27057 (previous daily bracket high) and 27743 (major bracket high)
Quoting Lock
Important note: remember that 27948 is the upper monthly bracket low. So a possible test above the major bracket high at 27743 could lead to a test also of this upper reference. Acceptation or rejection back above it ( 27948) could be extraordinary important for upcoming days. If rejection above or below it we could aim to a complete retracement of the entire lower bracket. An acceptation above it could lead, potentially, to a strong continuation upside aiming at the top of the[/highlight]...
For now we do not have acceptation above it yet (27948 upper monthly bracket low). But as you see and as I wrote this morning and repeated during the day, above these major references we could find major serious stronger operators and in fact just above 27948....
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  • #4,127
  • Apr 18, 2017 12:59pm Apr 18, 2017 12:59pm
Note that this spike upside tested above 27948 but also removed (at the pip) the old triple pit pas gap downside from 12.08.2016 to 15.08.2016 (2886-2902). It lasted some months as you see but then it has been taken out. Note that this old triple pass pit gap is included in a bigger double pass pit gap up to 2936. This double pass pit gap is then included in a normal gap downside up to 2950. Carry this information forward in case of re-test and filling of the spike.
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  • #4,128
  • Apr 18, 2017 1:23pm Apr 18, 2017 1:23pm
For now I've seen automatic stops above 27948 (stops to close and to open considering the location). The important thing I'd like to stress is that the spike occurred as an automatic trigger of pending positions. Sure they were made by major timeframes but still they were automatic. In order to confirm or rject this test I think we need to wait till tomorrow. Remember that if we will accept these new price levels, meaning prices included in the upper monthly bracket, we could aim at the top of this major bracket (1.3500 zone). At the opposite in case of rejection of this major range, the natural direction will be the lower extreme of the last major bracket downside ("all time" low around 1.1970 zone).
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  • #4,129
  • Apr 19, 2017 3:00am Apr 19, 2017 3:00am
2017/04/19 WEDNESDAY 10:00+1GMT
MORNING REPORT

Yesterday we saw an attempted breakout above the major lower bracket performed by pit session, meaning US participants. So our relevant references in order to evaluate the success or failure of such attempt will be:
The lower bracket highs for pit session at 2758, for GB session at 27745, for Tokyo session at 2762.
Then in order to evaluate the acceptation back inside the upper monthly bracket, we have to consider the lows of it. So for pit session we have 28637, for GB 2845, while for Tokyo (and also for all the other sessions as it is the absolute lowest low of the upper monthly bracket) we have 27948.
This last reference was and is so important that yesterday, immediately above it, we triggered a huge amount of automatic stops, leading the market up more than 100 pips in a matter of seconds.

We are now in the GB session, so our most important levels will be those regarding specially GB operators. They are 2485 (for acceptation back inside the upper monthly bracket) and 27745 as the high of the lower bracket.
Also this morning GB opened with a huge gap upside from yesterday high at 2872. Plus yesterday GB session performed a final spike upside. The base of it is far below at 2601. Finally for GB session it could be important the yesterday GB close price at 27665. Note that for now this is the highest GB close for current year.

Current action is leaving downside 2 double pass GB gap: one is right below current price location, down to 27887. The other one is at 27234-2735. If we will not get acceptation back above 2485 (GB upper monthly bracket low) take care of these price zones.

Instead in case of acceptation inside the upper monthly bracket, the first thing I see for GB is an old GB gap downside at 29042-29364.
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  • #4,130
  • Apr 19, 2017 8:34am Apr 19, 2017 8:34am
Pit session opened exactly at today GB open level 28257. We are inside yesterday pit session range and inside the upper pit distribution (2822-28515) that is the range to consider firstly, more than the entire yesterday pit session range.

Major references for pit session are lower the 2758(lower bracket pit high) and above 28637(upper bracket pit low). Yesterday unch that is also the highest close for current year is at 2839.
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  • #4,131
  • Apr 19, 2017 8:39am Apr 19, 2017 8:39am
We also got a minus development down to 2785, in case of liquidation.

Remember that the game is to establish or not acceptation inside the upper monthly bracket, meaning, for pit session participants, above 28637. At the same time we have to evaluate the acceptation above the lower monthly bracket. The pit high of the lower M. bracket is as written at 2758.

Absolute high of the lower monthly bracket is at 27745 (made by GB), absolute low of the upper monthly bracket is 27948(made by Tokyo)
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  • #4,132
  • Apr 19, 2017 8:41am Apr 19, 2017 8:41am
Note A period low tagging exactly 2822 (yesterday pit session upper distribution low)
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  • #4,133
  • Apr 19, 2017 11:02am Apr 19, 2017 11:02am
Quoting Lock
We also got a minus development down to 2785, in case of liquidation. Remember that the game is to establish or not acceptation inside the upper monthly bracket, meaning, for pit session participants, above 28637. At the same time we have to evaluate the acceptation above the lower monthly bracket. The pit high of the lower M. bracket is as written at 2758....
It filled it.
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  • #4,134
  • Apr 19, 2017 11:05am Apr 19, 2017 11:05am
Do not forget that B and C periods made respectives highs at pit open level 2826. So we are clearly watching liquidation for now leaded by weak hands sellers.
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  • #4,135
  • Apr 19, 2017 11:35am Apr 19, 2017 11:35am
Quoting Lock
.... Absolute high of the lower monthly bracket is at 27745 (made by GB), absolute low of the upper monthly bracket is 27948(made by Tokyo)
Note that current pit action is occurring between the 2 major absolute levels 27745 and 27948. The first one is the top of the lower bracket, while the second one is the low of the upper bracket.
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  • #4,136
  • Apr 19, 2017 11:40am Apr 19, 2017 11:40am
But if instead you will consider the brackets from a pit stand point, you will notice that all today pit session never tested nor the low of the pit upper monthly bracket at 28637 nor the high of the lower pit bracket at 2758. This could give you some idea of how uncertain and weak current session is.
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  • #4,137
  • Apr 19, 2017 11:47am Apr 19, 2017 11:47am
Btw, just to render the current uncertainty in a better manner, note that if we consider the 2 separate brackets (upper and lower) as an unicum (meaning as a whole major monthly bracket where the top is at 34808 and the low is around 1986), current price action is occurring exactly in the middle of it. So right now we are in the middle of the market activity occurred in the last 9 months plus current one.
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  • #4,138
  • Apr 26, 2017 1:37am Apr 26, 2017 1:37am
2017/04/26 WEDNESDAY 08:37+1GMT
EARLY MORNING REPORT

We are in a monthly attempted breakout above the lower monthly bracket (lower monthly bracket highs: 2758 Pit, 27745 GB absolute) and we are trying to evaluate a possible success or failure of it back inside the upper monthly bracket (upper monthly bracket lows: 2795 Tokyo absolute, 2845 GB, 28637 Pit). So the lows and the highs respectively of the upper major bracket and of the lower major bracket have been the most important references for the last days as you can easily check the range of previous sessions that remained all compressed in between these levels.

Weekly is a copy paste of the monthly situation: same attempted break. In this case anyhow we could also say that the break occurred far below, starting from the weekly minor bracket high at 2615.

On daily we are in a full balance environment as the last 5 days are overlapping one each other respecting the major bracket highs and lows as its extreme ranges. Note in particular the last 3 GB sessions: yesterday GB range is inside GB Monday range that is inside Friday GB range. This is a full balance environment that generally prelude to a directional move. Obviously this directional move could be preceded by a false attempt in one particular direction. Current GB minor bracket range corresponds consequently to Friday GB range: 27715(low)-28343(high)

So the important thing for upcoming GB session will be the open location in relation to yesterday tiny GB range. As the minor last 3 sessions GB bracket is a balance, balance rules will apply. We could have 5 scenarios: look above and fail, look above and accelerate, stay in balance, look below and fail or finally look below and accelerate.
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  • #4,139
  • Apr 26, 2017 3:43am Apr 26, 2017 3:43am
2804 is yesterday GB pull back low: it is a go no go level. Price acceptation above or below it could solve the issue regarding current GB session. For now it has been rejected (not even reached by D period low)
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  • #4,140
  • Apr 26, 2017 3:44am Apr 26, 2017 3:44am
Note that for now we are still inside yesterday tiny GB range that is inside GB Monday range that is inside GB Friday range. Watch out for possible breakout.
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