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Lock's Cable Corner

  • #4,221
  • May 9, 2017 3:15am May 9, 2017 3:15am
Quoting Lock
2923 taken out: now watch out. For continuation we need to get acceptation below it. Target 2904. If we will not have acceptation below 2923 a retracement upside is possible.
No acceptation below 2923 and as you see here we have the retracement. Note the poor low established at 29135: carry forward this info if we will not obtain acceptation back inside Tokyo range above 2931. Note also that F is inside period of E: so this is an other breakout attempted this time upside. Monitor for continuation.
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  • #4,222
  • May 9, 2017 3:18am May 9, 2017 3:18am
Note also that a possible double distribution profile has been excluded by current retracement as current G period completely filled the clean pips left by E period break downside.
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  • #4,223
  • May 9, 2017 3:19am May 9, 2017 3:19am
Note that at half back G made its current high 2937: again an other exact weak hands reference up there. Weak hands still ruling today market.
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  • #4,224
  • May 9, 2017 4:51am May 9, 2017 4:51am
Quoting Lock
{quote} No acceptation below 2923 and as you see here we have the retracement. Note the poor low established at 29135: carry forward this info if we will not obtain acceptation back inside Tokyo range above 2931. Note also that F is inside period of E: so this is an other breakout attempted this time upside. Monitor for continuation.
No acceptation back inside Tokyo range above 2931 and as you see the poor low at 29135 has been just taken out.
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  • #4,225
  • May 9, 2017 4:59am May 9, 2017 4:59am
2017/05/09 14:00+1GMT
EARLY AFTERNOON REPORT

Now, for upcoming preUS and Pit sessions the important references will be: yesterday pit poor low at 2929 (we are currently below it), Friday preUS tag of previous GB session low at 2923 (and again we are currently below it), then Thursday preUS poor low at 2879 and finally the very weak suspect 1 single pip gap upside still standing from 03.05 Pit session low at 28637 that by the way it is a very major pit reference as it is the low of the upper monthly pit bracket.

So if pit session will open below yesterday pit low at 2929, meaning with a gap downside and if this new possible gap will be preserved we could aim at 28637 for a potential retest of it and in order to fill the suspect 1 single pip gap.

If instead we will open above 2929, yestery pit poor low will be immediately a potential target and then we will have to see the possible reaction below it. If after the correction of it we will have no acceptation below then we could aim at the weaknesses left above, as Friday pit poor high at 29835 and Monday GB poor high at 29865: note that they are the current highs for this year. Remember in this case the composite poc 2968 working as a potential pole of attraction.

As a recap of major timeframes situation (that is fundamental in order to understand current environment), note that we are in an attempted breakout upside from lower monthly bracket high at 27745. We are back inside the upper monthly bracket whose low is at 2795. And we are trying to evaluate acceptation inside this upper major bracket.

In the weekly timeframe we are trending upside from previous weekly bracket high at 2615, so the mid term trend is UP.

On the daily timeframe the situation is more complex because as you see we have already 3 overlapping daily brackets going upside: generally when you see overlapping balances you could start to read the current market trend as "aging". And this could lead to a failure upside or at least to a major liquidation in order to "refresh" the market participation, removing from the game weak hands buyers.
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  • #4,226
  • May 9, 2017 5:10am May 9, 2017 5:10am
Also note yesterday pit session very prominent poc at 2940: in case of failure downside by upcoming pit session it could attract price as it is the current fairest price at which business has been conducted so far. We could disregard it if the possible new gap downside will be preserved and if we will see acceptation below yesterday pit session low 2929.
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  • #4,227
  • May 9, 2017 7:14am May 9, 2017 7:14am
So Pit session opened gapping lower and creating a new gap downside from yesterday pit low at 2929 but in the 2 first periods it filled the new gap. Now we currently have a poor high so in case of acceptation back inside yesterday pir range we could aim at yesterday pit high as a first step (2952) then eventually aim at composite poc 2968. This will also remove all the GB weaknesses left upside this morning.
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  • #4,228
  • May 9, 2017 7:15am May 9, 2017 7:15am
If instead for whatever reason we will not get acceptation back inside yes pit range then we could experience a liquidation. Odds for this are currently lower.
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  • #4,229
  • May 9, 2017 7:18am May 9, 2017 7:18am
Quoting Lock
So Pit session opened gapping lower and creating a new gap downside from yesterday pit low at 2929 but in the 2 first periods it filled the new gap. Now we currently have a poor high so in case of acceptation back inside yesterday pir range we could aim at yesterday pit high as a first step (2952) then eventually aim at composite poc 2968. This will also remove all the GB weaknesses left upside this morning.

Then if we will reach composite poc it is not impossible to see a correction of both 29835 (Friday pit poor high) and 29865 (Yesterday GB poor high). Remember that a pre-condition for this possibility is the acceptation back inside yes pit range, meaning above 2929.
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  • #4,230
  • May 9, 2017 7:33am May 9, 2017 7:33am
2931 current poc 3 letters: not a good sign for serious continuation upside. But it is only one data point. Currently we have an other poor high: keep focusing on acceptation or not back inside yes pit range. I'm also monitoring a possible acceptation above yes pit unch 2938: without it the possibility of a liquidation will increase significantly. For now I'm buying entering yes range.
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  • #4,231
  • May 9, 2017 7:37am May 9, 2017 7:37am
Quoting Lock
Note that at half back G made its current high 2937: again an other exact weak hands reference up there. Weak hands still ruling today market.
weaknesses 2937 left by GB traders taken out. Now carefully monitor for acceptation above yes pit unch 2938.
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  • #4,232
  • May 9, 2017 7:40am May 9, 2017 7:40am
Quoting Lock
Weak hands ruling environment: note D high exactly at yes GB unch plus current half back 2946.
Quoting Lock
This does not mean the breakout has to fail it means that if it will work it will be leaded by weak hands. So in the case, carry forward this important information.
highest GB weaknesses at 2946 tagged at the pip.
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  • #4,233
  • May 9, 2017 7:42am May 9, 2017 7:42am
Remember anyhow to monitor for acceptation above yes pit unch 2938: it will be fundamental for possible continuation upside or, vice-versa, for possible liquidation downside.
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  • #4,234
  • May 9, 2017 7:57am May 9, 2017 7:57am
Quoting Lock
{quote} {quote} highest GB weaknesses at 2946 tagged at the pip.
Taken out.
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  • #4,235
  • May 9, 2017 8:00am May 9, 2017 8:00am
Quoting Lock
So Pit session opened gapping lower and creating a new gap downside from yesterday pit low at 2929 but in the 2 first periods it filled the new gap. Now we currently have a poor high so in case of acceptation back inside yesterday pir range we could aim at yesterday pit high as a first step (2952) then eventually aim at composite poc 2968. This will also remove all the GB weaknesses left upside this morning.
Here we are at yesterday pit high 2952: first possible target tagged.
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  • #4,236
  • May 9, 2017 8:05am May 9, 2017 8:05am
Quoting Lock
{quote} Here we are at yesterday pit high 2952: first possible target tagged.
2952 was yesterday pit open and not yes pit high that is 2 pips above at 2954: anyhow it tagged it too. We now need acceptation above yes pit high 2954 for continuation upside. And obviously also above yesterday pit open 2952. If so 2968 is possible as written in the report.

If instead we will not have acceptation above yes high, still watch out for liquidation. Continue to monitor for acceptation above yes unch 2938.
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  • #4,237
  • May 9, 2017 8:21am May 9, 2017 8:21am
Quoting Lock
2931 current poc 3 letters: not a good sign for serious continuation upside. But it is only one data point. Currently we have an other poor high: keep focusing on acceptation or not back inside yes pit range. I'm also monitoring a possible acceptation above yes pit unch 2938: without it the possibility of a liquidation will increase significantly. For now I'm buying entering yes range.
As you see it was an important datapoint. Anyhow let's see how it will develop. For now we still do not have acceptation above yes pit unch 2938 as we only have 1 closed period above this level. But we have acceptation back inside yes pit range (above 2929). So the situation could change at any moment in time.
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  • #4,238
  • May 9, 2017 8:30am May 9, 2017 8:30am
D inside C: possible break from here, above or below D period range. Let's see.
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  • #4,239
  • May 9, 2017 8:50am May 9, 2017 8:50am
Quoting Lock
D inside C: possible break from here, above or below D period range. Let's see.
Attempted break downside from D balance.
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  • #4,240
  • May 9, 2017 9:04am May 9, 2017 9:04am
Quoting Lock
{quote} Attempted break downside from D balance.
And failed for now. Natural target should be opposite side of D. But I'm partially out my longs for now because it looks too weak currently.
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