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Lock's Cable Corner

  • #4,241
  • May 9, 2017 11:05am May 9, 2017 11:05am
Surely current pit high at 2952 as it is a perfect tag of yesterday pit high, is not strong. But somehow we are in a rotating environment and I do not trust current market participants.
Ubi maior minor cessat
  • #4,242
  • May 9, 2017 11:07am May 9, 2017 11:07am
If we assume to be in a trend session E period low could be our pull back low* for today at 2930. If revisited we then will find ourselves in a full trading environment, meaning only weak hands and no decision at all. Note that we already have a 4 letters poc at 29335 and here where we currently are at 2938.

*a pull back low is a test in the opposite direction of the occurrent trend. It is also a way to return in balance if inventories became too long. It is generally a good reference for the next session. New session activity above it could mean that nothing happened from previous day and the trend could continue in the same direction. Activity below it could insted mean a rejection of previous trend and consequently new money selling against previous activity.

Obviously a pull back low has a meaning only if the session is effectively a trending one.
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  • #4,243
  • May 9, 2017 11:36am May 9, 2017 11:36am
Well I'm off for today. I see nothing going on but trading money (weak hands). Let's see tomorrow. Best L.
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  • #4,244
  • Edited 7:16am May 11, 2017 7:01am | Edited 7:16am
2017/05/11 THURSDAY 14:01+1GMT
EARLY AFTERNOON REPORT

Quoting Lock
2017/05/09 14:00+1GMT EARLY AFTERNOON REPORT ... On the daily timeframe the situation is more complex because as you see we have already 3 overlapping daily brackets going upside:
Quoting Lock
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.
As you see eventually the liquidation occurred. Now consider that we have a 1 single pip old pit gap at 28625-637. This should be revisited in any way by upcoming pit session (open 15:30+1GMT) So even if current action has a lot of reasons to continue lower like the 27745 zone to retest (in order to remove a very suspect poor low cluster made by a previous Tokyo session (25.04) I think that this single pip zone could attract price.

Then, if upcoming pit session will open with a gap lower from yesterday pit range low (29275) and if this new possible gap will not be filled during initial periods, we could imagine a continuation downside in order to get rid of the weaknesses underlined at 27745. Obviously this is only one possible scenario. And in any case remember that for upcoming pit session we have 4 very important potential supporting level at 28637 (pit upper monthly bracket low), at 2795 (upper monthly bracket absolute low), at 27745 (lower monthly bracket absolute high and finally at 2758 (pit lower monthly bracket high)

So, if pit session will open below 28637 I think that before or after it will come back again to fill the single pip gap there. If it will open above 28637 I think it will went down to fill it. Finally if current market will wait here balancing untill pit open we will see this single pip gap filled right at open.

In any case remember that this action is, for now, a liquidation of weak hands buyers' inventories clearly become too long.

Other possible reasons to continue this liquidation are the correction of the 2799 GB poor low, the filling of the old pit gap upside at 2795-2800 and then the correction the pit poor low at 27715.

Again, as it is a liquidation, do not forget that this is not new money selling (i think) and that we are leaving upside major weaknesses as today Tokyo poor high at 2948, pit poor high at 29835: carry forward these information if something will go wrong at one of lower major supporting levels. Anyhow a new pit gap downside could work as a substitute for the lack of excess upside. And this could see major timeframes adding to current liquidation transforming it into something more serious.
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  • #4,245
  • May 11, 2017 8:33am May 11, 2017 8:33am
Quoting Lock
2017/05/11 THURSDAY 14:01+1GMT EARLY AFTERNOON REPORT {quote} {quote} As you see eventually the liquidation occurred. Now consider that we have a 1 single pip old pit gap at 28625-637.
Note pit session opening exactly at this level.

Quoting Lock
...Finally if current market will wait here balancing untill pit open we will see this single pip gap filled right at open....

And immediately the old single pip gap has been filled.
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  • #4,246
  • May 11, 2017 8:39am May 11, 2017 8:39am
Pit session opened with a huge gap downside from yesterday pit range low 29275. It is very rare to see such a big gap filled the same day it has been made. Also we have good reasons to continue lower. Anyway re-read the report in order to keep track of all the possible supporting levels going downside (starting with current 28637 pit upper monthly bracket low) and in order to keep in mind what we are leaving upside and who is probably ruling current liquidation.

If this new gap downside will work as resistance and if we will not spend this pit session balancing we could have continuation down to the 27745 level as underlined in the report.
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  • #4,247
  • May 11, 2017 8:43am May 11, 2017 8:43am
In case of interruption of liquidation and/or hard failure below major supporting levels the safe zone upside is at composite poc 2968. Current odds do not support this scenario but watch out.
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  • #4,248
  • May 11, 2017 8:50am May 11, 2017 8:50am
Remember that right now we still are in a mid term trend upside where weekly we have onetimeframing higher tranding in the last 5 weeks including current one. For something major downside we need first of all to interrupt the weekly onetimeframing higher taking out last week low at 28306. But note that for pit session charts, last pit weekly low has been alredy taken out as it was at 2864 (05.03 pit low).
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  • #4,249
  • May 11, 2017 9:04am May 11, 2017 9:04am
For now we do not have acceptation below major supporting level 28637: watch out for possible short covering. Monitor for acceptation below this important ref. Without it no continuation downside is possible.
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  • #4,250
  • Edited 2:10am May 12, 2017 1:59am | Edited 2:10am
Quoting Lock
.... If this new gap downside will work as resistance and if we will not spend this pit session balancing we could have continuation down to the 27745 level as underlined in the report.
Quoting Lock
For now we do not have acceptation below major supporting level 28637: watch out for possible short covering. Monitor for acceptation below this important ref. Without it no continuation downside is possible.
Yesterday pit session was a short covering balancing one: the new pit gap downside worked as resistance. Now consider that we are below yesterday GB spke base at 2903: this will be our most important initial reference for upcoming GB session. COntinuation downside is possible below it, while acceptation above it will change the game and a full correction upside will be possible.

Note that yesterday pit session after the failure below 28637, our first supporting level, never re test it again and continue all day long in its short covering/balancing action
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  • #4,251
  • Edited 2:34am May 12, 2017 2:07am | Edited 2:34am
Possible support levels are the same as yesterday plus those regarding specifically GB: 28637, 2845 GB, 2795, 27745 GB, 2758.

Possible reasons to continue lower are the same as yesterday (see report and following posts) plus an old GB gap upside at 2832-2840.

In case of failure downside the safest place to go will be as yesterday the upper major composite poc at 2968. Then other weaknesses left upside during yesterday liquidation.
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  • #4,252
  • May 12, 2017 2:35am May 12, 2017 2:35am
I wrote 29637 in previous post: it was clearly a typo as I intended 28637, right where we are now.
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  • #4,253
  • May 12, 2017 2:37am May 12, 2017 2:37am
Yes GB unch 28567 and yes GB low 2855: clearly we need acceptation below both of them for any continuation downside.
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  • #4,254
  • May 12, 2017 3:33am May 12, 2017 3:33am
C period inside B: note B and C highs both at current half back. Plus no acceptation yet below yes GB unch and yes GB low. Possible break out from here.
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  • #4,255
  • May 12, 2017 3:56am May 12, 2017 3:56am
Quoting Lock
C period inside B: note B and C highs both at current half back. Plus no acceptation yet below yes GB unch and yes GB low. Possible break out from here.
Attempted breakout downside.
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  • #4,256
  • May 12, 2017 3:57am May 12, 2017 3:57am
Monitor this attempted breakout and specially monitor for acceptation below yes GB unch 28567 and yes GB low 2855. Next visible major ref downside 2845.
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  • #4,257
  • May 12, 2017 3:59am May 12, 2017 3:59am
Interesting thread, you're mostly writing alone here.

Many green pips to you, fellow trader.
"Don't lose your cool, and you will fare well".
  • #4,258
  • May 12, 2017 4:00am May 12, 2017 4:00am
Quoting diana91
Interesting thread, you're mostly writing alone here. Many green pips to you, fellow trader.
dont worry hes not alone! professionals read and execute when lock is online
  • #4,259
  • May 12, 2017 4:00am May 12, 2017 4:00am
Carry forward, in case of failure downside, the cluster at previous half back 2867. Note perfect tag at 2845. 1 single pip above it. Poor low currently.
Ubi maior minor cessat
  • #4,260
  • May 12, 2017 4:02am May 12, 2017 4:02am
Quoting titi14
{quote} dont worry hes not alone! professionals read and execute when lock is online
Oh OK.
"Don't lose your cool, and you will fare well".
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