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Lock's Cable Corner

  • #4,261
  • May 12, 2017 4:12am May 12, 2017 4:12am
To be honest I've no idea whatsoever of what other traders do regarding to my current thread and analysis. The main purpose of this thread is personal as it helps me to focus on what I think and it let me to keep track of major market information and nuances. I think that the action of write down our own ideas is far better than to siply think them. My suggestion for any trader professional or not is to write down your own scenarios, informations etc. Then, after that, only after that, compare yours with mine. Remember that I can be wrong at any moment in time. I can lose nuances or important information, I can lose perspective or whatever. So your analysis should always have a priority over mine.
I also invite others to post here their observations and suggestions if any.
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  • #4,262
  • May 12, 2017 4:32am May 12, 2017 4:32am
Again: E period inside D. Poor low at 2846 (1single pip above major GB ref 2845), weak cluster at 2867: market ruled by weak hands for now.
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  • #4,263
  • May 12, 2017 5:12am May 12, 2017 5:12am
Quoting Lock
Again: E period inside D. Poor low at 2846 (1single pip above major GB ref 2845), weak cluster at 2867: market ruled by weak hands for now.
Attempted breakout from E inside period and 2867 cluster tagged again.
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  • #4,264
  • May 12, 2017 5:14am May 12, 2017 5:14am
2867 taken out.
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  • #4,265
  • May 12, 2017 5:17am May 12, 2017 5:17am
Quoting Lock
Yes GB unch 28567 and yes GB low 2855: clearly we need acceptation below both of them for any continuation downside.
Note no acceptation* below these levels. Consequently no continuation downside. At least for now.

*only D period closed below both of them. For acceptation we needed at least 2 periods closed below them.

Having said this, do not forget the poor low 1 pip above major ref 2845. Carry this information forward beacuse it is a weak low as it is an almost perfect tag of an important ref and it is also a poor low.
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  • #4,266
  • May 12, 2017 5:21am May 12, 2017 5:21am
If the game was something more than the simple correction of 2867, note that A period high is exactly at yesterday GB close level 28835. As any perfect tag it is clearly an other weak level.

The overall notation is that current market is ruled by weak hands because any level used to buy or sell has been till now a perfect tag of previous references. Major timeframes and investor operators do not use precise levels to entry a market.
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  • #4,267
  • May 12, 2017 5:57am May 12, 2017 5:57am
Quoting Lock
2867 taken out.
Didn't like that level did it, not one bit!
  • #4,268
  • May 12, 2017 5:58am May 12, 2017 5:58am
Bounced off from just the right level, my entry point.
"Don't lose your cool, and you will fare well".
  • #4,269
  • May 12, 2017 6:45am May 12, 2017 6:45am
Quoting Lock
{quote} Note no acceptation* below these levels...... Having said this, do not forget the poor low 1 pip above major ref 2845. Carry this information forward beacuse it is a weak low as it is an almost perfect tag of an important ref and it is also a poor low.
Tagged again: now it is very weak.
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  • #4,270
  • May 12, 2017 6:59am May 12, 2017 6:59am
Quoting Richens
{quote} Didn't like that level did it, not one bit!
Well it was not able to continue higher from that level. So with any probability the game was to go above it some pips, removing stops. Then it was over. Tipical day timeframe trading action.
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  • #4,271
  • May 12, 2017 6:59am May 12, 2017 6:59am
Quoting diana91
Bounced off from just the right level, my entry point.
Fine.
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  • #4,272
  • May 12, 2017 7:22am May 12, 2017 7:22am
Quoting Lock
{quote} Tagged again: now it is very weak.

Taken out hust for 2 pips for now. Note also that it was the first test below yesterday preUS low 28487. We need acceptation below it for any meaningfull continuation downside. Next major level below is at 2795. In case of failure downside remember that yesterday pit high was poor at 2895.
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  • #4,273
  • May 12, 2017 7:26am May 12, 2017 7:26am
Current preUS action is building a new possible pit gap downside from yesterday pit low 28615. Monitor for this possibility. A new gap downside if initially preserved could work as resistance and could let this mraket skip the yesterday pit poor high at 2895.
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  • #4,274
  • May 12, 2017 7:46am May 12, 2017 7:46am
Quoting Lock
If the game was something more than the simple correction of 2867, note that A period high is exactly at yesterday GB close level 28835. As any perfect tag it is clearly an other weak level. The overall notation is that current market is ruled by weak hands because any level used to buy or sell has been till now a perfect tag of previous references. Major timeframes and investor operators do not use precise levels to entry a market.
GB weak high taken out after the correction of the GB poor low. Note that preUS tested below yesterday preUS low as noticed in previous post and was not able to continue lower. Now pre US action is inside yesterday pit range 28615-2895. In the case pit will open around here we have good odds to take out 2895.
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  • #4,275
  • May 12, 2017 7:56am May 12, 2017 7:56am
Very elongated B period. Too many single pips for now.
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  • #4,276
  • May 12, 2017 8:02am May 12, 2017 8:02am
Among the possible scenarios there is also the possibility to fill yesterday pit gap lower up to 29275. In this particular case the upper major composite poc at 2968 will be a possible safe zone to approach as written this morning. Also in this possible scenario we will see the correction of the back to back pit highs around 2952 (pit high 08.05, 09.05 and 10.05) I repeat here that the precondition for this scenario is as said the filling of the yesterday pit gap downside up to 29275.

In case of failure above 2895 we could instead start to think to a new test of 28637 and current low at 2845.
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  • #4,277
  • May 12, 2017 8:13am May 12, 2017 8:13am
Quoting Lock
{quote} Taken out hust for 2 pips for now. Note also that it was the first test below yesterday preUS low 28487. We need acceptation below it for any meaningfull continuation downside. Next major level below is at 2795. In case of failure downside remember that yesterday pit high was poor at 2895.
After the failure below yes preUS low 28487 here we are just 2 pips below 2895. Remember in any case that even if preUS will take out it before pit open, only a pit session could really correct it. So we have 2 possibilities: pit open will open above it: in this case we could consider it already corrected at pit open, or pit will open below it: in this second case pit need to retake it after open in order to really correct it..
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  • #4,278
  • May 12, 2017 8:21am May 12, 2017 8:21am
In any case consider that a poor high even if it is a weak reference as it lacks excess above it, in this particular case we have a gap above it, that as written yesterday could work as a substitute for the lack of excess of a particular auction. I mean that even if the odds to take it out are currently high it is not a "must do". If it will happen it will be normal. If it will not happen it could be considered normal too because of the higher gap. Note also that in the meanwhile B period, too elongated as written, has been retraced almost to its half way back (50%)

Quoting Lock
Very elongated B period. Too many single pips for now.
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  • #4,279
  • May 12, 2017 9:02am May 12, 2017 9:02am
Now we got 2 back to back poor highs: odds to remove both of them increased. (28915 and yesterday 2895)
Always remember that I'm speaking about "odds".
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  • #4,280
  • May 12, 2017 9:08am May 12, 2017 9:08am
If you will not see these back to back poor highs taken out quickly watch out for liquidation: remember that a poor high could also be read as a lack of buyers. So the only way to find new buyers is to go somewhere lower. So monitor carefully current situation.

As a personal note: I'm long currently.
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