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Lock's Cable Corner

  • #4,301
  • May 18, 2017 7:54am May 18, 2017 7:54am
New gap upside filled at the pip. Yesterday pit high only tagged for now: very exact ref. Let's see if there is something more downside after this filling. ANd let's see if 2968 could attract price. The game could also be: filling the gap and retrace back upside, so watch out. In this case remember that current low is weak.

Note that we are still above yes unch 2978 and above major refs underlined in previous posts.
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  • #4,302
  • May 18, 2017 8:16am May 18, 2017 8:16am
RECAP
B period high at open 3025, C and current D both at half back 3009. Weak low at yes high 29905. Value is higher from yesterday. Major trend upside.
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  • #4,303
  • Edited 1:14pm May 18, 2017 1:04pm | Edited 1:14pm
About market generated information.

Quoting Lock
17/05/18 THURSDAY 09:36+1GMT MORNING REPORT Monthly trying to evaluate acceptation back inside upper monthly bracket whose lower limits are 2795 (Tokyo absolute low), 2845 GB, 28637 Pit. Weekly mid term trend upwards with the last 6 weeks in one timeframing higher (including current one). Daily in one timeframing higher in the last 3 days and in a bracket environment. So current major timeframes perspective is clearly up.
Quoting Lock
At the same time we saw the last 2 daily brackets overlapping one each other and this could signal an aging of current trend upside. The aging of a trend does not mean it is over, but could anticipate a major liquidation in order to readjust inventories become too long or eventually a full reversal up to come before or after.
and more here:

Quoting Lock
In case of failure upside or in case of shake out during news remember the 2906 level where yesterday GB tagged previous Tokyo low and that was also a weak level from previous day (Tuesday) left by pit momentum traders. At the same time note the 2 back to back poor highs currently upside at 2976 (tonight Tokyo) and 2968 (current GB). Note also B inside period of A.
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-05-18_21-48-51_PIT LIQUIDATION.png Size: 228 KB

Quoting Lock
Current GB session opened inside yesterday GB range 29055-29775. So initial acceptation of this range is expected and eventually tests above and or below its limits. Note that we are up and down the major composite poc 2968 about which we wrote so much in the last days. It will tend to attract price and without substantial volume will be difficult to evade.
Quoting Lock
Do not forget to check USDX because it left upside a 3 pass GB gap and 2 pass GB gap during yesterday break.
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-05-18_21-54-48_USDX CORRECT 3 and 2 PASS GAPS.png Size: 48 KB
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  • #4,304
  • May 18, 2017 11:24pm May 18, 2017 11:24pm
Yesterday we so USDX in short covering mode: the purpose was the correction of old multi pass gaps left upside. The fact is that the GB gaps could be corrected only by GB participants, consequently today GB session could complete the work filling the old GB double and triple pass gaps underlined in the chart. This could influence cable that is currently in balance just below composite poc 2968.
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-05-19_8-18-16_USDX to fill old GB gaps.png Size: 31 KB
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  • #4,305
  • May 18, 2017 11:38pm May 18, 2017 11:38pm
17/05/19 FRIDAY 08:38+1GMT
EARLY MORNING REPORT

We are in a monthly attempt to verify a possible acceptation back inside upper monthly bracket and in a weekly one timeframing action upside. So currently we are in a mid term trend upside. Yesterday we saw a substantial liquidation that restore the previous daily balance environment. We are very close to the major composite poc 2968 that continued to attract weak price action in the last days.

Yesterday pit session removed a lot of weaknesses left downside from previous momentum action upside: but it didn't removed all of them. Note that yesterday GB action upside was a mirrored copy paste of the GB action of Tuesday. I mean that Tuesday made a test downside, then yesterday Gb action made a similar test upside.

Now, we could imagine various scenarios here:

  1. remain in balance between the 2 tests extremes: yesterday GB high 30473 and Tuesday GB low 2865, eventually retesting one of them or both.
  2. continue the mid term trend upside, evading the composite poc 2968. This will mean that yesterday pit liquidation was enough in order to find new serious buyers.
  3. continue the liquidation started yesterday by pit session. This will mean that yesterday pit session liquidation was not enough in order to find new serious money buyers

Note that currently we are at the bottom of yesterday GB session range (29438): monitor this level carefully because it will be important to verify acceptation above or below it after upcoming GB open.

Also monitor USDX as written in the previous post because this could influence cable substantially.

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  • #4,306
  • May 19, 2017 12:14am May 19, 2017 12:14am
Note: in USDX GB went above yes GB high, failed and is now back inside its range. If the failure will be confirmed then we will skip the multi pass upside fill and we will probably see 97.39 attract price. Monitor carefully current situation there because as written it could highly inflence cable.
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  • #4,307
  • May 19, 2017 1:11am May 19, 2017 1:11am
A lot of single pips for initial A period: carry forward this information. And note that we are currently above composite poc 2968. Alos note thta A low is exactly at yesterday GB open level 29512. So it is a wak level as weak hands traders generally use such precise references to place their positions.

At the same time note that right now we have 2 back to back GB poor highs: one today and one yesterday at 30473 (GB all time high for current year)
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  • #4,308
  • May 19, 2017 1:34am May 19, 2017 1:34am
GB highest close of the year at 30075: price is below this level for now. Very elongated profile.
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  • #4,309
  • May 19, 2017 1:35am May 19, 2017 1:35am
Hi,

If I'm not wrong the GB session opened at the start of yesterday's spike during GB (C period).
We become what we think about
  • #4,310
  • May 19, 2017 1:37am May 19, 2017 1:37am
D last period for Tokyo participants and we are right above highest Tokyo high 29885
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  • #4,311
  • May 19, 2017 1:39am May 19, 2017 1:39am
Note D period high 1 single pip shy of round 3000. Note the retracement of D period to highest Tokyo high 29885. Weak hands traders ruling current market. Watch out.
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  • #4,312
  • May 19, 2017 1:41am May 19, 2017 1:41am
Quoting Smaraz
Hi, If I'm not wrong the GB session opened at the start of yesterday's spike during GB (C period).
To be more exact it opened at yesterday open: a spike could be considered only as a final attempt in a particolar direction at the end of the session, meaning in the last 2 periods of it. Anyway the concept is absolutely correct: they use a very exact reference to buy, consequently we are watching weak hands traders buying.
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  • #4,313
  • May 19, 2017 1:44am May 19, 2017 1:44am
Quoting Lock
Note D period high 1 single pip shy of round 3000. Note the retracement of D period to highest Tokyo high 29885. Weak hands traders ruling current market. Watch out.
Note after the bounce at highest Tokyo price went up again in order to take out the weak high at round 3000.
And it paused just 2 pips below GB highest close 30075
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  • #4,314
  • May 19, 2017 1:47am May 19, 2017 1:47am
Quoting Lock
{quote} To be more exact it opened at yesterday open: a spike could be considered only as a final attempt in a particolar direction at the end of the session, meaning in the last 2 periods of it. Anyway the concept is absolutely correct: they use a very exact reference to buy, consequently we are watching weak hands traders buying.
Thanks for pointing this out, I had it wrong.
We become what we think about
  • #4,315
  • May 19, 2017 1:48am May 19, 2017 1:48am
Quoting Lock
{quote} Note after the bounce at highest Tokyo price went up again in order to take out the weak high at round 3000. And it paused just 2 pips below GB highest close 30075
Testing highest GB close 30075: for serious continuation upside we need acceptation above this reference. If not all the way back to composite poc 2968 and initial weak low 29507. In case of continuation upside the first target is clearly the yesterday GB poor high at 30473. Very elongated profile.
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  • #4,316
  • May 19, 2017 2:04am May 19, 2017 2:04am
Quoting Lock
Note: in USDX GB went above yes GB high, failed and is now back inside its range. If the failure will be confirmed then we will skip the multi pass upside fill and we will probably see 97.39 attract price. Monitor carefully current situation there because as written it could highly inflence cable.

Note the almost complete retracement of yesterday GB range made in USDX towards the composite poc 9739 as expected. And note also how much this USDX environment conditioned our GB cable session.
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  • #4,317
  • May 19, 2017 2:57am May 19, 2017 2:57am
Quoting Lock
{quote} Testing highest GB close 30075: for serious continuation upside we need acceptation above this reference. If not all the way back to composite poc 2968 and initial weak low 29507. In case of continuation upside the first target is clearly the yesterday GB poor high at 30473. Very elongated profile.

Note the struggle at highest close 30075.
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  • #4,318
  • May 19, 2017 3:07am May 19, 2017 3:07am
F inside period of E: watch out for possible break out. We got reason to continue higher but also to liquidate. If the breakout will occur monitor for continuation. We got acceptation above highest GB close. At the same time current profile is very elongated and we left downside multiple weaknesses. Above we still have yesterday poor high. Finally note that we still are inside yesterday GB range so we are in a balance environment.
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  • #4,319
  • May 19, 2017 4:24am May 19, 2017 4:24am
Quoting Lock
{quote} Note the almost complete retracement of yesterday GB range made in USDX towards the composite poc 9739 as expected. And note also how much this USDX environment conditioned our GB cable session.
And here you see USDX finally at composite poc, just a couple of pips above it.
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  • #4,320
  • May 19, 2017 4:28am May 19, 2017 4:28am
Quoting Lock
{quote} Note the struggle at highest close 30075.
The struggle is continuing for almost 2 hours and a half here.
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