Lock's Cable Corner | Page 140 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Mysterio's Cable Corner -- Key Levels, Price Action & Order Flow 785 replies

Updating stops to lock in profits 3 replies

lock pattern for global variable in MT4 2 replies

Attachments: Lock's Cable Corner
Exit Attachments

Lock's Cable Corner

  • #2,781
  • Jan 25, 2017 4:36am Jan 25, 2017 4:36am
Note that current action is building a new gap upside for upcoming preUS/pit US sessions. Monitor the evolution of GB action also regarding this important aspect. Yes pit high is at 2542.
Ubi maior minor cessat
  • #2,782
  • Jan 25, 2017 7:10am Jan 25, 2017 7:10am
GB left a poor high upside at 2605 and preUS opened outside of balance above yesterday pit range high at 2542. Now we have to see if this new possible pit gap upside will be still in place at pit open. Price is clearly balancing around the composite poc at 2587.

A note about composite poc: I use data from 2000 open.
Ubi maior minor cessat
  • #2,783
  • Jan 25, 2017 7:18am Jan 25, 2017 7:18am
Overnight inventories are currently net long.
Ubi maior minor cessat
  • #2,784
  • Jan 25, 2017 7:56am Jan 25, 2017 7:56am
Now we got 2 back to back poor highs: GB + preUS.

Btw the GB C period minus dev. do not convince me at all: carry forward this data point is something will go wrong upside.
Ubi maior minor cessat
  • #2,785
  • Jan 25, 2017 8:22am Jan 25, 2017 8:22am
Quoting Lock
Now we got 2 back to back poor highs: GB + preUS. Btw the GB C period minus dev. do not convince me at all: carry forward this data point is something will go wrong upside.
Again: nothing magic, only market generated information.
Ubi maior minor cessat
  • #2,786
  • Jan 25, 2017 8:30am Jan 25, 2017 8:30am
Now pit US could do 2 things: close immediately the new gap upside and continue this liquidation, or preserve the new gap and use it as support to come up again and take out the 2 back to back GB+preUS poor highs.
Ubi maior minor cessat
  • #2,787
  • Jan 25, 2017 8:49am Jan 25, 2017 8:49am
In any case note preUS C low at round 2550 + daily half back + GB half back: carry this info forward. Specially if it will take out the 2 poor highs and after that you will not see continuation.
Ubi maior minor cessat
  • #2,788
  • Jan 25, 2017 8:50am Jan 25, 2017 8:50am
Quoting Lock
Now pit US could do 2 things: close immediately the new gap upside and continue this liquidation, or preserve the new gap and use it as support to come up again and take out the 2 back to back GB+preUS poor highs.
Currently it looks like this second one, but watch out because I saw lack of conviction at open.
Ubi maior minor cessat
  • #2,789
  • Jan 25, 2017 9:04am Jan 25, 2017 9:04am
Now we got 3 back to back poor highs: it should not resist. But watch out.
Ubi maior minor cessat
  • #2,790
  • Jan 25, 2017 9:50am Jan 25, 2017 9:50am
Quoting Lock
Now we got 3 back to back poor highs: it should not resist. But watch out.
It took out the preUS poor high and now consider all the efforts is doing to take out just the overnight high (current GB poor high).
Ubi maior minor cessat
  • #2,791
  • Jan 25, 2017 9:59am Jan 25, 2017 9:59am
Quoting Lock
Now pit US could do 2 things: close immediately the new gap upside and continue this liquidation, or preserve the new gap and use it as support to come up again and take out the 2 back to back GB+preUS poor highs.
It eventually made it.

Now for any meaninfull continuation, in order to avoid a rotational environment we want to see acceptation above overnight high 2605.
Ubi maior minor cessat
  • #2,792
  • Jan 25, 2017 10:01am Jan 25, 2017 10:01am
Note that we have already 3 anomalies and 2 minus development in this pit session.
Ubi maior minor cessat
  • #2,793
  • Jan 25, 2017 10:10am Jan 25, 2017 10:10am
Quoting Lock
Note that we have already 3 anomalies and 2 minus development in this pit session.
Upper minus development just above B high, taken out.
Ubi maior minor cessat
  • #2,794
  • Jan 25, 2017 10:13am Jan 25, 2017 10:13am
I'm off for a while. we got a poor high, so we could come up again and take it out, but I do not like structure downside nor I like the way it came upside. Too grinding. Anyway, do not fade a trend unless a change will occur. (like, for instance, acceptation back inside overnight, a breakout from a new possible inside period, etc.)
Ubi maior minor cessat
  • #2,795
  • Jan 25, 2017 10:15am Jan 25, 2017 10:15am
WATCH OUT: I SAW THIS THING RIGHT NOW:
17:50
GBP
BOE Gov Carney Speaks
Ubi maior minor cessat
  • #2,796
  • Jan 25, 2017 10:49am Jan 25, 2017 10:49am
Did you all saw D inside period of C?
Ubi maior minor cessat
  • #2,797
  • Jan 25, 2017 10:52am Jan 25, 2017 10:52am
Quoting Lock
{quote} And remember that 26345 is the November 2016 high, previous monthly breakeven.
Quoting Lock
{quote} *Is the pit session break even. Not the absolute November high obviously that is instead at 2673 (made by GB 11.11.16).
We are close to November pit breakeven at 26345. Watch out.
Ubi maior minor cessat
  • #2,798
  • Jan 25, 2017 11:39am Jan 25, 2017 11:39am
E period failed above D balance and left the first selling tail of the day. It's an excess. So it could remain in balance but it could also liquidate now. Note the "p" shape of current session. But in any case I'm too tired to follow this market at this time of the day so I'm off. Have a nice continuation. Best L.
Ubi maior minor cessat
  • #2,799
  • Edited 1:49am Jan 26, 2017 1:30am | Edited 1:49am
17/01/26 THURSDAY 08:30+1GMT
EARLY MORNING REPORT

We are at the top of November 2016 inside month of October (pit high 26345, GB high 2673). This level was the clear natural target after the failure below Nov 2016 low made by current month. As we are at the top of a monthly reference, remember that we could find short and mid term sellers or buyers right above it. Remember also that we are in a one timeframing higher action in the daily timeframe, that lasted for the past 8 days. Also this action is supported by 3 consecutive gap zones. Will this month's high be the end of this acttion, or will it morph in a mid term continuation upside? Let's see.

Yesterday, late in the day, I saw an excess formed above and immediately made a statement about it regarding the possibility to close the session in balance or even to possibly have a liquidation: I was substantially wrong. The correct analysis should have been: market is now too long and has to probably re-adjust inventories, then the weak momentum could continue higher.
In fact after E period high, market liquidated some, established a pull back low at 2594 (a test downside) and then continued its rally till the end, btw exactly the same thing it did the day before, but without any form of acceleration.
Now yesterday pit session was incomplete upside as it ended with a poor high at 2638. But it also tagged our most important level for the day, announced in the early morning, that is the November balance pit session high at 26345.
So clearly these levels, APBL at 2594, yesterday PH at 2638 and the NOV 2016 pit high at 26345 will be our most important references for upcoming pit session. An other very significant level, for both upcoming GB and pit sessions, could be the 27115, half back of the entire move downside from 09.06.16.

About GB session, specifically, we are currently above a previous GB gap downside (from 14-15_12_16: the lasting portion of which is at 2605-26353). So if GB will open above it we will have a double pass gap (the old gap overlapped by the new one upside) that could attract price, if instead we are going to open below it, the possibility to fill it and go to test the Nov 2016 GB high at 2673 are big. Anyway, also in the first case,after the possible correction of the double pass gap, we could eventually return back upside in order to test 2673. Obviously this sequence could be inverted in the exact opposite one: a first test of 2673, then a correction of the double pass gap.(if any new GB gap upside will be at GB open)
After that, if the current short term trend will continue higher morphing in a mid term one, we could aim at the upper gap 27235-2735 and eventually take out the old GB poor high at 27745.
If instead we will find sellers above 2673, we could have a substantial liquidation of all what you saw in the last days, considering that we left downside a huge amount of weak references, as multiple poor lows of any sessions, gaps, anomalies, not a good all time low and so on.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 13 KB
Ubi maior minor cessat
  • #2,800
  • Jan 26, 2017 2:23am Jan 26, 2017 2:23am
So GB opened above yesterday GB range high with a new gap upside overlapping the old one downside, as expected. It opened and drove upside, with apparent confidence. Now, we got a Tokyo poor high at 2662 and we left downside a back to back Sydney/Tokyo low at 2624. Current A period is elongated.
Ubi maior minor cessat
3 traders viewing now