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Attachments: Lock's Cable Corner
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Lock's Cable Corner

On a day timeframe bases you got some precious information this morning: you could have sold above 38428 and bought below 38235. Note anyhow that current range is very narrow and clearly the participants involved are weak, so both of these positions could be targeted by major timeframes as they know we got SL above and below them.
Ubi maior minor cessat
If we will see acceptation above 38355 we could start to see the filling of the huge brexit gap towards 47397

This single comment made me wait for it to break this level and take a short at 13947 which ran for almost 100 pips (best trade of this year so far as I am mainly a scalper), while I was going to take the shore right after it consumed the ADR....

Golden information from a golden trader. Kudos to you.
Current GB high is weak and poor. It is weak as it is a perfect tag of Tokyo high.
Ubi maior minor cessat
Quoting Lock
Current GB high is weak and poor. It is weak as it is a perfect tag of Tokyo high.
If it will break above it we want to have acceptation above it for any serious continuation. Next visible GB level upside 38652 (GB close of 26 02 2016) and note right below it the composite poc 3862. In case of failure above current high we could imagine an other liquidation towards 3794.

Note that currently this action is supported by the new GB gap upside above yesterday GB high at 38075 and by the fact that price didn't find acceptation below 38235 current highest GB close for the year.
Ubi maior minor cessat
The kind of questions a trader should make himself in such situations. Current GB high 38462 is weak and poor but it is also the GB highest high of current year: even if it will liquidate from here, could it be a good high and a definitive one for current year?

So whatever the result of current action: carry forward this market provided information.
Ubi maior minor cessat
A nuance while price is aiming higher: did you note that price tagged 3 times in a row today GB open at 3830 that btw is also yesterday pit session settle?

So, if we will see price taking out 38462, as expected, but then you'll not see acceptation above it, you just got a good reason to come back downside again.
Ubi maior minor cessat
Looks like it is ready for upside
Quoting Lock
The kind of questions a trader should make himself in such situations. Current GB high 38462 is weak and poor but it is also the GB highest high of current year: even if it will liquidate from here, could it be a good high and a definitive one for current year? So whatever the result of current action: carry forward this market provided information.
And here you are at 38462: surprised? You should not. Now watch out and be prepared for any possible outcome.
Ubi maior minor cessat
Quoting samuel2133
Looks like it is ready for upside
It is possible but: always have at least 3 different scenarios in mind.
Ubi maior minor cessat
Attempted break from m30 balance and above major levels 38355 and 38428. If you bought right here (instead of below 38235), stops could be right below major levels.
Ubi maior minor cessat
Quoting Lock
{quote} If it will break above it we want to have acceptation above it for any serious continuation. Next visible GB level upside 38652 (GB close of 26 02 2016) and note right below it the composite poc 3862. In case of failure above current high we could imagine an other liquidation towards 3794. Note that currently this action is supported by the new GB gap upside above yesterday GB high at 38075 and by the fact that price didn't find acceptation below 38235 current highest GB close for the year....
Here we are at composite poc 3862. Remember to monitor for acceptation above 38355 and 38428. Any meaningful continuation strictly requires this confirmation.
Ubi maior minor cessat
Out......

Long 44 > 59
Here we are at composite poc 3862. Remember to monitor for acceptation above 38355 and 38428. Any meaningful continuation strictly requires this confirmation.

Yes it did, retraced to 54, and the level held now to 77.......
Quoting samuel2133
Here we are at composite poc 3862. Remember to monitor for acceptation above 38355 and 38428. Any meaningful continuation strictly requires this confirmation. Yes it did, retraced to 54, and the level held now to 77.......
Now having obtained the acceptation above 38355 and 38428 odds are in favor for a continuation upside: note that the next visible level is composite poc 3932*. But also note that this GB action already covered 4 yesterday pit session anomalies left upside. So we have to see if this action was only intended to remove weak sellers from the game or if there is something more upside.

*there is also a volume valley at 3898 to take care of.

Attached Image (click to enlarge)
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Ubi maior minor cessat
I'll be out for a while. Have a nice continuation. Best, L.
Ubi maior minor cessat
An important note about major levels:

  1. 38355 is the GB 2016 major bracket low (29 02 2016)
  2. 38428 is PreUS 2016 mb low (29 02 2016)
  3. 3853 is Pit 2016 mb low (26 02 2016)

In all the previous posts I wrote that 38428 was instead the Pit major bracket low for 2016. Sorry for this wrong attribution even though the importance of this level remains the same. In any case from now on take care of 3853 for upcoming pit session and not only 38428.

Ubi maior minor cessat
F inside period of E: balance rules apply.
Ubi maior minor cessat
Quoting Lock
{quote} Well, try to link the low of 23 01 2009 to the low of 29 02 2016 and you'll find the answer...
Is everyone watching and carefully pondering where price is now at GB open?

GB opened with a new gap upside from yesterday GB high at 38905.

  1. So monitor for the preservation of this new gap. If preserved we could attempt a new test above the major level. And in case of success we could continue to erode the old huge brexit gap downside.
  2. If not (no new gap preserved or failure above the major level) we could heavily liquidate considering the huge amount of weaknesses left downside like tonight Sydney and Tokyo back to back poor lows at 38873, yesterday pit poor low at 3864 and GB poor low at 38205. Then the day before Sydney and Tokyo back to back poor lows (again!) at 3805 and eventually pit poor low at 37925.

Most notable levels are also yesterday GB close 38875, yesterday GB spike base at 38463 (spike rules in play right now) and yesterday pit unch at 38925 and obviously the main levels of this price zone:

  1. 38355 is the GB 2016 major bracket low (29 02 2016)
  2. 38428 is PreUS 2016 mb low (29 02 2016)
  3. 3853 is Pit 2016 mb low (26 02 2016)

Ubi maior minor cessat
Quoting Lock
{quote} Now having obtained the acceptation above 38355 and 38428 odds are in favor for a continuation upside: note that the next visible level is composite poc 3932*. But also note that this GB action already covered 4 yesterday pit session anomalies left upside. So we have to see if this action was only intended to remove weak sellers from the game or if there is something more upside. *there is also a volume...
Quoting Lock
.... *there is also a volume valley at 3898 to take care of. {image}
Btw here we are at composite poc 3932, tagged at the pip by current GB session... Note that we spent almost the entire yesterday pit session and tonight Tokyo session around volume valley 3898.
Ubi maior minor cessat
Next visible GB level in case of continuation upside (preservation of the new gap and acceptation of where we are right now: see previous posts), is 39783(the bottom of the huge GB brexit gap downside: GB high of 24 06 2016)

But warch out. We are also before news.
Ubi maior minor cessat
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