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Lock's Cable Corner

  • #5,241
  • Oct 25, 2017 3:35am Oct 25, 2017 3:35am
Quoting pquirst
oh sorry wondering if you ever traded the pound futures or just the spot forex gbp usd thanks
I traded other futures but I prefer to trade the spot in forex. Best, L.
Ubi maior minor cessat
  • #5,242
  • Oct 25, 2017 3:37am Oct 25, 2017 3:37am
Repost here to highlight levels

Quoting Lock
GB opened with a substantial gap downside from yesterday GB low 31573: if this gap will not be quickly retraced odd are in favor for a continuation downside. Remember that 31163 is the low of the second GB inside week: so it is the most important level here in order to evaluate a success or failure in a possible attempted breakdown from weekly balance.
Quoting Lock
Acceptation below it could in fact lead the market to a substantial at least short term action downside while at the opposite, rejection below it could lead price in the direction of the opposite side of the GB balance.
Quoting Lock
These are the extremes of the last 3 GB weeks. 2 and 3 are both inside weeks. (bigger numbers are the lows while smaller ones are the highs) First containing GB week range: 30512-33652 First GB inside week range: 31025 (poor low)-33237 Second GB inside week range: 31163-33115 (poor low taken out while 33115 still poor high)

No acceptation below second inside GB week low 31163 and here we have the retracement in the direction of the opposite side of the balance.
Ubi maior minor cessat
  • #5,243
  • Oct 25, 2017 3:40am Oct 25, 2017 3:40am
Now it failed once below second inside GB week low. But now for any meaningful continuation upside we need acceptation above 31637 mid term level. If not watch out for a new test downside. If instead we will have acceptation above it we could continue higher to 3190 as a first step.
Ubi maior minor cessat
  • #5,244
  • Oct 25, 2017 3:49am Oct 25, 2017 3:49am
Quoting Lock
Repost here to highlight levels {quote} {quote} {quote} No acceptation below second inside GB week low 31163 and here we have the retracement in the direction of the opposite side of the balance.
PS added: note that the underlined level of the last paragraph (big size) are the highs of the GB weeks: meaning the possible targets in case of continuation upside.
Ubi maior minor cessat
  • #5,245
  • Oct 25, 2017 4:29am Oct 25, 2017 4:29am
Quoting Lock
Now it failed once below second inside GB week low. But now for any meaningful continuation upside we need acceptation above 31637 mid term level. If not watch out for a new test downside. If instead we will have acceptation above it we could continue higher to 3190 as a first step.
Now in order to continue any higher (next visible level is 32273) we need acceptation above 3190 and volume to evade it.
Ubi maior minor cessat
  • #5,246
  • Oct 25, 2017 4:48am Oct 25, 2017 4:48am
Quoting Lock
{quote} Now in order to continue any higher (next visible level is 32273) we need acceptation above 3190 and volume to evade it.
13273 mate ?

It's blazed through that hasn't it
rat
  • #5,247
  • Oct 25, 2017 5:05am Oct 25, 2017 5:05am
Quoting rattyo
{quote} 13273 mate ? It's blazed through that hasn't it

32273 brexit low. then, if price accepted above it, the next one is 3274 higher composite poc.
Ubi maior minor cessat
  • #5,248
  • Oct 25, 2017 5:18am Oct 25, 2017 5:18am
very elongated Gb profile leaving downside 3 consecutive separated anomalies.

composite poc 3190 fair temporary level in case of inventories too long: carry forward this information in case something will go wrong upside.
Ubi maior minor cessat
  • #5,249
  • Oct 25, 2017 5:31am Oct 25, 2017 5:31am
Quoting Lock
{quote} Now in order to continue any higher (next visible level is 32273) we need acceptation above 3190 and volume to evade it.
32273 weak level (triple Tokyo top) taken out. Now, watch out as we have a very elongated Gb profile leaving downside 3 consecutive separated anomalies. We need acceptation above 3223 for any immediate continuation upside (to 3274 preceded by 32674 previous minor bracket top). If not, composite poc 3190 is a fair place to retrace to, at least temporary.
Ubi maior minor cessat
  • #5,250
  • Oct 25, 2017 6:41am Oct 25, 2017 6:41am
Great interest at this level, a lot of attraction from bulls and bears.

See what happens at NY.
  • #5,251
  • Oct 25, 2017 7:03am Oct 25, 2017 7:03am
could you tell me based off the profile if you look to fade this move or do both short and long play. I am learning profile I have been noticing when a market opens slightly outside of value and then reenters value it seems to go to opposite side of value is this correct. I know there are no absolutes just your opinion in the thread here.
  • #5,252
  • Oct 25, 2017 7:11am Oct 25, 2017 7:11am
Quoting Lock
{quote} 32273 weak level (triple Tokyo top) taken out. Now, watch out as we have a very elongated Gb profile leaving downside 3 consecutive separated anomalies. We need acceptation above 3223 for any immediate continuation upside (to 3274 preceded by 32674 previous minor bracket top). If not, composite poc 3190 is a fair place to retrace to, at least temporary.
touched. good call and I think it is finding some resistance there
  • #5,253
  • Oct 25, 2017 7:14am Oct 25, 2017 7:14am
Quoting Lock
{quote} 32273 weak level (triple Tokyo top) taken out. Now, watch out as we have a very elongated Gb profile leaving downside 3 consecutive separated anomalies. We need acceptation above 3223 for any immediate continuation upside (to 3274 preceded by 32674 previous minor bracket top). If not, composite poc 3190 is a fair place to retrace to, at least temporary.
So pre US opened and tagged 32674. Now let's see if some correction could occur before continuation (considering the extreme elongation of GB session profile). Also let's see at 15:30+1GMT the reaction of US participants to today GB rejection at the bottom of the weekly balance.
Ubi maior minor cessat
  • #5,254
  • Oct 25, 2017 7:18am Oct 25, 2017 7:18am
Quoting pquirst
could you tell me based off the profile if you look to fade this move or do both short and long play. I am learning profile I have been noticing when a market opens slightly outside of value and then reenters value it seems to go to opposite side of value is this correct. I know there are no absolutes just your opinion in the thread here.
This could happen but it depends upon market condition (balance or trend) plus a notable amount of other meaningful variables. It is true, instead, that when an attempted break from balance occurred and it failed, then the next natural direction is the opposite side of that balance. And btw it is exactly the situation we experienced this morning when GB failed below the second GB inside week low and then run all session long in the opposite direction towards the opposite side of that inside week (a balance for definition)
Ubi maior minor cessat
  • #5,255
  • Oct 25, 2017 7:21am Oct 25, 2017 7:21am
Quoting giveachance
{quote} touched. good call and I think it is finding some resistance there
It's very possible but let's name the things with their names: with such a magnitude what we could have here is inventories become too long. Then correction of this inventories could easily happen with a liquidation. In the meanwhile the most notable thing to underline is that with such a move upside GB session paved the road for a new big pit gap upside that will be very difficult to fill at once even in case of strong resistance upside.
Ubi maior minor cessat
  • #5,256
  • Oct 25, 2017 7:22am Oct 25, 2017 7:22am
Quoting Lock
{quote} This could happen but it depends upon market condition (balance or trend) plus a notable amount of other meaningful variables. It is true, instead, that when an attempted break from balance occurred and it failed, then the next natural direction is the opposite side of that balance. And btw it is exactly the situation we experienced this morning when GB failed below the second GB inside week low and then run all session long in the opposite direction towards the opposite side of that inside week (a balance for definition)
my guess is gbp will try to close 3180 if it is rejected at 3267. i still dont know what is special at that level

if sellers at 3240 are tested again it is done for the day and will reverse sharply
  • #5,257
  • Oct 25, 2017 7:26am Oct 25, 2017 7:26am
Quoting giveachance
{quote} my guess is gbp will try to close 3180 if it is rejected at 3267. i still dont know what is special at that level
You mean 32674? It is the previous minor weekly bracket high.
Attached Image (click to enlarge)
Click to Enlarge Name: 2017-10-25_14-27-18_minor weekly bracket high.png Size: 47 KB
Ubi maior minor cessat
  • #5,258
  • Oct 25, 2017 7:50am Oct 25, 2017 7:50am
Quoting Lock
{quote} You mean 32674? It is the previous minor weekly bracket high. {image}
lock any chance that level will hold today and if it extends how far we travel. we already stretched on the daily today
  • #5,259
  • Oct 25, 2017 8:16am Oct 25, 2017 8:16am
Quoting giveachance
{quote} lock any chance that level will hold today and if it extends how far we travel. we already stretched on the daily today
If it doesn't hold and if it will not liquidate to 3190 then 3274 Is next composite poc. Then we have a pit poor high at 32905. Then 33115 GB poor high and eventually a double pass pit gap 3327-3349. And inside this gap there is the half back of the last action downside (33393)
Ubi maior minor cessat
  • #5,260
  • Oct 25, 2017 8:19am Oct 25, 2017 8:19am
Note that the absolute extremes of the inside weeks' ranges are currently untested both above and below: see previous chart posted. This morning we got a test below an inside week only considering Gb activity (GB sessions)

Note also that 32905 is the top of the pit inside week (that is also a poor high). So it could attract a test of it during pit session (less than 10 minutes to go)
Ubi maior minor cessat
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