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Lock's Cable Corner

  • #5,301
  • Oct 27, 2017 3:10am Oct 27, 2017 3:10am
Hi Lock,
You are right, I take it, but sometimes I express my thoughts with some gaps. Your posts are more consecutive and well explained in comparison to mine, so I know what you mean.
Thanks and good luck to you too.
  • #5,302
  • Oct 27, 2017 3:15am Oct 27, 2017 3:15am
Quoting hathor
{quote} positive GDP news gave good entry possibility on Wednesday and Thrusday night...which makes that top important from retail trader view: both London+Frankfurt and both Asia+Australia retail traders were trapped imho...lets see what happens next.

As I answered you at the time the acceptation below 31637 was a fundamental step in order to continue to a new test of the upper monthly bracket low. Personally I do not take into much consideration the content of news and reports while I generally give a lot of importance at when they are going to occur. Anyway this is my approach and I've nothing to say to those who could obtain precious info from those kind of sources. Best, L.

PS:I'm a day trader so I generally go flat overnight and consequently I'm also not much interested in mid term position while at the opposite, as needed, I'm very interested in what is going on at a short/mid/long term level.
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  • #5,303
  • Oct 27, 2017 3:20am Oct 27, 2017 3:20am
Quoting ravenbg
Hi Lock, You are right, I take it, but sometimes I express my thoughts with some gaps. Your posts are more consecutive and well explained in comparison to mine, so I know what you mean. Thanks and good luck to you too.

I didn't express any comment about your posts that for what I know could be quite correct. My suggestion comes from the perspective of a day trader for whom the most important thing is to not switch from a daily trading activity to a bigger time frame one: this could be very risky, at least for me. So, supposing you are a day trader too, I spend my words in this direction. That's all. Btw thank you very much for your appreciations. Best, L.
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  • #5,304
  • Oct 27, 2017 3:22am Oct 27, 2017 3:22am
Quoting Lock
{quote} Tagged at the pip for now: let's see.
Agree on that...current level is important decision point. If no further down move, than Weekly Close of 2017.09.17 will act as magnet (1.34492).

But...

Current level can give liquidity for more shorts due to appearing of bull orders. In this case more descend is coming and AB=CD formation will be formed.
Attached Image (click to enlarge)
Click to Enlarge Name: 2017_10_27_GbpUsd_Daily.png Size: 14 KB
f(z)=z2+c
  • #5,305
  • Oct 27, 2017 3:28am Oct 27, 2017 3:28am
To All reading,
Still watch out for the NFP next week!
  • #5,306
  • Oct 27, 2017 3:28am Oct 27, 2017 3:28am
Quoting Lock
{quote} Remember that 30742 (10.09 Tokyo low) is the absolute low of the first inside week. So it is the absolute low of the weekly balance. Acceptation below it is required for any continuation downside and as a confirmation of a successful breakout downside. If not watch out for a retracement to the opposite side of the weekly balance!
Well, for now it slightly went below it, less than 2 pips, and started a small retracement. It looks a too modest test for now. Let's see.

PS: unfortunately I have to be out for a while. See you later. Have a nice continuation. best, L.
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  • #5,307
  • Oct 27, 2017 3:37am Oct 27, 2017 3:37am
Quoting Lock
{quote} As I answered you at the time the acceptation below 31637 was a fundamental step in order to continue to a new test of the upper monthly bracket low. Personally I do not take into much consideration the content of news and reports while I generally give a lot of importance at when they are going to occur. Anyway this is my approach and I've nothing to say to those who could obtain precious info from those kind of sources. Best, L. PS:I'm a day...
Very true words: >>>When<<<
If I read your words well, than we read the market from nearly the same perspective. Time/timing is the key. I also don't respect/care news and datas, they are just a tool of making good entry and liquidity. Thats all.
Best regards,
h.
f(z)=z2+c
  • #5,308
  • Oct 27, 2017 9:01am Oct 27, 2017 9:01am
Pit session opened with a new gap downside and is attempting a new breakdown from weekly balance. Note that this openeing occurred inside a previous double pass pit gap (3074-3107) So the upper portion of this old gap is currently a triple pass one as pit session opened below its high.
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  • #5,309
  • Oct 27, 2017 9:02am Oct 27, 2017 9:02am
Quoting Lock
Pit session opened with a new gap downside and is attempting a new breakdown from weekly balance. Note that this opening occurred inside a previous double pass pit gap (3074-3107) So the upper portion of this old gap is currently a triple pass one as pit session opened below its high.

Now filled upside.
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  • #5,310
  • Oct 27, 2017 9:12am Oct 27, 2017 9:12am
Quoting Lock
Pit session opened with a new gap downside and is attempting a new breakdown from weekly balance. Note that this openeing occurred inside a previous double pass pit gap (3074-3107) So the upper portion of this old gap is currently a triple pass one as pit session opened below its high.

Now, if this is a real failure below weekly balance then you know were is trying to go. See previous posts. If instead it is only a short covering of invenotries too short before a new serious attempt downside then you should not see acceptation back inside yesterday pit session range, meaning above 3146.

If it will obtain acceptation back inside yes range, considering that yesterday pit action ended short in the hole (meaning continuing selling below value when value couldn't move downside anymore), then we could see a complete retracement of yes session. But let's see.

In any case note the poor low of current pit session.
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  • #5,311
  • Oct 27, 2017 9:26am Oct 27, 2017 9:26am
New gap downside still partially in place. Lower portion of the double pass pit gap unfilled. Poor low.
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  • #5,312
  • Oct 27, 2017 10:18am Oct 27, 2017 10:18am
Last period is an inside one: balance rules apply. Note poor high and low. New gap downside still in place.
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  • #5,313
  • Oct 27, 2017 11:04am Oct 27, 2017 11:04am
Hi Lock, where do you feel the weekly close now?
  • #5,314
  • Oct 27, 2017 11:10am Oct 27, 2017 11:10am
Quoting Lock
{quote} I didn't express any comment about your posts that for what I know could be quite correct. My suggestion comes from the perspective of a day trader for whom the most important thing is to not switch from a daily trading activity to a bigger time frame one: this could be very risky, at least for me. So, supposing you are a day trader too, I spend my words in this direction. That's all. Btw thank you very much for your appreciations. Best, L.
Right, I am more daily trader than anything else. I also scalp and open mid-term orders when I see opportunity, but primarily daily only.

However I always have one tiny lot order open that serves me as a guidance, some may find it strange, others stupid, but that is how I feel comfortable trading.

I always use different timeframes, even weekly and monthly for my mid-term, but if I see an opportunity to close earlier, instead of waiting ups and downs to get to the target, I will close and take the pips, so in such cases my mid-term turns into a daily.

I hope I explained myself better this time .
  • #5,315
  • Oct 27, 2017 11:33am Oct 27, 2017 11:33am
Quoting haathmilao
Hi Lock, where do you feel the weekly close now?
I am not Lock, he will explain it to you later maybe, but ~1.3124 (I believe Lock pointed that level numerous times already, I might be wrong, too many levels in my head) holds as a resistance until now on 15M-30M-1H-4H.
This level stands at the half of the daily movement for today.
My expectation is it will close around that level +/- few pips (depends on the broker).
NY will close in ~4.30 hours from now.
  • #5,316
  • Oct 27, 2017 11:43am Oct 27, 2017 11:43am
Quoting ravenbg
{quote} I am not Lock, he will explain it to you later maybe, but ~1.3124 (I believe Lock pointed that level numerous times already, I might be wrong, too many levels in my head) holds as a resistance until now on 15M-30M-1H-4H. This level stands at the half of the daily movement for today. My expectation is it will close around that level +/- few pips (depends on the broker). NY will close in ~4.30 hours from now.
Thanks for sharing your view, really appreciated.
  • #5,317
  • Oct 27, 2017 11:49am Oct 27, 2017 11:49am
The thing that impressed me more in the last days has been the total lack of participation of bigger timeframes during pit sessions. It looks like they are totally indifferent to cable. Look at today: we got a very weak open, a poor low and a poor high. So I don't know what to think and maybe the better solution is to wait until next week. Obviously from current location it could spike in order to punish yesterday pit session weak hands sellers but sincerely I do not know.

See you next week and have a nice continuation. Best, L
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  • #5,318
  • Oct 27, 2017 11:53am Oct 27, 2017 11:53am
Quoting Lock
The thing that impressed me more in the last days has been the total lack of participation of bigger timeframes during pit sessions. It looks like they are totally indifferent to cable. Look at today: we got a very weak open, a poor low and a poor high. So I don't know what to think and maybe the better solution is to wait until next week. Obviously from current location it could spike in order to punish yesterday pit session weak hands sellers but sincerely I do not know. See you next week and have a nice continuation. Best, L
PS: considering the poor low and the new gap downside still in place it could obviously also liquidate. And this is the reason I'm off. Because I really do not know and I'm pretty tired of these weak pit sessions.
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  • #5,319
  • Oct 30, 2017 5:19am Oct 30, 2017 5:19am
Quoting Lock
In case of failure, excluding the composite pocs, the steps upside should be 31637 (upper monthly bracket half back), 32674 (last mid term bracket high), then 33393 (current mid term move downside half back and almost exactly the top of the first inside week from which we are trying to break downside)

The question is: was that failure good one? If so we could continue higher to 32674. If not a new test of weekly balance low is also possible. So acceptation o rejection above 31637 could be a good indicator in order to evaluate if that failure was "good" or not.
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  • #5,320
  • Oct 30, 2017 7:04am Oct 30, 2017 7:04am
Quoting Lock
{quote} The question is: was that failure good one? If so we could continue higher to 32674. If not a new test of weekly balance low is also possible. So acceptation o rejection above 31637 could be a good indicator in order to evaluate if that failure was "good" or not.
So, GB eventually found acceptation above 31637. Now price is around composite poc 3190. Volume needed to evade it. But note the building of a new possible pit gap upside from Friday pit session high 3136. If preserved we could continue higher towards 32674.
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