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Lock's Cable Corner

  • #5,561
  • Nov 23, 2017 2:48am Nov 23, 2017 2:48am
GB opened with a substantial new gap upside. Tested Tokyo low, found nothing below it and start to retrace it. Now, if this situation will be preserved, meaning if the gap will remain in place, odds are in favor to a continuation upside in order to test the GB inside month high 33652.

But now consider also the fact that all the weaknesses are downside, so, in case of liquidation we could have a huge one. Consequently monitor carefully for continuation. Currently we got a poor high for GB.

Note that, in case of liquidation, a first target could be the old gap at 32785-32803, now triple pass one.
Ubi maior minor cessat
  • #5,562
  • Nov 23, 2017 2:59am Nov 23, 2017 2:59am
I copy paste a previous post here as I think it could be very important to clarify current environment.

****************************************************************
Almost 8 hours ago I made this note:

Quoting Lock
In case of continuation upside clearly the main level will be the pit monthly balance high 3327. There and only there we could find serious buyers or sellers. So, in the case watch out!
Note that pit session concluded its action just 2 single pips above this mid term level.

Now this is important for 2 different reasons: the first one regards the power of market generated information and how vital it is to observe a market and try to evaluate all its variables.
The second one is that, again, we didn't see new serious money stepping in at a very important mid term level. Nor buyers nor sellers.

This does not mean that we cannot have a huge liquidation from here or that we cannot see price continue higher tomorrow or tonight. But it means that at this particular level we didn't find any interest nor in to buy nor in to sell by stronger participants. Because if instead it was the case, price should not have stopped just 2 single pips above it.

************************************************************************
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  • #5,563
  • Nov 23, 2017 3:26am Nov 23, 2017 3:26am
32895 yesterday GB close level. Acceptation below it needed for any serious continuation of current liquidation.
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  • #5,564
  • Nov 24, 2017 3:26am Nov 24, 2017 3:26am
Hi lock,

whats the next level to look for after high 3327 towards the upward ?
  • #5,565
  • Nov 24, 2017 3:44am Nov 24, 2017 3:44am
Quoting stevox
Hi lock, whats the next level to look for after high 3327 towards the upward ?
Hi stevox, GB inside month high 33652.
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  • #5,566
  • Nov 24, 2017 4:09am Nov 24, 2017 4:09am
Quoting Lock
{quote} Hi stevox, GB inside month high 33652.

Obviously 33393 is an other mid term level to take into consideration as it is the half back of the last mid term move downside.
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  • #5,567
  • Nov 24, 2017 4:45am Nov 24, 2017 4:45am
Thanks lock,

went Long upon non acceptance of 3280, Not too sure if there are any participants who will push cable higher.
  • #5,568
  • Nov 24, 2017 9:08am Nov 24, 2017 9:08am
Pit session opened above pit monthly balance (3327 inside month high) So this is an attempted monthly breakout.

This attempted monthly breakout, as any attempt, could also fail, but for now we have a new pit gap upside that is supporting upside action. In order to fail we should see this new pit gap retraced quickly. If not, it could succeed.
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  • #5,569
  • Nov 24, 2017 9:14am Nov 24, 2017 9:14am
It could worth noting that current action is leaving downside a triple pass pit gap (from 33295 to current pit low): carry forward this info if something will go wrong upside.
Ubi maior minor cessat
  • #5,570
  • Nov 24, 2017 11:06am Nov 24, 2017 11:06am
Quoting Lock
It could worth noting that current action is leaving downside a triple pass pit gap (from 33295 to current pit low): carry forward this info if something will go wrong upside.
And here you are...
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  • #5,571
  • Nov 24, 2017 11:08am Nov 24, 2017 11:08am
Now testing from above 3327, pit inside month high. This is a crucial level for pit session.
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  • #5,572
  • Nov 24, 2017 11:12am Nov 24, 2017 11:12am
New pit gap upside filled down to yesterday pit session high. If it is only a game we could retrace back upside. If it is something serious then consider that we are watching a monthly upside breakout failure.
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  • #5,573
  • Nov 24, 2017 11:20am Nov 24, 2017 11:20am
It hits my stop loss again today, seems like just came to hit my stop loss and going back now? Should i avoid using stop loss? Very frustrated
  • #5,574
  • Nov 24, 2017 11:24am Nov 24, 2017 11:24am
Quoting Lock
Now testing from above 3327, pit inside month high. This is a crucial level for pit session.
Back again to main level here. Let's see if we will have acceptation below it or not. If not, we could continue higher. If yes, we could imagine a first serious failure of monthly break out upside.
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  • #5,575
  • Nov 24, 2017 11:26am Nov 24, 2017 11:26am
Quoting haathmilao
It hits my stop loss again today, seems like just came to hit my stop loss and going back now? Should i avoid using stop loss? Very frustrated
You must use stop loss. But you have not to let the market stop you out normally. You have to close your positions before to let the market take you out. You should be a decision maker. About stop loss position: you have to put your stops above or below structural levels. You have not to use fixed stop loss randomly placed.

Example: you have 2 main level here 3327 and 33393. Plus you have yesterday pit session high 3316. If you have to place your stops they have to be above or below these major levels.
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  • #5,576
  • Nov 24, 2017 11:32am Nov 24, 2017 11:32am
When you saw price coming down to 3316 you know before that it could be a good spot to place a long and you have also a good place to set your stops, just below it: in this case in fact, if you are wrong, you'll know immediately and you could quickly reverse. If instead you were short then your stops should be above 3327 or above 33393, in both cases they are structural levels and your risk will not be too high, also if you are wrong you'll know immediately and you could reverse again.
Ubi maior minor cessat
  • #5,577
  • Nov 24, 2017 11:43am Nov 24, 2017 11:43am
Quoting Lock
When you saw price coming down to 3316 you know before that it could be a good spot to place a long and you have also a good place to set your stops, just below it: in this case in fact, if you are wrong, you'll know immediately and you could quickly reverse. If instead you were short then your stops should be above 3327 or above 33393, in both cases they are structural levels and your risk will not be too high, also if you are wrong you'll now immediately and you could reverse again.
Thanks for your explanatory reply Lock, I was long and My Stop loss was 3220. I didn't understand the levels correctly, that's what causes me losses.
  • #5,578
  • Nov 24, 2017 11:45am Nov 24, 2017 11:45am
main reason for frustration is price went around 20 pips in my favor and still i didn't updated my stop loss level. So this week is over for me now with some loss overall.
  • #5,579
  • Nov 24, 2017 12:15pm Nov 24, 2017 12:15pm
Quoting haathmilao
{quote} Thanks for your explanatory reply Lock, I was long and My Stop loss was 3220. I didn't understand the levels correctly, that's what causes me losses.
You maybe mean 3320? This could be a stop for a long position opened at 3327. It could not be a stop for a position opened around 3316. In any case I strongly suggest to use this weekend to start listening the Jim Dalton registered webinars in order to better understand the market. I hope it could help you as it helped me. Best, L.
Ubi maior minor cessat
  • #5,580
  • Nov 25, 2017 10:44am Nov 25, 2017 10:44am
Quoting Lock
{quote} You maybe mean 3320? This could be a stop for a long position opened at 3327. It could not be a stop for a position opened around 3316. In any case I strongly suggest to use this weekend to start listening the Jim Dalton registered webinars in order to better understand the market. I hope it could help you as it helped me. Best, L.
Yes It was 3320, and you were right it was stop loss for a long position opened around 3328. Thanks for your suggestion regarding listening the Jim Dalton Registered Webinars. I will surely listen.
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