Lock's Cable Corner | Page 285 | 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

  • #5,681
  • Dec 4, 2017 7:05am Dec 4, 2017 7:05am
Quoting Lock
{quote} Here we are just below 35326. If we reach it and if we get acceptation above it we could aim at 3586 preUS poor high and 36065 2009 pit low. If not, meaning if we will not see acceptation above 35326 we could experience some sort of liquidation. In any case we still need to see the reaction of pit US at these levels. And pit opens at 15:30+1GMT
Like for preUS the levels are the same as said.
Ubi maior minor cessat
  • #5,682
  • Dec 4, 2017 8:19am Dec 4, 2017 8:19am
So it failed again to get acceptation above 35326 (see previous post) and consequently liquidated. Obviously the magnitude of the liquidation comes from the news. Btw, note that this liquidation corrected the too much elongated period G of this morning (GB session, see previous posts)

Unfortunately (for me) I didn't profit from this liquidation as I saw too much volatility and I was pretty scared. Anyway...
Ubi maior minor cessat
  • #5,683
  • Dec 5, 2017 3:02am Dec 5, 2017 3:02am
Something like 22 hours ago I wrote this post:

Quoting Lock
Price is balancing around composite poc 3521. With weak hands it will tend to attract price. Less than half an hour to preUS open. Most important value in this zone will be Friday pit high 35225: acceptation above or below it will be important for upcoming pit session. The other 2 main levels are clearly 3503 and 35326. Remember that this move upside could be aimed to correct the very weak high 35495.
As you see the entire action downside (started with a liquidation) originated after a failure above the level I elected the most important one (35225) for the upcoming pit session (the session in which the liquidation occurred). And it is interesting to note that with a stop loss of 4 or 5 pips (set just above 35225 Friday pit high) you could obtain a profit of more than 150 pips (lowest level reached today, if you're not a day trader coming home flat at the end of pit session)

But this is not the content of current post which instead wants to underline the fact that even though you could make a good analysis of present market, and even if you are able to underline the correct levels that could be critical in order to perform your positions, if you then, at the right moment, will be mesmerized by price action, as I did yesterday, you could anyway lose the game or remain out of it. As it happened yesterday for me.
Ubi maior minor cessat
  • #5,684
  • Dec 5, 2017 3:42am Dec 5, 2017 3:42am
3402 is the absolute high of the inside month from which we saw a breakout during 29.11. So it is the crucial level in this zone. Acceptation or rejection below it could underline a failure or a success of the attempted breakout above monthly balance.

The other 2 specific levels to consider are for Gb sessions 33652 (inside month GB high) that today GB session was not able to reach. And 3327 that is inside month pit high, far below from current location.
Ubi maior minor cessat
  • #5,685
  • Dec 5, 2017 5:32am Dec 5, 2017 5:32am
Quoting Lock
3402 is the absolute high of the inside month from which we saw a breakout during 29.11. So it is the crucial level in this zone. Acceptation or rejection below it could underline a failure or a success of the attempted breakout above monthly balance. The other 2 specific levels to consider are for Gb sessions 33652 (inside month GB high) that today GB session was not able to reach. And 3327 that is inside month pit high, far below...
After the GB failure below 3402 now we need acceptation above 3444 for any serious continuation upside. A note regarding 3402: Gb tagged it twice, in a very exact manner. This underline the action of weak hands buyers, not stronger ones. Carry forward this consideration if something will go wrong upside.
Ubi maior minor cessat
  • #5,686
  • Dec 5, 2017 7:50am Dec 5, 2017 7:50am
Quoting Lock
{quote} After the GB failure below 3402 now we need acceptation above 3444 for any serious continuation upside. A note regarding 3402: Gb tagged it twice, in a very exact manner. This underline the action of weak hands buyers, not stronger ones. Carry forward this consideration if something will go wrong upside.
Searching for acceptation above 3444. If obtained next levels are 34785 (yes pit unch) and 3470 comp poc. Then, in case of acceptation also above them, 3503, 35326 and eventually 35495.

If not obtained, we could retrace back to 3402 and see there.
Ubi maior minor cessat
  • #5,687
  • Dec 5, 2017 9:01am Dec 5, 2017 9:01am
Quoting Lock
{quote} Searching for acceptation above 3444. If obtained next levels are 34785 (yes pit unch) and 3470 comp poc. Then, in case of acceptation also above them, 3503, 35326 and eventually 35495. If not obtained, we could retrace back to 3402 and see there.
Technically, we got acceptation above 3444 (2 m30 periods closed above it.) The problem is that the 3 test below it have all their respective lows at half back 34395 that is now a very weak level. So a way to solve these conflicting info could be to evaluate the possible break from inside periods D and E. Balance rules apply here.
Ubi maior minor cessat
  • #5,688
  • Dec 5, 2017 10:02am Dec 5, 2017 10:02am
Quoting Lock
{quote} Technically, we got acceptation above 3444 (2 m30 periods closed above it.) The problem is that the 3 test below it have all their respective lows at half back 34395 that is now a very weak level. So a way to solve these conflicting info could be to evaluate the possible break from inside periods D and E. Balance rules apply here.
And eventually taken out. Now let's see if it was only this or if there is something more downside. If nothing more (false break) we could continue higher now. If the break is more serious instead we could re test 3402.
Ubi maior minor cessat
  • #5,689
  • Dec 6, 2017 2:51am Dec 6, 2017 2:51am
Quoting Lock
{quote} And eventually taken out. Now let's see if it was only this or if there is something more downside. If nothing more (false break) we could continue higher now. If the break is more serious instead we could re test 3402.
Tokyo eventually re tested 3402 and GB went below it.

This GB session has already down a test of GB inside month high at 33652 that will remain our main level until preUS open.

For now it failed once and is building an inside period.
Ubi maior minor cessat
  • #5,690
  • Dec 6, 2017 3:02am Dec 6, 2017 3:02am
Quoting Lock
{quote} Tokyo eventually re tested 3402 and GB went below it. This GB session has already down a test of GB inside month high at 33652 that will remain our main level until preUS open. For now it failed once and is building an inside period.
Inside period. Balance rules apply.
Ubi maior minor cessat
  • #5,691
  • Dec 6, 2017 6:00am Dec 6, 2017 6:00am
Yesterday pit session was inside Monday pit session range. If upcoming pit session will open around here we will find price in an attempted breakout from balance. In this case balance rules apply, in a daily timeframe.
Ubi maior minor cessat
  • #5,692
  • Dec 8, 2017 7:07am Dec 8, 2017 7:07am
Have a good weekend, Lock. Hope all is well.
TULKAS
  • #5,693
  • Dec 11, 2017 5:24am Dec 11, 2017 5:24am
Quoting Tulkas
Have a good weekend, Lock. Hope all is well.
Everything fine, thank you. I was involved in December account work.

Now, about last market development the most interesting thing is surely the formation of an inside week, both in absolute terms (including all sessions participants) and pit session ones. So, we are in a weekly balance and consequently balance rules apply.
For this reason we have to evaluate the possible break above or below the extremes of last inside week, that, for pit session are 33545-35245.
An other interesting info provided by current market are the multiple attempts below inside month higher extremes (meaning the different higher extremes of the different sessions, GB and Pit) This morning for instance GB tested numerous times its extreme at 33652, without finding any acceptation below it. Regarding Pit session instead, its extreme at 3327 has not been tested yet.
Ubi maior minor cessat
  • #5,694
  • Dec 11, 2017 5:26am Dec 11, 2017 5:26am
Welcome back...I was afraid you were kidnapped by fine grappa or something...(!)
TULKAS
  • #5,695
  • Dec 11, 2017 5:31am Dec 11, 2017 5:31am
PS: absolute extremes of last inside week are 33194-35415 both established during GB sessions.
Ubi maior minor cessat
  • #5,696
  • Dec 11, 2017 5:31am Dec 11, 2017 5:31am
Quoting Tulkas
Welcome back...I was afraid you were kidnapped by fine grappa or something...(!)
...waiting for new year for that.
Ubi maior minor cessat
  • #5,697
  • Dec 11, 2017 5:31am Dec 11, 2017 5:31am
On my feed, last week's low was 1.33188. Is this discrepancy a concern? Obviously our brokers are in different time zones...
TULKAS
  • #5,698
  • Dec 11, 2017 5:38am Dec 11, 2017 5:38am
Quoting Tulkas
On my feed, last week's low was 1.33188. Is this discrepancy a concern? Obviously our brokers are in different time zones...
Different brokers. That's all. By the way I suggest to note current sensible increase in volumes both for futures and options:

https://www.cmegroup.com/trading/fx/...eDate=20161129

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-12-11_14-34-36_increased volume.png Size: 21 KB
Ubi maior minor cessat
  • #5,699
  • Dec 11, 2017 5:52am Dec 11, 2017 5:52am
Quoting Lock
{quote} ..... So, we are in a weekly balance and consequently balance rules apply. For this reason we have to evaluate the possible break above or below the extremes of last inside week, that, for pit session are 33545-35245. An other interesting info provided by current market are the multiple attempts below inside month higher extremes (meaning the different higher extremes of the different sessions, GB and Pit) This morning for instance GB tested numerous times its...
PreUS testing pit inside week low 33545 right now.
Ubi maior minor cessat
  • #5,700
  • Dec 11, 2017 6:53am Dec 11, 2017 6:53am
Quoting Lock
{quote} PreUS testing pit inside week low 33545 right now.
Pit retesting it: watch out now.
Ubi maior minor cessat
0 traders viewing now