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Lock's Cable Corner

  • #6,481
  • Feb 21, 2020 8:51am Feb 21, 2020 8:51am
2954: GB still involved, testing it.
Ubi maior minor cessat
  • #6,482
  • Feb 21, 2020 8:52am Feb 21, 2020 8:52am
Quoting Lock
I suggest to consider preUS session as balance: balance rules apply.
Attempted break from US session balance: monitor for acceptation or rejection above 2942 and 2954
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  • #6,483
  • Feb 21, 2020 9:36am Feb 21, 2020 9:36am
MOnitor for acceptation or rejection at 2972-75 IF reached. For now we got acceptation above 2942 only.
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  • #6,484
  • Feb 21, 2020 9:36am Feb 21, 2020 9:36am
Quoting Lock
2954: GB still involved, testing it.
Note 2954 working as support now: GB still involved...
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  • #6,485
  • Feb 21, 2020 9:43am Feb 21, 2020 9:43am
Where not to place a new position (buy):

You should not place a position so far from safe stops (below major ref accepted 2942..)
Attached Image
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  • #6,486
  • Feb 21, 2020 9:45am Feb 21, 2020 9:45am
Quoting Lock
Where not to place a new position (buy): {image}
was a bit late and placed mine at 1.2952 ... we have the same stop...
  • #6,487
  • Feb 21, 2020 9:46am Feb 21, 2020 9:46am
Quoting Lock
MOnitor for acceptation or rejection at 2972-75 IF reached. For now we got acceptation above 2942 only.
Testing 2972: if something could go wrong is here. Monitor for acceptation above it
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  • #6,488
  • Feb 21, 2020 9:47am Feb 21, 2020 9:47am
Quoting titi14
{quote} was a bit late and placed mine at 1.2952 ... we have the same stop...
Well it was difficult, especially considering the double re-entry into overnight range (below GB high) and the double test of 2954.
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  • #6,489
  • Feb 21, 2020 9:48am Feb 21, 2020 9:48am
Quoting Lock
{quote} Testing 2972: if something could go wrong is here. Monitor for acceptation above it
this is where i always make the mistakes... what is considered the best approach for acceptation? close of the period above 2972-2975 ?? or do you account anything else?
  • #6,490
  • Feb 21, 2020 9:49am Feb 21, 2020 9:49am
Now even tough 29945 (the top of the double gap is possible) I scaled out something: to scary for me.
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  • #6,491
  • Feb 21, 2020 9:51am Feb 21, 2020 9:51am
Quoting titi14
{quote} this is where i always make the mistakes... what is considered the best approach for acceptation? close of the period above 2972-2975 ?? or do you account anything else?
It comes from experience, structure (what we left downside)
The rule is to have at least a couple of periods closed above or below a particular ref. But it's not that easy.

For instance currently we got acceptation only above 2942. Structure anyway give us some hope as we have a new big gap upside from yesterday high. And we have a good possible target upside (the top of the double gap)
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  • #6,492
  • Feb 21, 2020 9:55am Feb 21, 2020 9:55am
In any case if you exploited the balance rules when preUS formed a very narrow balance before pit open, your risk is minimum. Clearly you'll be crazy to place a position now, while testing 2972...
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  • #6,493
  • Feb 21, 2020 9:58am Feb 21, 2020 9:58am
Quoting Lock
Now even tough 29945 (the top of the double gap is possible) I scaled out something: to scary for me.
Luckily my instinct of preservation helped me this time... Let's see. The reaction at 2972-75 was strong.
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  • #6,494
  • Feb 21, 2020 10:01am Feb 21, 2020 10:01am
I preserved only a quarter of my initial positions. I didn't sell anyway. It's friday and I'm tired. If it will decide to liquidate and punish yesterday buyers I'll be off.
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  • #6,495
  • Feb 21, 2020 10:08am Feb 21, 2020 10:08am
Quoting Lock
{quote} Testing 2972: if something could go wrong is here. Monitor for acceptation above it
In any case, consider this: most of retail traders have no idea whatsoever of such references and consequently they have not a valid reason to react in such situations: so market generated information, again, are a valid edge against your competitors even though sometimes are not so easy to handle.
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  • #6,496
  • Feb 21, 2020 10:24am Feb 21, 2020 10:24am
Note C period low at round number 2950 and D period low at half back. While testing again 2972, those who bought there are weak money. So, even though it could succeed above 2972-75 and even though we got now acceptation also above 2954, I didn't add any new position. Maybe it will rally, maybe I will not take a good opportunity but I will not go alongside with weak money.

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  • #6,497
  • Feb 21, 2020 10:31am Feb 21, 2020 10:31am
Btw note my stop moved upside just below the new accepted main ref 2954: a lot of people move stops following price. Some say 20 pips is a good distance from breakeven, some say 6 is ok... etc.. But it's not a fixed number, it's structure. A stop should be placed only above or below structural levels and not at a given distance from moving price or breakeven.
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  • #6,498
  • Feb 21, 2020 10:33am Feb 21, 2020 10:33am
D period is an inside one: balance rules apply.
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  • #6,499
  • Feb 21, 2020 10:35am Feb 21, 2020 10:35am
Quoting Lock
Btw note my stop moved upside just below the new accepted main ref 2954: a lot of people move stops following price. Some say 20 pips is a good distance from breakeven, some say 6 is ok... etc.. But it's not a fixed number, it's structure. A stop should be placed only above or below structural levels and not at a given distance from moving price or breakeven.
...furthermore you should never or almost never be stopped out. You must decide when and if you have to abandon a position: you've not to wait price went for you and take you out passively.
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  • #6,500
  • Feb 24, 2020 2:12am Feb 24, 2020 2:12am
29645 GB weekly close
2954 GB main ref (above)
2896-8 GB main refs below
we are inside friday GB session: balance rules apply.
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