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Lock's Cable Corner

  • #6,561
  • Mar 3, 2020 9:40am Mar 3, 2020 9:40am
Quoting Lock
{quote} And that's what we got: rotation. It could retest again downside, eventually after a retest of 2793. I any case I'm off for today. PS: if for any reason you'll see acceptation above 2793, well, it's a major ref, so watch out Have a nice trading. {quote} Here we are. Have a nice day.
Thanks for your hard work today
  • #6,562
  • Mar 5, 2020 12:47am Mar 5, 2020 12:47am
We are in a monthly one time framing action downside: this is the first main info in a from top to bottom perspective.
And we are in a weekly one time framing action downside too: this is the second main market generated info we got.
On a daily base we are instead in the opposite direction: one time framing action upside.

So what? Well, unless we will see the last week high taken out (2995) major trends (both monthly and weekly) are downside: so take this into your consideration if you will see continuation upside as the daily trend is against major trends.

Then we should also say that GB failed below 2793 NOV '19 low but we got acceptation below 2896 and 2898 (DEC '19 low and NOV '19 high respectively): these three levels are the main ones in this market zone and could make the difference in order to clarify the conflicting information we got between monthly and weekly trend downside and the new daily trend upside.

I mean: a clear rejection above 2896-8 could determine the failure of the new daily trend upside while a clear acceleration and acceptation above them could open the doors for major changes.

Note that almost one hour before GB open we can see price above last GB gap downside: if this will be preserved at open we will have a double gap at 2828-2861.

And yesterday GB close is at 28265 slightly below the gap lower extreme: we do not want to see price filling this gap nor price accepted below 28265 for any serious action upside. At the opposite, a complete filling of this gap and acceptation below 28265 could determine the realignment of the daily action to the major monthly and weekly trends. And note that almost in the middle of that gap we have GB February low 2849: an other major go-no go level.

And then a statistical consideration: generally in any price action we go from a trend to balance and then from balance to continuation of previous trend or reversal: so even though we will see continuation upside, in order to revert the major trends I expect, as normal, a period of balance (weekly at least) before a possible new trend upside. Obviously there are exceptions.
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  • #6,563
  • Mar 5, 2020 2:18am Mar 5, 2020 2:18am
Testing 2896-8: watch out. See previous post
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  • #6,564
  • Mar 5, 2020 2:22am Mar 5, 2020 2:22am
Hi Lock, as my name suggest i am relatively new to the forex scene. I have been noticing your post for the past week and find it very insightful. For today's case, how do you tell if the 2896-2898 accepts/rejects it? Like do you go by time frame or what? Please enlighten me!
  • #6,565
  • Mar 5, 2020 2:59am Mar 5, 2020 2:59am
B inside period: balance rules apply.
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  • #6,566
  • Mar 5, 2020 3:00am Mar 5, 2020 3:00am
Quoting HiImNew
Hi Lock, as my name suggest i am relatively new to the forex scene. I have been noticing your post for the past week and find it very insightful. For today's case, how do you tell if the 2896-2898 accepts/rejects it? Like do you go by time frame or what? Please enlighten me!
as a normal rule a couple of 30m periods closed above it means acceptation. No periods closed above it rejection. But there are many things to consider here. Especially balance rules.

Quoting Lock
{quote} as a normal rule a couple of 30m periods closed above it means acceptation. No periods closed above it rejection. But there are many things to consider here. Especially balance rules.

B is an inside period (its range is inside A period): balance rules tell us that if we will see a failure above or below B period range we could expect price go and test the opposite side of the balance (the opposite side of B period)

Other things: current high is poor. B period low is at half back (weak money buying there), etc...

Quoting Lock
Other things: current high is poor. B period low is at half back (weak money buying there), etc...
etc: the new GB gap upside from yesterday GB range high is an other factor to consider... And the fact that we didn't try even to test yesterday close at 28355
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  • #6,567
  • Mar 5, 2020 3:11am Mar 5, 2020 3:11am
Quoting Lock
B inside period: balance rules apply.

if it will succeed upside we could see 2954 retest. If we fail we could imagine balance around current zone or correction to 2849
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  • #6,568
  • Mar 5, 2020 3:12am Mar 5, 2020 3:12am
Quoting Lock
{quote} if it will succeed upside we could see 2954 retest. If we fail we could imagine balance around current zone or correction to 2849
btw if failure and balance I imagine something like 2875 to 2896-8 until preUS open or Pit open
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  • #6,569
  • Mar 5, 2020 3:21am Mar 5, 2020 3:21am
if for any reason you'll see price going downside from here leaving current arci poor high at 29035, watch out as it is a monthly poor high...
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  • #6,570
  • Mar 5, 2020 3:25am Mar 5, 2020 3:25am
Quoting Lock
if for any reason you'll see price going downside from here leaving current arci poor high at 29035, watch out as it is a monthly poor high...
taken out: let's see
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  • #6,571
  • Mar 5, 2020 3:26am Mar 5, 2020 3:26am
if it will succeed note major yearly poc at 2934-5-6. Also note pit DEC low 2909. and 02_26 GB week close at 2920
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  • #6,572
  • Mar 5, 2020 3:52am Mar 5, 2020 3:52am
Quoting Lock
if it will succeed note major yearly poc at 2934-5-6. Also note pit DEC low 2909. and 02_26 GB week close at 2920
2920 is also 02.28 GB high
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  • #6,573
  • Mar 5, 2020 4:32am Mar 5, 2020 4:32am
Quoting Lock
if it will succeed note major yearly poc at 2934-5-6. Also note pit DEC low 2909. and 02_26 GB week close at 2920
now, very elongated profile and numerous anomalies left downside: take note of them.
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  • #6,574
  • Mar 5, 2020 5:59am Mar 5, 2020 5:59am
Quoting Lock
{quote} now, very elongated profile and numerous anomalies left downside: take note of them.
And as you see it spent a couple of periods to come bake there. Now, if we managed to move session poc around 2920 we could have a spike test toward 2954. In any case consider that the structure left downside is still very poor.

An other consideration is to evaluate the possibility to have a new gap upside at pit open (yesterday pit high is at 28725.)

PS: current high is clearly poor.
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  • #6,575
  • Mar 5, 2020 6:12am Mar 5, 2020 6:12am
Quoting Lock
if it will succeed note major yearly poc at 2934-5-6. Also note pit DEC low 2909. and 02_26 GB week close at 2920
After six periods after the attempted rally from B period balance here we are at 2934-5-6. Two possibilities here, continue higher to a test of 2954 or remain in balance around 2920. Let's see.

A correction downside in order to correct the poor structure is also possible but note that we have acceptation above 2896-8.
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  • #6,576
  • Mar 5, 2020 6:29am Mar 5, 2020 6:29am
Quoting Lock
{quote} as a normal rule a couple of 30m periods closed above it means acceptation. No periods closed above it rejection. But there are many things to consider here. Especially balance rules. {quote} B is an inside period (its range is inside A period): balance rules tell us that if we will see a failure above or below B period range we could expect price go and test the opposite side of the balance (the opposite side of B period) Other things: current high is poor. B period low is at half back (weak money buying there), etc... {quote} etc: the...
Thanks Lock! Appreciate your patience in explaining basic stuffs to newbies like me. Is there any website or place that you would recommend for new guys to learn? I have lots of questions and i dont think its wise to spam your thread with it.
  • #6,577
  • Mar 5, 2020 6:39am Mar 5, 2020 6:39am
It can remove weaknesses back to 28854: but remember the acceptation above 2896-8
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  • #6,578
  • Mar 5, 2020 6:45am Mar 5, 2020 6:45am
Quoting Lock
{quote} And as you see it spent a couple of periods to come bake there. Now, if we managed to move session poc around 2920 we could have a spike test toward 2954. In any case consider that the structure left downside is still very poor. An other consideration is to evaluate the possibility to have a new gap upside at pit open (yesterday pit high is at 28725.) PS: current high is clearly poor.
Less than 20 min for Pre US open: yesterday pit high 28725 that coincides with its unch level (close). Monitor for a new possible gap upside.

Main refs for preUS and Pit session are: 2942, 2972-5 above and 28345, 27685 below. We are pretty far from both these zones. So acceptation or rejection above 28725 and 2909 could be crucial as it is they are our only references here.

PS: yesterday pit session performed a spike test: its base is at 2827.
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  • #6,579
  • Mar 5, 2020 8:33am Mar 5, 2020 8:33am
Quoting Lock
{quote} After six periods after the attempted rally from B period balance here we are at 2934-5-6. Two possibilities here, continue higher to a test of 2954 or remain in balance around 2920. Let's see. A correction downside in order to correct the poor structure is also possible but note that we have acceptation above 2896-8.
Note J period (the last GB period) went 1 single pip above 2898...
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  • #6,580
  • Mar 5, 2020 8:35am Mar 5, 2020 8:35am
Quoting Lock
{quote} Less than 20 min for Pre US open: yesterday pit high 28725 that coincides with its unch level (close). Monitor for a new possible gap upside. Main refs for preUS and Pit session are: 2942, 2972-5 above and 28345, 27685 below. We are pretty far from both these zones.
Quoting Lock
So acceptation or rejection above 28725 and 2909 could be crucial as it is they are our only references here. PS: yesterday pit session performed a spike test: its base is at 2827.
New gap upside from yesterday pit high 28725: monitor for acceptation or rejection above 2909
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