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Lock's Cable Corner

  • #6,841
  • Oct 28, 2020 12:20am Oct 28, 2020 12:20am
Quoting Lock
{quote} Pit failed and liquidated closing just some pips below 30445...
Yes secured 40pips Tokyo and waiting for GB session
  • #6,842
  • Oct 28, 2020 1:04am Oct 28, 2020 1:04am
We are in a monthly balance, weekly trend upside and daily balance*
*daily balance if you consider the entire daily range from Sydney open to Pit close.
Yesterday GB session is an inside one: its range is contained inside previous GB session: balance rules apply today.

  1. Yesterday GB range is 3001 - 3051
  2. Previous session range is 29945 - 3075

An attempted rally will occur above 3051, while an attempted break will occur below 3001. If it will attempt upside the main test will be at 3075, if downside the main test will be at 29945. If it will fail in one direction, attempt toward the opposite side of the balance is expected.

Other important refs are yes GB close at 30725 and last week GB close at 3068.
As written yesterday GB low 3001 is weak as a perfect tag of round number 3000, while previous GB low at 29945 is weak and poor as it has been tagged by the following pit session poor low. All this means that if you will see an attempted rally from yesterday GB high at 3051, you got to carefully monitor for continuation as you will be leaving downside huge weaknesses uncorrected.

At the same time if you wil see a first attempt downside, below 3001 you should be again very carefully as we left upside at 3142, 3150 and 3152 other extreme weaknesses.

In conclusion, in case of a succeeding rally upside our main target could be 3150 zone, in case of a successfully break our main target could be 2935 area.

A final note: we are in a weekly trend upside and any meaningful break has to interrupt this trend: in order to obtain technically such result the last week lower extreme has to be taken out. It is at 29185 (wednesday GB low that btw coincides with September GB close: a very important ref)

Ubi maior minor cessat
  • #6,843
  • Oct 28, 2020 2:32am Oct 28, 2020 2:32am
Consider next GB open in relation to yesterday GB spike base 30255. If above spike base it could mean that yesterday test upside is not over yet. If below it this can let you think that yesterday test upside has been rejected. It's an important factor to consider in such situation, especially during the first periods.
Ubi maior minor cessat
  • #6,844
  • Oct 28, 2020 2:54am Oct 28, 2020 2:54am
3039 last week GB close: monitor for acceptation or rejection above or below it as an initial further info.
Ubi maior minor cessat
  • #6,845
  • Oct 28, 2020 3:01am Oct 28, 2020 3:01am
Quoting Lock
Consider next GB open in relation to yesterday GB spike base 30255. If above spike base it could mean that yesterday test upside is not over yet. If below it this can let you think that yesterday test upside has been rejected. It's an important factor to consider in such situation, especially during the first periods.
Note price opened slightly above spike base and immediately tested it 30255, at the pip. Monitor carefully possible reaction at 3039 if reached.
Ubi maior minor cessat
  • #6,846
  • Oct 28, 2020 3:06am Oct 28, 2020 3:06am
Quoting Lock
{quote} Note price opened slightly above spike base and immediately tested it 30255, at the pip. Monitor carefully possible reaction at 3039 if reached.
Acceptation below 30255 and 3039 is obviously needed for any real attempt downside. Note that we are very close to the cluster of weaknesses left downside yesterday by GB action. If triggered we could easily have a fire-cracker effect. 30205 is yesterday GB open: acceptation below it needed as well to continue lower. We are inside yesterday GB range: initial balance expected.
Ubi maior minor cessat
  • #6,847
  • Oct 28, 2020 3:10am Oct 28, 2020 3:10am
Quoting Lock
{quote} Acceptation below 30255 and 3039 is obviously needed for any real attempt downside. Note that we are very close to the cluster of weaknesses left downside yesterday by GB action. If triggered we could easily have a fire-cracker effect. 30205 is yesterday GB open: acceptation below it needed as well to continue lower. We are inside yesterday GB range: initial balance expected.
we got weak stops below 3014, 3010 and 3000 the first one can trigger the second and so on as they are very close.
Ubi maior minor cessat
  • #6,848
  • Oct 28, 2020 3:16am Oct 28, 2020 3:16am
Watch out: 3001 is yesterday GB range low: any attempt below it is an attempted break from inside session range.
Ubi maior minor cessat
  • #6,849
  • Oct 28, 2020 3:22am Oct 28, 2020 3:22am
USDX attempted rally...
Ubi maior minor cessat
  • #6,850
  • Oct 28, 2020 3:26am Oct 28, 2020 3:26am
Quoting Lock
Watch out: 3001 is yesterday GB range low: any attempt below it is an attempted break from inside session range.
Extremely weak low right now at 3000.
Ubi maior minor cessat
  • #6,851
  • Oct 28, 2020 3:32am Oct 28, 2020 3:32am
Quoting Lock
Watch out: 3001 is yesterday GB range low: any attempt below it is an attempted break from inside session range.
As I wrote this morning if it will attempt a break, as probable, monitor for continuation: we need acceptation below 3000 and 29945. If not, watch out as after a failure the next natural direction is the opposite side of the balance, meaning toward 3051-3075. If it will succeed we could easily see 2936.
Ubi maior minor cessat
  • #6,852
  • Oct 28, 2020 3:33am Oct 28, 2020 3:33am
Quoting Lock
{quote} we got weak stops below 3014, 3010 and 3000 the first one can trigger the second and so on as they are very close.
...as you see all taken out quickly.
Ubi maior minor cessat
  • #6,853
  • Oct 28, 2020 3:35am Oct 28, 2020 3:35am
2980-2987 is old GB gap upside: we need to see it filled and gain acceptation below it. Very elongated GB profile: watch out.
Ubi maior minor cessat
  • #6,854
  • Oct 28, 2020 3:35am Oct 28, 2020 3:35am
Quoting Lock
USDX attempted rally...
I think we will continue the rally running up till Election
  • #6,855
  • Oct 28, 2020 3:35am Oct 28, 2020 3:35am
Quoting Lock
2980-2987 is old GB gap upside: we need to see it filled and gain acceptation below it. Very elongated GB profile: watch out.
  • #6,856
  • Oct 28, 2020 3:49am Oct 28, 2020 3:49am
The bear is coming.
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  • #6,857
  • Oct 28, 2020 3:50am Oct 28, 2020 3:50am
B period high at half back, not a good sign: weak money involved in this attempt downside. Let's see if we will see a new test below 3000
Ubi maior minor cessat
  • #6,858
  • Oct 28, 2020 3:53am Oct 28, 2020 3:53am
Quoting Lock
B period high at half back, not a good sign: weak money involved in this attempt downside. Let's see if we will see a new test below 3000
To say it better: let's see where this B period will close.
Ubi maior minor cessat
  • #6,859
  • Oct 28, 2020 4:10am Oct 28, 2020 4:10am
Quoting Lock
2980-2987 is old GB gap upside: we need to see it filled and gain acceptation below it. Very elongated GB profile: watch out.
poor low at 2987.
Ubi maior minor cessat
  • #6,860
  • Oct 28, 2020 4:12am Oct 28, 2020 4:12am
Quoting Lock
2980-2987 is old GB gap upside: we need to see it filled and gain acceptation below it. Very elongated GB profile: watch out.
As written you want it filled and accepted below 2980: if not watch out. As if something has to happen wrong it is right now. If accepted below 2980 I cannot see anything but 2935
Ubi maior minor cessat
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