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Lock's Cable Corner

  • #7,621
  • Nov 19, 2020 5:56am Nov 19, 2020 5:56am
And I want to make an other not cherry picked example: when we reach the bottom of the old pit gap downside I wrote about the importance of that particular level in relation to the possibility of a creation of a double pass gap if price have continued any lower. I'm speaking about 32045 level.

Now, GB attempted 5 times to take it out, establishing a very weak and poor low for the session: without knowing that the selling action was conducted by weak traders and without knowing that we have good reasons to not go below that level I probably would have sell against it, waiting for acceptation below it. And instead I announced the possibility of a revert upside writing a post about it. And it happened. (I didn't profit from that action upside at a first moment but at least I was ready to close my short.)
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  • #7,622
  • Nov 19, 2020 6:02am Nov 19, 2020 6:02am
Quoting Lock
{quote} I've written about acceptation or rejection many times in this thread and I repeat it here: acceptation technically means at least a couple of m30 periods closed above or below a certain level but, first of all perfection kills, secondly acceptation has always to be correlated to numerous other factors developing in any given context. For instance how price was moving toward that particular level before to reach it, how good or bad was the structure above or below that level, have we or we have not good reasons to continue any higher or...
Thanks for taking time in explaining, much appreciated.
  • #7,623
  • Nov 19, 2020 6:05am Nov 19, 2020 6:05am
Quoting Loey
{quote} Thanks for taking time in explaining, much appreciated.
You're welcome. and please, if you like my notes, subscribe me. Thank you.
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  • #7,624
  • Nov 19, 2020 6:07am Nov 19, 2020 6:07am
to better follow this thread I suggest to set "Posts Per Thread Page" in your main setting to 40.
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  • #7,625
  • Nov 19, 2020 6:08am Nov 19, 2020 6:08am
C period high of current preUS session at half back level 3228 (just above Brexit low 3227). Take note.
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  • #7,626
  • Nov 19, 2020 6:16am Nov 19, 2020 6:16am
If in these last minutes it will not retrace upside , from 3239 to next pit open we will probably have a double pass gap: take note of it as this space can attract price action.
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  • #7,627
  • Nov 19, 2020 6:31am Nov 19, 2020 6:31am
3209 to 3239 double pass gap
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  • #7,628
  • Nov 19, 2020 6:39am Nov 19, 2020 6:39am
Main levels for pit:
3312 yes pit high (Nov high)
3267 yes pit unch (highest Nov pit unch)
3265 yes pit low
32595 pit close 2019
3239 top of double pass pit gap
3209 pit open
31765 pit October high

If acceptation below all of them, possible target 3106 previous pit poor low. If acceptation above any of them, step by step, back to retest 3312 or simple balance.
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  • #7,629
  • Nov 19, 2020 6:41am Nov 19, 2020 6:41am
Example: no acceptation above open? next level to test is 31765, and so on...downside
acceptation above open? next target 3227 brexit low or 3239 top of double pass, and so on..
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  • #7,630
  • Nov 19, 2020 6:53am Nov 19, 2020 6:53am
oh, and btw, preUS took out 32045:

Quoting Lock
{quote} like 3250 old spike base as written in the first post. and for God sake: what ever the result of this short covering (even if it will go up to 3319!) do not forget that low at 32045! Sign in red this level in your chart as before or after it will be retaken for sure.
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  • #7,631
  • Nov 19, 2020 6:54am Nov 19, 2020 6:54am
Quoting Lock
Example: no acceptation above open? next level to test is 31765, and so on...downside acceptation above open? next target 3227 brexit low or 3239 top of double pass, and so on..
Noted, thank you, and subscribed obviously
  • #7,632
  • Nov 19, 2020 6:56am Nov 19, 2020 6:56am
Quoting Lock
oh, and btw, preUS took out 32045: {quote}
With speed too !
  • #7,633
  • Nov 19, 2020 7:00am Nov 19, 2020 7:00am
Quoting Lock
Example: no acceptation above open? next level to test is 31765, and so on...downside acceptation above open? next target 3227 brexit low or 3239 top of double pass, and so on..
No acceptation below open? Yes. Have we a possible target upside: yes 3227 is the first one. Have we a good reason to continue any higher, yes maybe 3239. If rejected at 3227 back to open, if accepted test of 3239... and so on..
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  • #7,634
  • Nov 19, 2020 7:03am Nov 19, 2020 7:03am
Quoting Lock
{quote} No acceptation below open? Yes. Have we a possible target upside: yes 3227 is the first one. Have we a good reason to continue any higher, yes maybe 3239. If rejected at 3227 back to open, if accepted test of 3239... and so on..
Bought few & closed already 20pips now just watching levels
  • #7,635
  • Nov 19, 2020 7:03am Nov 19, 2020 7:03am
And.. how is structure going higher? Have we a good low? Is the profile too elongated? Is it acceptable to continue higher if the structure is bad? If the profile is too elongated? If the low is not good? These are the questions you have to keep in mind continuously when you are involved or not involved in any position
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  • #7,636
  • Nov 19, 2020 7:09am Nov 19, 2020 7:09am
Heading into Friday tomorrow I will look for potential downstairs to end the week so now I will just for levels
  • #7,637
  • Nov 19, 2020 7:09am Nov 19, 2020 7:09am
Quoting Lock
And.. how is structure going higher? Have we a good low? Is the profile too elongated? Is it acceptable to continue higher if the structure is bad? If the profile is too elongated? If the low is not good? These are the questions you have to keep in mind continuously when you are involved or not involved in any position
for instance:

  1. current low, where is it? At exact round number 3200: who buy at exact refs? Weak traders or strong ones?
  2. current profile: almost only single letters. If it will continue higher in this way for sure it will be very elongated.
  3. what about structure downside (all previous market): vary bad with huge anomalies and weaknesses.
  4. how price reacted at first important ref: not very good. At least rejected once.
  5. Where is the next possible target? 10 pips above it. Is the risk/reward ratio acceptable? Considering that I bought above open level? 20 pips downside current location?

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  • #7,638
  • Nov 19, 2020 7:11am Nov 19, 2020 7:11am
So one may close its long/s. Wait for possible acceptation above first ref and evaluate the situation. Eventually reopen a new long using the first ref as support, if and when it will be accepted.... ...If not, from there you will have a good place to short as you may place your stops just above that first ref. If clearly rejected.
...or.. you may also do absolutely nothing if you see no place to go and price stalled...
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  • #7,639
  • Nov 19, 2020 7:26am Nov 19, 2020 7:26am
Quoting Lock
{quote} for instance: current low, where is it? At exact round number 3200: who buy at exact refs? Weak traders or strong ones? current profile: almost only single letters. If it will continue higher in this way for sure it will be very elongated. what about structure downside (all previous market): vary bad with huge anomalies and weaknesses. how price reacted at first important ref: not very good. At least rejected once. Where is the next possible target? 10 pips above it. Is the risk/reward ratio acceptable? Considering that I bought above...
Failed above 3227, back to open 3209. If failed again below it back to 3227 and/or 3239. If accepted below it, test of next ref downside 31975 as we know 3200 is weak support. Etc., etc, etc..
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  • #7,640
  • Nov 19, 2020 7:40am Nov 19, 2020 7:40am
Quoting Lock
{quote} Failed above 3227, back to open 3209. If failed again below it back to 3227 and/or 3239. If accepted below it, test of next ref downside 31975 as we know 3200 is weak support. Etc., etc, etc..
Failed at 3209, back to 3227... ... ..
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