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Lock's Cable Corner

  • #8,201
  • Jan 20, 2021 3:18am Jan 20, 2021 3:18am
Quoting Lock
Current GB high is a perfect tag of previous 2021 GB year high 3701: so it is a weak level now. This does not mean it cannot liquidate considering the ugly structure left downside from yesterday.
So Now, Please what are the next levels from here, to monitor after GB high of 3701
  • #8,202
  • Jan 20, 2021 11:18pm Jan 20, 2021 11:18pm
We are in a monthly trend upside, in a weekly balance and again in a daily trend upside. (just to give a broad perspective to current environment.)

We do have a good high both for GB and Pit sessions. While we do not have a good December low (nor we have a good November low). This does not mean it has to go down and correct those lows nor that it cannot continue higher. It means that in case of liquidation or of a serious action downside, you'll know where it can go and why.

Also we left downside a substantial amount of gaps (even a triple one around 3450-60 zone)

Anyhow as always I suggest to take this market a piece at a time. Price is inside yesterday GB range: if so at open expect some sort of balance at least initially. All the main levels are close to current location and they are:

 

  1. 3719 GB year and absolute high
  2. 3689 GB January highest close
  3. 3687 GB year open
  4. 3686 GB 2020 absolute high
  5. 3664 GB 2020 close
  6. 3659 GB yesterday close


They can seriously help your decisions: monitor for acceptation or rejection above or below each of these levels in order to understand where it can go.

Ubi maior minor cessat
  • #8,203
  • Jan 21, 2021 1:05am Jan 21, 2021 1:05am
We are now heading for the next pivot level at
1.3759.
once reached, anything can happen, so watch out.
After that is a more critical pivot level
1.3800
Take note
  • #8,204
  • Jan 21, 2021 3:22am Jan 21, 2021 3:22am
From current Pit yearly high 37105 to 3731 there is an old pit gap downside (2018.04.30-05.01) so if Pit will open above 3731 it will become a double pass gap. In any case if we you will see price around this zone (above, below or inside it) at Pit open, consider that it can attract price action (especially if double pass)
Ubi maior minor cessat
  • #8,205
  • Jan 21, 2021 3:30am Jan 21, 2021 3:30am
Quoting Lock
We are in a monthly trend upside, in a weekly balance and again in a daily trend upside. (just to give a broad perspective to current environment.) We do have a good high both for GB and Pit sessions. While we do not have a good December low (nor we have a good November low). This does not mean it has to go down and correct those lows nor that it cannot continue higher. It means that in case of liquidation or of a serious action downside, you'll know where it can go and why. Also we left downside a substantial amount of gaps (even a triple one around...

Great insight as always
Levels what is your take for GBP for the first quarter of this year ? Positive more ? Or just 300-400 pips moves down and up
  • #8,206
  • Jan 21, 2021 4:00am Jan 21, 2021 4:00am
Quoting Lock
We are in a monthly trend upside, in a weekly balance and again in a daily trend upside. (just to give a broad perspective to current environment.) We do have a good high both for GB and Pit sessions. While we do not have a good December low (nor we have a good November low). This does not mean it has to go down and correct those lows nor that it cannot continue higher. It means that in case of liquidation or of a serious action downside, you'll know where it can go and why. Also we left downside a substantial amount of gaps (even a triple one around...
appreciate your views lock as usual. my view is different. I think we have topped out or close to a top for sometime. reason being just look at the price action in the crosses. by no means it suggest gbp strength. eur/gbp, gbp/aud. merely by looking at the dollar which is being crushed since march last year cannot say its bullish. i still think we have topped out
  • #8,207
  • Jan 21, 2021 5:54pm Jan 21, 2021 5:54pm
Quoting giveachance
{quote} appreciate your views lock as usual. my view is different. I think we have topped out or close to a top for sometime. reason being just look at the price action in the crosses. by no means it suggest gbp strength. eur/gbp, gbp/aud. merely by looking at the dollar which is being crushed since march last year cannot say its bullish. i still think we have topped out
I've nothing against the possibility to see the end of this monthly trend and eventually its reversal. I simply do not know. Clearly we have huge things to do downside and I will not be surprised at all to see a substantial liquidation at least to correct some of the weaknesses left downside. An other thing is to see a clear reversal of the monthly trend. In order to start to think to a possible reversal the first thing is to see price below November low (interrupting the monthly "one timeframing" action upside)

Generally a market goes from balance to trend then to balance again and then trend (in the original direction or in the opposite one) in a perpetual cycle: it is very rare to see a V shaped market (even if possible)

In any case I'm not an investor so even if I'm interested in the broader perspective I'll take this market a piece at a time, day by day.
Ubi maior minor cessat
  • #8,208
  • Jan 21, 2021 11:45pm Jan 21, 2021 11:45pm
3664 is GB 2020 year close: main level for today. If GB will open around here we will have a new gap downside from yesterday GB low 3694 (gap base if gap at open)

Below 3694 we also have the other 2 main levels for today: GB 2021 year open at 3687 and 2020 GB absolute high at almost the same level (3686)

So monitor for acceptation or rejection below 3664: if rejection below it, expect a new test upside or at least the filling of the new gap up to 3694. Or yesterday GB close 37195. If acceptation below it (or rejection above it) expect the continuation of current liquidation (eventually down to 35895) or at least balance around open waiting for new participants with preUS or Pit open.
Ubi maior minor cessat
  • #8,209
  • Jan 22, 2021 12:08am Jan 22, 2021 12:08am
Note the importance of 3664. Other levels below it, in case of test, are 3640 2021 absolute year open and 3637 Friday GB spike base.
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  • #8,210
  • Jan 22, 2021 12:19am Jan 22, 2021 12:19am
this liquidation is majorly heading for 1.3612
be on the lookout.
  • #8,211
  • Jan 22, 2021 12:48am Jan 22, 2021 12:48am
Quoting Lock
3664 is GB 2020 year close: main level for today. If GB will open around here we will have a new gap downside from yesterday GB low 3694 (gap base if gap at open) Below 3694 we also have the other 2 main levels for today: GB 2021 year open at 3687 and 2020 GB absolute high at almost the same level (3686) So monitor for acceptation or rejection below 3664: if rejection below it, expect a new test upside or at least the filling of the new gap up to 3694. Or yesterday GB close...
Failure below 3664 and back to year absolute open 3687. Now, watch out as if it will not get acceptation above it we can have a new test downside. If acceptation , we can see a full reversal.
Ubi maior minor cessat
  • #8,212
  • Jan 22, 2021 12:59am Jan 22, 2021 12:59am
Quoting Lock
3664 is GB 2020 year close: main level for today. If GB will open around here we will have a new gap downside from yesterday GB low 3694 (gap base if gap at open) Below 3694 we also have the other 2 main levels for today: GB 2021 year open at 3687 and 2020 GB absolute high at almost the same level (3686) So monitor for acceptation or rejection below 3664: if rejection below it, expect a new test upside or at least the filling of the new gap up to 3694....
3694 yesterday GB low: gap filled. Now let's see. If if it want to retrace it all (yesterday GB range) or if it is enough.
Ubi maior minor cessat
  • #8,213
  • Jan 24, 2021 10:02pm Jan 24, 2021 10:02pm
37195 highest GB close of January

3687 GB 2021 year open
3686 GB 2020 absolute high
3683 GB last week close

These are the main levels in relation to current price location.
Ubi maior minor cessat
  • #8,214
  • Jan 24, 2021 11:03pm Jan 24, 2021 11:03pm
1.3733 first level daily pivot
  • #8,215
  • Jan 24, 2021 11:32pm Jan 24, 2021 11:32pm
3699 is yesterday GB high: monitor for the possible formation of a new gap upside.
Ubi maior minor cessat
  • #8,216
  • Jan 24, 2021 11:33pm Jan 24, 2021 11:33pm
Quoting mrmeth
1.3733 first level daily pivot

what is a daily pivot?
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  • #8,217
  • Jan 25, 2021 12:55am Jan 25, 2021 12:55am
B possible inside period: if so balance rules apply
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  • #8,218
  • Jan 25, 2021 3:45am Jan 25, 2021 3:45am
Quoting Lock
{quote} what is a daily pivot?
daily pivot, is calculated based on daily candles sticks,.
and as you know, pivot points, are potential turning points that are calculated to determine levels in which the sentiment of the market could change from "bullish" to "bearish." or the opposite.
  • #8,219
  • Jan 25, 2021 11:04pm Jan 25, 2021 11:04pm
Quoting mrmeth
{quote} daily pivot, is calculated based on daily candles sticks,. and as you know, pivot points, are potential turning points that are calculated to determine levels in which the sentiment of the market could change from "bullish" to "bearish." or the opposite.
Well, actually it was a rhetorical question: we were close to major yearly levels that any professional trader in this market had in mind in order to evaluate other participants' behavior. As you saw price went down from such a level (37195) to those other levels that remained crucial all day long 3683-87 (all sessions) and in order to do so they never tested the pivot level 3733 that those particular calculations "based on daily candle sticks" provided to you.

Now, my suggestion, if you are profitable with your method, is to stick to what you are doing, without even considering my words.

If instead you are not profitable, I strongly suggest to start taking into serious consideration what professional traders do and take care of, instead of going around listening to talking heads, systems' gurus, and similar.

Have a nice trading
Ubi maior minor cessat
  • #8,220
  • Jan 25, 2021 11:27pm Jan 25, 2021 11:27pm
There is a price bracket made by the last 4 GB sessions: it ranges from Friday low 3651 to current GB absolute high 37455. Currently Tokyo is testing below it, so it is attempting a break from balance.

If it will succeed and if GB will approve such an attempt you will see a substantial liquidation, probably down at least to 35895 previous GB poor low.

If instead you will see prece rejected below 3651 and eventually accepted above it by GB, you will probably see the total reversal of the entire bracket up to current GB yearly high 37455.

Major levels to evaluate these two options are:

  1. 36655 GB yesterday close
  2. 3661 GB 2020 year close
  3. 3651 (GB last 4 sessions bracket low)
  4. 3640 2021 absolute open level
  5. 3637 15.01 GB spike base

Ubi maior minor cessat
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