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Lock's Cable Corner

  • #8,261
  • Feb 2, 2021 1:13am Feb 2, 2021 1:13am
Major levels are all here:

  1. 3687 GB year open
  2. 3686 GB 2020 high
  3. 36715 GB yesterday close
  4. 3664 GB 2020 close


Furthermore we left huge anomalies and weaknesses both upside and downside, like:
Upside:

  1. 3758 GB yearly weak high
  2. 3746 Pit yearly poor high
  3. 3698 Tonight Tokyo poor high

Downside

  1. 3657 GB poor low even tagged by yesterday Pit poor low and tonight Sydney low (monthly low!!!)
  2. 36485 Pit poor low
  3. 36394 preUS poor low
  4. 3623 pit poor low etc..

Ubi maior minor cessat
  • #8,262
  • Feb 3, 2021 12:59am Feb 3, 2021 12:59am
Quoting Lock
Major levels are all here: 3687 GB year open 3686 GB 2020 high 36715 GB yesterday close 3664 GB 2020 close Furthermore we left huge anomalies and weaknesses both upside and downside, like: Upside: 3758 GB yearly weak high 3746 Pit yearly poor high 3698 Tonight Tokyo poor high...
Quoting Lock
...Downside 3657 GB poor low even tagged by yesterday Pit poor low and tonight Sydney low (monthly low!!!) 36485 Pit poor low 36394 preUS poor low 3623 pit poor low etc..

Yesterday GB found acceptation below main levels (3687,3686 and 36715), then preUS and Pit performed the correction downside removing the main weaknesses I wrote about (36485, 36394 and 3623)

Main levels for today GB session are the same as yesterday plus yesterday GB close 3642 and 3640 year absolute open: monitor for acceptation or rejection above or below each of them. Note that we do not have a good year high at 3758 while currently we do have a good February low. Any how monitor for the possible formation of a new GB gao downside from yesterday GB low: if so and if preserved, downside we still have an ugly GB poor low at 35895.
Ubi maior minor cessat
  • #8,263
  • Feb 3, 2021 3:08am Feb 3, 2021 3:08am
Lock this move now reminds me of a previous comment of yours... "forcing action downside:watch out. If something will go wrong expect fast correction."
  • #8,264
  • Feb 3, 2021 3:38am Feb 3, 2021 3:38am
Quoting titi14
Lock this move now reminds me of a previous comment of yours... "forcing action downside:watch out. If something will go wrong expect fast correction."
yes... especially considering that GB tagged yesterday GB close at 3642...
Ubi maior minor cessat
  • #8,265
  • Feb 3, 2021 3:40am Feb 3, 2021 3:40am
Quoting Lock
{quote} yes... especially considering that GB tagged yesterday GB close at 3642...
..that btw is now weak as it is a perfect tag: take note. And monitor for all the references of this zone
Ubi maior minor cessat
  • #8,266
  • Feb 3, 2021 3:45am Feb 3, 2021 3:45am
In general, always evaluate market action considering the major levels, especially if close to current price action: today GB opened, went upside, tested GB January open 36735, failed above it, then went down and retrace only 1 single pip above 3640 year absolute open.
Without such levels a trader works in a vacuum...
Ubi maior minor cessat
  • #8,267
  • Feb 3, 2021 3:48am Feb 3, 2021 3:48am
Also note that D period went upside and retraced 1 single pip below 3664 2020 GB close...
So as yuo see market perticipants are using only major refs to step in..
Ubi maior minor cessat
  • #8,268
  • Feb 3, 2021 3:49am Feb 3, 2021 3:49am
Quoting Lock
{quote} ..that btw is now weak as it is a perfect tag: take note. And monitor for all the references of this zone
and as you see we are back at it (3642)
Ubi maior minor cessat
  • #8,269
  • Feb 3, 2021 3:53am Feb 3, 2021 3:53am
Quoting Lock
Also note that D period went upside and retraced 1 single pip below 3664 2020 GB close... So as you see market participants are using only major refs to step in..
The reason for that is easy to understand: if you take a position close to a major level, you have always a good location to place your stops. if you are right you'll profit substantially (going toward the next major level that is generally pretty far from the entry level), if you're wrong you'll lose a little as your stops are very close to the major level itself.
Ubi maior minor cessat
  • #8,270
  • Feb 3, 2021 3:57am Feb 3, 2021 3:57am
Quoting Lock
{quote} The reason for that is easy to understand: if you take a position close to a major level, you have always a good location to place your stops. if you are right you'll profit substantially (going toward the next major level that is generally pretty far from the entry level), if you're wrong you'll lose a little as your stops are very close to the major level itself.
But watch out as these kind of actions are typical of short term traders: major ones do not care at all of such levels and if they enter they can change the game dramatically.
Ubi maior minor cessat
  • #8,271
  • Feb 3, 2021 4:03am Feb 3, 2021 4:03am
Quoting Lock
{quote} But watch out as these kind of actions are typical of short term traders: major ones do not care at all of such levels and if they enter they can change the game dramatically.
...and finally, medium timeframes are aware of such levels and they play against those who take them as entry zones. So typically, if you are a short time frame trader you have batter to stay aside with bigger participants...
Ubi maior minor cessat
  • #8,272
  • Feb 3, 2021 4:13am Feb 3, 2021 4:13am
Lock, do you consider "major levels" just yearly, monthly and weekly opens and closes? Or do you also considered the highs and lows of every week?
  • #8,273
  • Feb 4, 2021 2:45am Feb 4, 2021 2:45am
Quoting SilentMist
Lock, do you consider "major levels" just yearly, monthly and weekly opens and closes? Or do you also considered the highs and lows of every week?

Proportionally: yearly > monthly > daily and so on
Ubi maior minor cessat
  • #8,274
  • Feb 4, 2021 3:01am Feb 4, 2021 3:01am
Now, considering the upcoming news I strongly suggest to be very prudent.
About current GB situation note that we still do not have a good yearly high at 3758 (take note of this simple fact as something will go wrong downside.)

GB opened with a new gap downside from yesterday GB low 3619: if gap preserved, odds are in favor for continuation downside. Note that all the major yearly levels are above yesterday GB low. So in case of correction upside, in order to see something serious we will need acceptation above all of them, including yesterday GB close 36505.

They are from bottom to top:

  1. 3642 Year open
  2. 36505 yesterday GB close
  3. 3664 GB 2020 yearly close
  4. 36765 GB February open
  5. and finally 3686 GB 2020 high and 3687 GB yearly open


Only gaining acceptation above all of them we can think to correct current yearly high at 3758. If instead we will see a clear disregard for those levels with a clear acceptation below them we can think at a possible continuation of current daily trend downside toward lower GB gaps. Always keep in mind that current daily trend is against monthly trend. To stop monthly trend we should at least remove January low at 36505.

An other very important think is that yesterday Pit session (36315-36695) has been an inside one (it is included inside previous pit session range): so current break below it is an attempted break from balance and balance rules apply. If failure downside odds are in favor to reach at least the opposite side of it (36695) If instead we will see a success below 36315 we can imagine continuation downside. We will see the situation at Pit open but consider that balance rules are already in place.

Ubi maior minor cessat
  • #8,275
  • Feb 4, 2021 3:21am Feb 4, 2021 3:21am
Some bounce here to 1.3650
  • #8,276
  • Feb 4, 2021 6:31am Feb 4, 2021 6:31am
Watch out as we do not have a good monthly low nor we have a good session low. Monitor for acceptation or rejection above major levels to understand if it will be able to take out current weak high 3758 now or not. If no acceptation above:

  1. 3642 Year open
  2. 36505 yesterday GB close
  3. 3664 GB 2020 yearly close
  4. 36765 GB February open
  5. and finally 3686 GB 2020 high and 3687 GB yearly open

...expect new correction toward current session poor low 3566 after some balance...

Ubi maior minor cessat
  • #8,277
  • Feb 4, 2021 7:01am Feb 4, 2021 7:01am
Quoting Lock
Watch out as we do not have a good monthly low nor we have a good session low. Monitor for acceptation or rejection above major levels to understand if it will be able to take out current weak high 3758 now or not. If no acceptation above: 3642 Year open 36505 yesterday GB close 3664 GB 2020 yearly close 36765 GB February open and finally 3686 GB 2020 high and 3687 GB yearly open ...expect new correction toward current session poor low 3566 after some balance...
first 2 taken out... lets see now.
  • #8,278
  • Feb 4, 2021 11:09am Feb 4, 2021 11:09am
We have 4 periods' highs at 3667: it should not last
Ubi maior minor cessat
  • #8,279
  • Feb 4, 2021 11:54am Feb 4, 2021 11:54am
Quoting Lock
We have 4 periods' highs at 3667: it should not last
revisit to 3687 then? is that what you mean lock?
  • #8,280
  • Feb 5, 2021 4:04am Feb 5, 2021 4:04am
Quoting titi14
{quote} revisit to 3687 then? is that what you mean lock?
3667 yesterday during pit session was too weak: it took it out as expected and closed higher. The problem is that it left a poor low at 3651 that you now have to put together with yesterday GB poor low at 3566 summed with the ugly news related structure of all GB session.

At the same time we still do not have a good yearly high at 3758. So build your decision basing it on the major levels we have in this zone that are the same as yesterday plus yesterday GB close at 3664 (also GB and Pit year close)


...note also that we have a new GB gap upside from yesterday high 3666 and that we have a spike base at 3599 (made during news)
Ubi maior minor cessat
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