Lock's Cable Corner | Page 152 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Mysterio's Cable Corner -- Key Levels, Price Action & Order Flow 785 replies

Updating stops to lock in profits 3 replies

lock pattern for global variable in MT4 2 replies

Attachments: Lock's Cable Corner
Exit Attachments

Lock's Cable Corner

  • #3,021
  • Feb 1, 2017 12:38pm Feb 1, 2017 12:38pm
Quoting Lock
{quote} Yes it is, but major timeframes will not be involved. Even if you will see a huge move after news. Major timeframes do not wait for news nor they start to trade late in the day. So what you have to expect is something made by short term or daytimeframe traders. Specially with such a prominent poc already built.
Remember that the more a poc is prominent the more volume is needed in order to evade it. Any break (in any direction) without volume is generally destined to come back to it.
Ubi maior minor cessat
  • #3,022
  • Feb 1, 2017 1:16pm Feb 1, 2017 1:16pm
Quoting Lock
It's too weak and risky for now. Possible shake out. Major timeframes are clearly not involved. I'm off for a while. If it breaks I'll miss a trade. So what? Best L.
Quoting Lock
The last 3 pit sessions poc, including current one are very prominent (2485, 2575 and current 2642) : carry this information forward, because the "fairest place at which business has been conducted" (alias poc) is the easiest place to go in case of uncertainty.
Quoting Lock
{quote} Remember that the more a poc is prominent the more volume is needed in order to evade it. Any break (in any direction) without volume is generally destined to come back to it.
As you see..
Ubi maior minor cessat
  • #3,023
  • Feb 1, 2017 1:20pm Feb 1, 2017 1:20pm
Now, highest close for pit is at 26295: let's see where current shake out is going to close in relation to it.
Ubi maior minor cessat
  • #3,024
  • Feb 1, 2017 1:27pm Feb 1, 2017 1:27pm
Whatever, let's see tomorrow. This is not a game that I can handle as a day trader, too much volatility. No profit no loss for me in this pit session. I'm off. Have a nice continuation. Best L.

PS: J selling tale looks to elongated, too many single pips.
Ubi maior minor cessat
  • #3,025
  • Feb 1, 2017 5:43pm Feb 1, 2017 5:43pm
Quoting Lock
{quote} Remember that the more a poc is prominent the more volume is needed in order to evade it. Any break (in any direction) without volume is generally destined to come back to it.
Quoting Lock
Whatever, let's see tomorrow. This is not a game that I can handle as a day trader, too much volatility. No profit no loss for me in this pit session. I'm off. Have a nice continuation. Best L. PS: J selling tale looks to elongated, too many single pips.
Pit session closed 3 pips above the major composite poc at 2353. Note that before the settle, price went up and removed all the J period's single pips.

PS: note that pit unchanged (close level 26555) is above the previous highest pit unch at 26295.
Ubi maior minor cessat
  • #3,026
  • Edited 1:56am Feb 2, 2017 1:23am | Edited 1:56am
17/02/02 THURSDAY 08:23+1GMT
EARLY MORNING REPORT

First of all today will probably be a very tough working experience: if you feel insecure, weak or unprepared, stay away from upcoming market.

Yesterday we saw a second test of the November GB breakeven. The first test has been made during 26.01 by a GB session (that only tagged it). November 2016 inside month looks very important because Dec 2016 attempted above it, while last Genuary attempted below it and both failed. Now current month is clearly attempting again above it and we are now at the very top of it, in the riskiest position (but also in the most profitable one).
Above a monthly reference as this you may find mid term traders as well as short term ones. So the reaction could be heavy, as a substantial acceleration if we will find new stronger buyers or as a substantial liquidation if we will find stronger sellers. If both of them we could experience a substantial period of huge volatility.

Having said that the most important reference for upcoming GB session is clearly 2673. An other very important one is yesterday GB high at 2653: this is important specially at open because a possible new gap upside need an open above this ref.
An other important one is the highest close of GB, made yesterday at 26425.

Then, considering the time of the upcoming heavy news, untill them we could imagine the importance of the nearest composite pocs at 2675 (where we currently are), at 2587 (below) and at 2713 (above). Before news, in a weak and indecisive environment, composite pocs (fairest place at which business has been conducted) will tend to attract price action.

Current high 2680 is extremely weak as it has been tagged by a poor Tokyo high.

For upcoming pit session, note that last action upside left behind a poor pit session low at 2613, a poor preUS low at 24743 and a poor GB low at 24115: all of them are currently "protected" by the support made by the new gaps upside of both GB and pit sessions. Note anyhow that the last 3 pit sessions in a row built very prominent pocs (2485, 2575 and current 2642): carry this information forward if something will go wrong upside.

Note that for pit participants the high of November is at 26345, that is the current pit breakeven: a fundamental ref for upcoming pit session.

Above we have a pit poor high at 27225 and then a preUS poor high at 2769 and a GB poor high at 27745 (that is also the top of current mid term bracket and consequently is a GO/ NO GO LEVEL), just above preUS one. Then we got the very important level of 27948 (06/07/2016 low): it is the low off the upper mid term bracket, so it is an other GO/NO GO level. Acceptation above it could lead to a substantial retracement of the entire upper bracket as a rejection from it could lead to a substantial correction (liquidation) downside.

For the first 2 periods of London (the last 2 of Tokyo) note that an important ref is the highest Tokyo close of current year at 2660.

Finally 27115 is the half back of the entire move downside from 06.09. (this if you consider the Alpari ECN data as reliable for the "all time" low)

About the "all time" low I have the following variable data (from top to bottom):

  1. ALPARI ECN: 1978
  2. IDC: 1950
  3. FXCM: 1905
  4. BARCHART: 1711
  5. OANDA: 16495

Consequently the half back from the top of 06.09 will vary depending upon which of these levels you will consider as the "all time" low.

Ubi maior minor cessat
  • #3,027
  • Feb 2, 2017 2:16am Feb 2, 2017 2:16am
GB opened with a little gap upside from yes GB high. Immediately A tested the Tokyo highest close at 2660 and then went up to test the Tokyo high at 2680 that now is even weaker than before. The fact the this initial price action stopped exactly at those levels mean that current market is totally ruled by weak hands.
Ubi maior minor cessat
  • #3,028
  • Feb 2, 2017 2:19am Feb 2, 2017 2:19am
The gap could work as support: but take note of its dimensions that are not very impressive and also of the weak 2660 tagged. It's a licit buy but monitor for continuation above Tokyo poor high. If not, watch out for a possible day timeframe correction.
Ubi maior minor cessat
  • #3,029
  • Feb 2, 2017 2:24am Feb 2, 2017 2:24am
Quoting Lock
GB opened with a little gap upside from yes GB high. Immediately A tested the Tokyo highest close at 2660 and then went up to test the Tokyo high at 2680 that now is even weaker than before. The fact the this initial price action stopped exactly at those levels mean that current market is totally ruled by weak hands.
Taken out. Now watch out: we need acceptation above it for any meaningfull continuation upside. If not...
Ubi maior minor cessat
  • #3,030
  • Feb 2, 2017 2:28am Feb 2, 2017 2:28am
Lock,

There is also an old gap area between 1.2723-1.2735 what never was broken (that's also a cluster of different poor Highs) created in October 2016
Could this gap also tell us: if it's breaking then we have market change and poor-highs above this level could again be possible targets?

Between the levels 1.2684 to 1.2722 I don't see any past Poor-high and lows. Could this tell that this space is just a travel space to a higher level?
You can manage risk, but you can't manage the return
  • #3,031
  • Feb 2, 2017 2:30am Feb 2, 2017 2:30am
Very elongated A period.
Ubi maior minor cessat
  • #3,032
  • Feb 2, 2017 2:33am Feb 2, 2017 2:33am
Quoting HappyMe
Lock, There is also an old gap area between 1.2723-1.2735 what never was broken (that's also a cluster of different poor Highs) created in October 2016 Could this gap also tell us: if it's breaking then we have market change and poor-highs above this level could again be possible targets?
Correct. It could fill it as you said correctly. And it could also go above the cluster, but note that is a cluster made by other sessions. It could fill it and retrace or fill it and continue higher. But take care of monthly ref right now: we are in a very dangerous position.
Ubi maior minor cessat
  • #3,033
  • Feb 2, 2017 2:38am Feb 2, 2017 2:38am
2697 is a major volume valley.
Ubi maior minor cessat
  • #3,034
  • Feb 2, 2017 3:04am Feb 2, 2017 3:04am
We got acceptation above November 2016 breakeven. This does not mean we cannot have a correction of the weak positions left behind.
Ubi maior minor cessat
  • #3,035
  • Feb 2, 2017 3:10am Feb 2, 2017 3:10am
Quoting Lock
2697 is a major volume valley.
pls expiane
  • #3,036
  • Feb 2, 2017 3:47am Feb 2, 2017 3:47am
27045 is the Dec 2016 highest close of GB. We need acceptation also above it in order to think to a test above Dec 2016 GB highest high at 27745.
Ubi maior minor cessat
  • #3,037
  • Feb 2, 2017 3:48am Feb 2, 2017 3:48am
Quoting adetola99
{quote} pls expiane
If you have a composite profile indicator a valley is simply the lowest "volume" zone between two major composite pocs: sometimes a valley could work as support or resistance, sometimes it could attract price in order to fill the lack of "volume" in that particular zone.
Ubi maior minor cessat
  • #3,038
  • Feb 2, 2017 4:13am Feb 2, 2017 4:13am
E low at half back, E high at round number: I'm off for a while. Market controlled by weak hands for now, as expected.
Ubi maior minor cessat
  • #3,039
  • Feb 2, 2017 5:21am Feb 2, 2017 5:21am
Quoting Lock
The gap could work as support: but take note of its dimensions that are not very impressive and also of the weak 2660 tagged. It's a licit buy but monitor for continuation above Tokyo poor high. If not, watch out for a possible day timeframe correction.
Quoting Lock
Very elongated A period.
Quoting Lock
{quote} Correct. It could fill it as you said correctly. And it could also go above the cluster, but note that is a cluster made by other sessions. It could fill it and retrace or fill it and continue higher. But take care of monthly ref right now: we are in a very dangerous position.
Quoting Lock
We got acceptation above November 2016 breakeven. This does not mean we cannot have a correction of the weak positions left behind.
Quoting Lock
27045 is the Dec 2016 highest close of GB. We need acceptation also above it in order to think to a test above Dec 2016 GB highest high at 27745.
As you see, because we do not got acceptation above Dec 2016 GB high and because of the structural weaknesses left below, here you got a fast liquidation. Period "A" too elongated has been filled while the weak 2660 tag has been taken out and the new little gap upside filled too.
This does not mean the action upside is necessary over.
First of all let's see if we got acceptation or rejection inside yesterday GB range.
If we will have acceptation back inside it we could eventually aim at a full retracement of it. If not we could still retest the current high, because overall it is not a good one as it is the perfect tag of a previous reference.
Ubi maior minor cessat
  • #3,040
  • Feb 2, 2017 5:31am Feb 2, 2017 5:31am
Note G inside F.
Ubi maior minor cessat
2 traders viewing now