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Lock's Cable Corner

  • #3,461
  • Feb 23, 2017 3:09am Feb 23, 2017 3:09am
17/02/23 THURSDAY 10:09+1GMT
MORNING REPORT

Let's start with a top down perspective: we are in a monthly, weekly and daily balance. So we are in the maximum of uncertain possible price locations. In such a position market participants tend to be extremely weak: probably the weakest of the weaker.

Having said that, note that GB opened inside yesterday GB range 24225-2502 and around composite poc 2464: so immediately you have your major day time frame references for current initial action: initial acceptation of yesterday boundaries is expected and then, eventually, tests above and/or below them.

Major short term references are instead 24437, 2396 and 2346 downside while 2512 and 25393 upside.

So you know from start where and when other market participants could enter the market.

If we will ramain "inside" the intial referenced we will have only day timeframe participants and scalpers. If above or below the next series we could find stronger participants like short terms and eventually mid ones. And you know from start that they could act with an initiative approach or with a reaction approach. So you are prepared to react in any eventuality at those levels.
Ubi maior minor cessat
  • #3,462
  • Feb 23, 2017 3:10am Feb 23, 2017 3:10am
And I would like to say to all those viewing this thread.. some of the replies Lock has posted to me and others should be copied, pasted into Notepad or word and studied. he is giving sight to the blind here do not sell yourself short and go to another thread where someone is spoon feeding you unenlightening information. take the time to decode what he says and learn to understand it for yourself.

to be honest this whole thread should be compiled into some form of PDF. absolute gold
  • #3,463
  • Feb 23, 2017 3:26am Feb 23, 2017 3:26am
C period made a rally off of half back too that is slowly tiring, longs are getting payed less and less and will probably lose interest soon. just some very short term observations
  • #3,464
  • Feb 23, 2017 3:30am Feb 23, 2017 3:30am
C inside B. B and C at half back
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  • #3,465
  • Feb 23, 2017 4:12am Feb 23, 2017 4:12am
D period makes break above IB and outside of prior gb value and closes right back inside A period.. by the action that E period is showing so far I think we are going to end up filling the tail/ledge left by the open to balance out the profile.

Lock could you comment on this, is D period a sign of some form of excess given the 3 single prints or just short term traders responsively selling to prices being pushed out value from the prior session? I only ask because I cant really see any GB daytime reference where this occurred from to give a sign that it was executed by those with a daytime frame horizon
  • #3,466
  • Feb 23, 2017 4:57am Feb 23, 2017 4:57am
Quoting Lock
C inside B. B and C at half back
Attempted above, failed and B C weak low removed. Now for continuation we need acceptation below yes GB close 24555 (and also below yes GB unch 24515). If not, all the way back upside to comp poc 2464.
Ubi maior minor cessat
  • #3,467
  • Feb 23, 2017 4:58am Feb 23, 2017 4:58am
First short term ref downside: 24437.
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  • #3,468
  • Feb 23, 2017 5:02am Feb 23, 2017 5:02am
Quoting Piphunter00
D period makes break above IB and outside of prior gb value and closes right back inside A period.. by the action that E period is showing so far I think we are going to end up filling the tail/ledge left by the open to balance out the profile. Lock could you comment on this, is D period a sign of some form of excess given the 3 single prints or just short term traders responsively selling to prices being pushed out value from the prior session? I only ask because I cant really see any GB daytime reference where this occurred from to give a sign...
I was uncertain too at that level. It was clearly a pit session day timeframe ref but as you correctly sead there were no specific GB refs at that same level. In any case at that moment in time I remembered the B and C lows at half back and when I saw no continuation above that level (for whatever reason*) I placed my shorts. Because there were at least 2 good reasons to do so: the composite poc left downside and the 2 weak lows at half back.

*probably the reason for GB was the early morning high made by A and B. When there was no continuation above them..
Ubi maior minor cessat
  • #3,469
  • Feb 23, 2017 5:07am Feb 23, 2017 5:07am
Quoting Lock
{quote} I was uncertain too at that level. It was clearly a pit session day timeframe ref but as you correctly sead there were no specific GB refs at that same level. In any case at that moment in time I remembered the B and C lows at half back and when I saw no continuation above that level (for whatever reason*) I placed my shorts. Because there were at least 2 good reasons to do so: the composite poc left downside and the 2 weak lows at half back. *probably the reason for GB was the early morning high made by A and B. When there was no continuation...
cool, its great to see that I'm picking up on the same information as you! Did you place these shorts still in D period or did you execute in E, even though both currently gave decent trade location I'm curious if this was one of the situations that merit aggressive entry or cause of the lack of reference did you wait to see D period resolve back inside the IB then get in?
  • #3,470
  • Feb 23, 2017 5:08am Feb 23, 2017 5:08am
Note G high again at half back (and also comp poc): very wak environment. If you want to trade this thing you must know very well day timeframe refs and you also have to be very fast in your executions (both to enter and to esc)

Note also current F and G lows at yes GB unch + round 2450.
Ubi maior minor cessat
  • #3,471
  • Feb 23, 2017 5:11am Feb 23, 2017 5:11am
Quoting Lock
Note G high again at half back (and also comp poc): very wak environment. If you want to trade this thing you must know very well day timeframe refs and you also have to be very fast in your executions (both to enter and to esc) Note also current F and G lows at yes GB unch + round 2450.
terrible weakness its actually horrible lol goodbye to all the brexit volatility now its jus pure brexit FEAR!!! big money is obviously crapping its pants or something or just not dabbling in british business lol

wheres trumps twitter account when you need it lol.
  • #3,472
  • Feb 23, 2017 5:14am Feb 23, 2017 5:14am
Quoting Piphunter00
{quote} cool, its great to see that I'm picking up on the same information as you! Did you place these shorts still in D period or did you execute in E, even though both currently gave decent trade location I'm curious if this was one of the situations that merit aggressive entry or cause of the lack of reference did you wait to see D period resolve back inside the IB then get in?
I had to be fast but I was not. I entered in D 10:55 +1GMT. As said I was confused by the apparent absence of GB refs so I spent time (too much) to evaluate the situation. I also made a red error attempting a long because of the yesterday GB poor high above 2502 and the Tokyo poor high 25075 right above it (even if I closed it quickly reverting the position and adding more downside)
Ubi maior minor cessat
  • #3,473
  • Feb 23, 2017 5:21am Feb 23, 2017 5:21am
This weak action was highly expected from open. As written many times when you saw an open inside previous range your expectation should be very moderate because that sort of open means that we are in balance. Market could be only in two different situations: in balance or out of balance. Generally biggest opportunities occur when we have price out side balance, while smallest ones occurr in a balance environment.

And this is very logic: in balance means that no change has occurred from previous market activity. Out of balance means that a change already occurred and in this case market can accept or reject this change. If acceptance we could continue in the same direction of the change with conviction, if rejected it is reasonable to imagine a complete reversal of that change and an attempt, eventually, in the opposite direction. As you may imagine in both these possibilities the opportunity is bigger than in a balance situation where there is no change occurred yet and a substantial acceptation of previous levels is clear.
Ubi maior minor cessat
  • #3,474
  • Feb 23, 2017 5:23am Feb 23, 2017 5:23am
Quoting Lock
{quote} I had to be fast but I was not. I entered in D 10:55 +1GMT. As said I was confused by the apparent absence of GB refs so I spent time (too much) to evaluate the situation. I also made a red error attempting a long because of the yesterday GB poor high above 2502 and the Tokyo poor high 25075 right above it (even if I closed it quickly reverting the position and adding more downside)
yeah I had a buy stop sitting two prints above a period when B period was struggling to breach the overnight range thinking we might head for those references but soon as I saw the tempo dropping when b printed the poor high right next to A's high I took it out

on days/sessions like this I guess you do have to adopt the mindstate of the day timeframe trader, modest in your targets, quick on your execution and be ready to flip and reverse your whole stance on the market in an instant. cause even though that buy trade you executed on the retrace didn't make a run for the hills with enough agility there was still room to walk away with a green pip here and there
  • #3,475
  • Feb 23, 2017 5:28am Feb 23, 2017 5:28am
Quoting Piphunter00
{quote} yeah I had a buy stop sitting two prints above a period when B period was struggling to breach the overnight range thinking we might head for those references but soon as I saw the tempo dropping when b printed the poor high right next to A's high I took it out on days/sessions like this I guess you do have to adopt the mindstate of the day timeframe trader, modest in your targets, quick on your execution and be ready to flip and reverse your whole stance on the market in an instant
Yes, or if you are not a quick trader (as in fact I'm not), simply do nothing and wait for major occasions.
Ubi maior minor cessat
  • #3,476
  • Feb 23, 2017 5:29am Feb 23, 2017 5:29am
Quoting Lock
And this is very logic: in balance means that no change has occurred from previous market activity. Out of balance means that a change already occurred and in this case market can accept or reject this change. If acceptance we could continue in the same direction of the change with conviction, if rejected it is reasonable to imagine a complete reversal of that change and an attempt, eventually, in the opposite direction. As you may imagine in both these possibilities the opportunity is bigger than in a balance situation where there is no change...
this should be framed and sat next to the traders monitor

theres a few traders watching this thread, if you do not feel you have reached your destination in terms of being adept with market profile
do yourself a service and print this. its a perfect way to step by step size up what situation your in before you even begin.
this is definitely going to help me paint my scenarios
  • #3,477
  • Feb 23, 2017 5:32am Feb 23, 2017 5:32am
G inside F. No acceptation below yes GB close and yes GB unch for now.
Ubi maior minor cessat
  • #3,478
  • Feb 23, 2017 5:33am Feb 23, 2017 5:33am
Quoting Lock
{quote} Yes, or if you are not a quick trader (as in fact I'm not), simply do nothing and wait for major occasions.
most certainly! I think that's my plan of action for today, I doubt GB is going to show us much. Pit will probably open in balance so I'm just going to observe while I have some alerts sitting at the extremes. if we get there ill take the aggressive offence if not, another great day of knowing I had the market in perspective before pulling the trigger or not pulling the trigger lol
  • #3,479
  • Feb 23, 2017 5:37am Feb 23, 2017 5:37am
Just to confirm that I'm not fitted for this kind of market, here are my entries from yesterday. Note the overtrading: one of the most bad error a professional could do.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 288 KB
Ubi maior minor cessat
  • #3,480
  • Feb 23, 2017 5:43am Feb 23, 2017 5:43am
Quoting Lock
Just to confirm that I'm not fitted for this kind of market, here are my entries from yesterday. Note the overtrading: one of the most bad error a professional could do. {image}
do you average into your trades lock? is this something that helps with the nature of the setups or just something that's your personal style

that's presuming you do I just remembered you mentioned 'adding more' yesterday
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