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Lock's Cable Corner

  • #3,841
  • Mar 3, 2017 6:53am Mar 3, 2017 6:53am
Quoting Lock
Next visible level downside for GB is 21885: the low of an old GB minus development. Other important levels could be the lower composite poc at 2163 and the valley above it at 21995. Very elongated D period. Note that this action occurred as a consequence of the failure above B inside period: when a break above a balance fails the next natural direction is the opposite side of it. In my opinion this action is a liquidation: the multiple poor highs left by the last sessions confirms this opinion.
D period minus development fully retraced. Now the game is about preUS open and then pit US open. The situation is the same of this morning: 2 back to back poor highs above for pit session ( 2289 and 23275) now with a new GB poor high at 2266 and also the Tokyo poor high at 22825. A gap or a sharp liquidation could skip them. If not there are good ods to correct them.
Ubi maior minor cessat
  • #3,842
  • Mar 3, 2017 8:27am Mar 3, 2017 8:27am
Quoting Lock
{quote} D period minus development fully retraced. Now the game is about preUS open and then pit US open. The situation is the same of this morning: 2 back to back poor highs above for pit session ( 2289 and 23275) now with a new GB poor high at 2266 and also the Tokyo poor high at 22825. A gap or a sharp liquidation could skip them. If not there are good ods to correct them.

Hi Lock

Please can you give me a reference date for poor high pit session.... 23275 ..... I can't find it on my chart

Lots of thanks
Giorgio
Animum debes mutare non caelum
  • #3,843
  • Mar 3, 2017 8:35am Mar 3, 2017 8:35am
Quoting giorgio1448
{quote} Hi Lock Please can you give me a reference date for poor high pit session.... 23275 ..... I can't find it on my chart Lots of thanks Giorgio
28th February
  • #3,844
  • Mar 3, 2017 8:39am Mar 3, 2017 8:39am
I didn't underline that current GB low is poor at 22135, technically (it is less then 2 pips the distance between F low and H low)
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  • #3,845
  • Mar 3, 2017 8:40am Mar 3, 2017 8:40am
Quoting Piphunter00
{quote} 28th February
Is the first of march pit session poor high.
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  • #3,846
  • Mar 3, 2017 8:44am Mar 3, 2017 8:44am
Note also that pit session opened inside the previous huge pit gap upside (16-17.01.2017): so currently we have a double pass pit gap from current pit high to yesterday pit low at 22405.
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  • #3,847
  • Mar 3, 2017 8:53am Mar 3, 2017 8:53am
Quoting giorgio1448
{quote} Hi Piphunter00 Thanks for reply but are we sure ? I say this because I have found during pit session on 1th March .... not of vital importance If am bad I admit I am a beast Best giorgio
2327 is the pit high two sessions ago, yeah my bad I think the dates are wrong but its definitely two sessions ago
  • #3,848
  • Mar 3, 2017 8:54am Mar 3, 2017 8:54am
gap filled, when we have a double pass gap and its filled isn't that a sign of reversal lock.
  • #3,849
  • Mar 3, 2017 8:56am Mar 3, 2017 8:56am
Quoting Lock
Note also that pit session opened inside the previous huge pit gap upside (16-17.01.2017): so currently we have a double pass pit gap from current pit high to yesterday pit low at 22405.
As piphunter said the double pass and the new gap downside are both filled: monitor for acceptation or rejection inside yes pit range: if rejection we could continue with the short term action downside if acceptation we could cover the weaknesses left above.
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  • #3,850
  • Mar 3, 2017 9:38am Mar 3, 2017 9:38am
I am short the previous Pit low. market made a close in a above but then swiftly rejected and B failed to close above + the profile looks very much like short covering and given the previous action of the overnight participants that could very well be the case
  • #3,851
  • Mar 3, 2017 9:40am Mar 3, 2017 9:40am
the market had other plans. stung again. this is very frustrating. now I have zero clue on what to do, market obviously wants go up now but how on earth do I get on board.

Lock how does one reevaluate in these situations. I'm suffering from wounds and the structure has been shaken up
  • #3,852
  • Mar 3, 2017 9:43am Mar 3, 2017 9:43am
Just bought massively into the acceptation of the push into previous pit low.
  • #3,853
  • Mar 3, 2017 9:45am Mar 3, 2017 9:45am
Bought at 2248
Sold at 2268

+20 pip
  • #3,854
  • Mar 3, 2017 12:11pm Mar 3, 2017 12:11pm
Quoting Lock
17/03/03 FRIDAY 08:45+1GMT EARLY MORNING REPORT ..... The late 19:00+1GMT Fed Chair Yellen Speach could create problems all day long. It could also force major timeframes out of the market untill Monday.
At this moment in time, considering that it is Friday late afternoon and considering the acceptation inside yesterday pit range and the proximity with the major composite poc I think the safest place to stay is 2280. A correction of the higher weaknesses is possible but I think we will not see anything more than short covering.
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  • #3,855
  • Mar 3, 2017 12:14pm Mar 3, 2017 12:14pm
The worst case scenario is a session end at its poc around 22465.
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  • #3,856
  • Mar 3, 2017 12:16pm Mar 3, 2017 12:16pm
In any case the participation of major timeframes from now on could be excluded considering the rotational environment.

The fact is that we are in a short trend downside. A complete reversal of it need volume and participation.
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  • #3,857
  • Mar 3, 2017 12:33pm Mar 3, 2017 12:33pm
Well, I'm off. Have a nice continuation and see you next week. best L.
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  • #3,858
  • Mar 4, 2017 3:36am Mar 4, 2017 3:36am
Quoting Lock
{quote} At this moment in time, considering that it is Friday late afternoon and considering the acceptation inside yesterday pit range and the proximity with the major composite poc I think the safest place to stay is 2280. A correction of the higher weaknesses is possible but I think we will not see anything more than short covering.
No surprises from the last pit action: it performed the short covering and removed some of the weaknesses left above, closing just above the composite poc at 2280.
Ubi maior minor cessat
  • #3,859
  • Mar 4, 2017 4:07am Mar 4, 2017 4:07am
Quoting Lock
{quote} No surprises from the last pit action: it performed the short covering and removed some of the weaknesses left above, closing just above the composite poc at 2280.
Lock, are you able to provide any insight on how you go about reevaluating after reading a situation wrong and get stung. I find I get very confused after my initial idea about the situation gets shattered
  • #3,860
  • Mar 4, 2017 6:52am Mar 4, 2017 6:52am
Quoting Piphunter00
{quote} Lock, are you able to provide any insight on how you go about reevaluating after reading a situation wrong and get stung. I find I get very confused after my initial idea about the situation gets shattered
The only feasible idea a trader should always preserve constantly in his mind is that market is a 2 ways auction process: all the other ideas a trader could have should be interchangeable, elastic and morphing. First you have to build at least 3 different scenarios before market open then you have to constantly adjust these three scenarios (btw they could be obviously more than 3: 3 is only a basic number) or even completely change them. Sometime market action is very fast and the change occurrs in a so small amount of time that it's almost impossible for a treder to readjust his point of view: but it's rare if the 3 scenarios have been well built before. In other occasions experience could save you even if your scenarios do not fit with the occurring market action. Finallly sometime you have to accept the defeat and the simple fact that in that particular moment in time it is impossible for you to understand what's going on and consequently it is impossible to take part to the market action and profit from it.
Here is one of the most dramatic error a trader could do: take part to a market even if he is not able to evaluate the situation. This is crazy, is pure gambling and it has nothing to do with trading. Because anyone is human here, this fatal event is always possible: to avoid it the best solution I found is to have a demo always open in front of you: if you lose control of the market or of yourself as a decision maker, for what ever reason, with an open demo in front of you, you could always switch from real life to fantasy without losing anything but a bit of personal ego. But this works for me. Other traders could have a better control than me or other methods to avoid disasters.
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