Lock's Cable Corner | Page 208 | 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

  • #4,141
  • Edited 4:45am Apr 26, 2017 4:33am | Edited 4:45am
Quoting Lock
2804 is yesterday GB pull back low: it is a go no go level. Price acceptation above or below it could solve the issue regarding current GB session. For now it has been rejected (not even reached by D period low)
For now 2804 resulted a good daytimeframe reference for GB session. From there it went upside for the last 5 periods. Anyway remember that it was and is a daytimeframe reference used by weak hands. Also note that a cluster of lows formed at current half back (F G H I periods lows at the same level around 2818) So clearly current action upside is ruled by weak hands trading money.

For upcoming US sessions note that the new day timeframe references will be different. For example, yesterday pit pull back low is at 2819. Furthermore the highest pit close for current year is at 2839. So these will be probably important day timeframe references for upcoming preUS and pit US sessions. Plus all the other major references written in the early morning report.
Ubi maior minor cessat
  • #4,142
  • Apr 26, 2017 4:46am Apr 26, 2017 4:46am
Last GB period high is close to the top of the little GB bracket high at 28343: it is a breakeven level, so watch out there if reached. Olso remember that 28355 is the highest GB close for current year.
Ubi maior minor cessat
  • #4,143
  • Apr 26, 2017 5:38am Apr 26, 2017 5:38am
Quoting Lock
{quote} For now 2804 resulted a good daytimeframe reference for GB session. From there it went upside for the last 5 periods. Anyway remember that it was and is a daytimeframe reference used by weak hands. Also note that a cluster of lows formed at current half back (F G H I periods lows at the same level around 2818) So clearly current action upside is ruled by weak hands trading money. For upcoming US sessions note that the new day timeframe references will be different. For example, yesterday...
As you see: weak hands buyers there at 2818 taken out.
Ubi maior minor cessat
  • #4,144
  • Apr 26, 2017 7:09am Apr 26, 2017 7:09am
Quoting Lock
... For upcoming US sessions note that the new day timeframe references will be different. For example, yesterday pit pull back low is at 2819. Furthermore the highest pit close for current year is at 2839. So these will be probably important day timeframe references for upcoming preUS and pit US sessions. Plus all the other major references written in the early morning report....
Note B period low 1 single pip above 2819
Ubi maior minor cessat
  • #4,145
  • Apr 26, 2017 7:30am Apr 26, 2017 7:30am
Note: just above 2945 level, we got an old weekend gap downside(30.09-03.10). In case of serious breakout upside this is clearly a target. But I'm not saying it has to do it now, nor that I think it is going to break in that direction. I'm noticing this interesting zone in the case of a breakout upwards.

I like to stress that curent market is totally leaded by weak hands money. We have an ugly structure both downside and upside. The fact is that we are in a full balance. Price built a substantially mature composite poc and a breakout is possible at any moment in time. But as written this morning there are very important references to consider before to even think at a break in any direction. Also a possible false break is always possible in such weak conditions and lack of participation of major timeframes.

Consequently I suggest to take this market a piece at a time. First of all in order to continue higher we need acceptation above both our upper major ref that as written are 2845 and 28637. Without an acceptation above both of them a rotational environment is more than probable.
Ubi maior minor cessat
  • #4,146
  • Apr 26, 2017 7:37am Apr 26, 2017 7:37am
For instance we are tagging now yesterday pit unch level 28373 and just above it we have the highest close for pit session current year(2839): an acceptation above them is the needed first step for any serious attempt above. Rejection from there could clearly lead to a liquidation.
Ubi maior minor cessat
  • #4,147
  • Apr 26, 2017 7:55am Apr 26, 2017 7:55am
Quoting Lock
... Consequently I suggest to take this market a piece at a time. First of all in order to continue higher we need acceptation above both our upper major ref that as written are 2845 and 28637. Without an acceptation above both of them a rotational environment is more than probable.
C period 1 single pip shy of our major ref upside 28637 (pit upper monthly bracket low)

We could find here serious sellers or serious buyers.
Ubi maior minor cessat
  • #4,148
  • Apr 26, 2017 8:07am Apr 26, 2017 8:07am
Quoting Lock
...Consequently I suggest to take this market a piece at a time. First of all in order to continue higher we need acceptation above both our upper major ref that as written are 2845 and 28637. Without an acceptation above both of them a rotational environment is more than probable.
And now note D low at 2845 even. SO current action is between out 2 major ref: 2845 below and 28637 above.
Ubi maior minor cessat
  • #4,149
  • Apr 26, 2017 8:09am Apr 26, 2017 8:09am
And note also that current D low is tagging yesterday pit high. SO current market is still ruled by weak hands using very exact references to trade.
Ubi maior minor cessat
  • #4,150
  • Apr 26, 2017 8:35am Apr 26, 2017 8:35am
Quoting Lock
...First of all in order to continue higher we need acceptation above both our upper major ref that as written are 2845 and 28637. Without an acceptation above both of them a rotational environment is more than probable.
For now price has been clearly rejected from both 2845 and 28637. It could be a false rejection but if it is serious the target is now at the opposite side of the current pit minor bracket, meaning 27715.(24/04 Pit session poor low)

Also D is inside period of C: a breakout from D is possible. In the case monitor for continuation in the direction of the break.

If instead it has been only a false rejection we still must obtain acceptation above our 2 major refs in order to have serious continuation upside.
Ubi maior minor cessat
  • #4,151
  • Apr 26, 2017 8:55am Apr 26, 2017 8:55am
Quoting Lock
And note also that current D low is tagging yesterday pit high. SO current market is still ruled by weak hands using very exact references to trade.
Who do you mean for "weak hands"? Short term players?
And how do you identify them?
We become what we think about
  • #4,152
  • Apr 26, 2017 9:16am Apr 26, 2017 9:16am
Quoting Smaraz
{quote} Who do you mean for "weak hands"? Short term players? And how do you identify them?

Weak hands are the weaker market participants. They are daytraders and scalpers. They generally went home flat at the end of the day. They tend to use exact and very vsisible references to place their positions. So you may easily find them if you see that a particular market find support and/or resistance exactly at these references.
Such a market generally is considered weak as in the case of major timeframe participation it could be easily retraced and the stops placed by weaker participants taken out quickly. So if you see what occurred in the last days you will see that the market has been always ruled and leaded by weak hands.
A market like this is very dangerous for obvious reasons. At the same time if you know who is currently ruling it it is also quite predictable because knowing the references they use you could follow them in their action or, if you want to wait, go against them when price reach major references used by short and mid term operators. Like for instance today the 28637 level.
It is clearly a major reference as it is the low of the entire upper monthly pit bracket: there you could clearly find major market participants. And in fact as you see, when price leaded by weak hands reached this level it has been immediately retraced.
Ubi maior minor cessat
  • #4,153
  • Apr 26, 2017 9:45am Apr 26, 2017 9:45am
Quoting Lock
{quote} Weak hands are the weaker market participants. They are daytraders and scalpers. They generally went home flat at the end of the day. They tend to use exact and very vsisible references to place their positions. So you may easily find them if you see that a particular market find support and/or resistance exactly at these references. Such a market generally is considered weak as in the case of major timeframe participation it could be easily retraced and the stops placed by weaker participants taken out quickly. So if you see what occurred...
Thank you!
We become what we think about
  • #4,154
  • Apr 26, 2017 10:33am Apr 26, 2017 10:33am
Quoting Smaraz
{quote} Thank you!
You're welcome.

Btw note that the way a price action reacts at a particular level could also underline the kind of involvement of those who are participating a market. For instance, even though the level 28637 is a major mid term reference you could note that price went upside just 1 pip below it: very exact. Too exact to be perfomed by stronger hands. So even if the reference is a "bigger" one the way it is employed could suggest you who is using it. In that case I suppose that those who sold there were not serious money but slightly stronger hands than those who bought below coming upside. So I do not consider that level a particularly good high.
Ubi maior minor cessat
  • #4,155
  • Apr 26, 2017 10:41am Apr 26, 2017 10:41am
Now, let's say tomorrow at pit open we will find price gapping lower from today pit range low (currently 2810), well, in this case I could start to think that even if those who sold at 28637 were not strong hands, bigger timeframes could have act after that during the following trading hours and then, that high that currently I do not consider a particularly good high could become something more important to weigh in order to think at a continuation downside.
Ubi maior minor cessat
  • #4,156
  • Apr 26, 2017 11:08am Apr 26, 2017 11:08am
Quoting Lock
Now, let's say tomorrow at pit open we will find price gapping lower from today pit range low (currently 2810), well, in this case I could start to think that even if those who sold at 28637 were not strong hands, bigger timeframes could have act after that during the following trading hours and then, that high that currently I do not consider a particularly good high could become something more important to weigh in order to think at a continuation downside.
How would a top with strong hands involved be?
We become what we think about
  • #4,157
  • Apr 26, 2017 11:12am Apr 26, 2017 11:12am
Quoting Lock
You're welcome. Btw note that the way a price action reacts at a particular level could also underline the kind of involvement of those who are participating a market. For instance, even though the level 28637 is a major mid term reference you could note that price went upside just 1 pip below it: very exact. Too exact to be perfomed by stronger hands.
Quoting Lock
So even if the reference is a "bigger" one the way it is employed could suggest you who is using it. In that case I suppose that those who sold there were not serious money but slightly stronger hands than those who bought below coming upside. So I do not consider that level a particularly good high.
And here we are back up again at it (28637): do you think that if serious sellers sold there before now we will find price here again?
Ubi maior minor cessat
  • #4,158
  • Apr 27, 2017 5:33am Apr 27, 2017 5:33am
Quoting Lock
{quote} {quote} And here we are back up again at it (28637): do you think that if serious sellers sold there before now we will find price here again?
As you see overnight action took out weak hands who sold there just below 28637 during yesterday pit session.
Ubi maior minor cessat
  • #4,159
  • Apr 27, 2017 5:51am Apr 27, 2017 5:51am
17/04/27 THURSDAY 14:51+1GMT
EARLY AFTERNOON REPORT

In the monthly timeframe we currently are in an attempted breakout above the high of the lower monthly bracket ( 27745 GB absolute high, 2758 Pit HIgh) and we are trying to evaluate a possible acceptation back inside the upper monthly bracket, meaning above its low (2795 Tokyo absolute low, 2845 GB low, 28637 Pit low).
In the weekly one we are exactly in the same situation even though the breakout from lower minor weekly bracket occurred at its high at 2615 (breakeven).
In the daily timeframe we are in a one timeframing action occurred in the last 4 days including today: so we currently are in a short term trend up. If also the weekly and the montly timeframes will confirm the acceptation of the current breakout upside we will be also in a mid term trend upside.

This morning GB session opened with a big gap upside from yesterday narrow GB range high at 28325. The gap has been preserved alongside the entire GB session even if the final low remained poor at 28805.

Note that current preUS session low is at the same level of GB poor low creating a cluster of poor lows right there at 28805. At the same time note that current price action is building a new considerable gap upside for upcoming pit session (open 15:30+1GMT)
If after pit open this possible gap upside will be preserved we could also skip this very bad cluster. Or it could be taken out and if the gap preserved after that we could continue higher.

Upside we have a big old pit session gap to fill up to 2949 (1 pip below round number 2950). Also right at 29465 up to 2976 we have the old full weekly gap downside that could clearly attract price and inside it we have the major composite poc 2968.

If instead for whatever reason the market will liquidate from here, retracing the new possible pit gap upside we have ugly structure down to 2770 as a minimum.

In any case remember that for upcoming pit session the most imortant reference will be the lower level of the entire upper monthly bracket at 28637, plus the highest yearly pit close at 2847 (yesterday pit close) and finally the highest yearly pit high at 29043. Any meaningfull continuation upside for upcoming pit session requires acceptation above these levels. If not start to think at a possible liquidation.
Ubi maior minor cessat
  • #4,160
  • Apr 27, 2017 6:10am Apr 27, 2017 6:10am
Quoting Lock
17/04/27 THURSDAY 14:51+1GMT EARLY AFTERNOON REPORT ..... The gap has been preserved alongside the entire GB session even if the final low remained poor at 28805. Note that current preUS session low is at the same level of GB poor low creating a cluster of poor lows right there at 28805. .....
Cluster of poor lows at 28805 taken out by current minor liquidaation of C period started at round number 2900.
Ubi maior minor cessat
0 traders viewing now