GKP

Food4thought
There is a fundamental section in the forums. If people want to put fundamentals then its fine.
Yes its a TA board but i have put a section for the fundamentals although its a small section
A lot of people would like to know about the fundamentals side of things on penny shares. Me personally ,dont care.

Food4Thought wrote: AdeMcG,

with respect, that is what all the PI crowd were saying when the sp was over 400.

bobbono77,

I disagree with remo(sorry mate to be controvercial again) in that there is no place for fundamental guessing and star gazing on a TA board. Why not keep that for those on the iii circus eh where it belongs?

Also, is it just me but I also dislike posters that like to publicise the monetary side of their profitable trades. It adds no value at all and is just petty gloating.


I think we will see 230 today per my earlier post, if only on a spike.

F$T

AdeMcG wrote: I am a little hesitant to hit the sell button until I see a change in sentiment, even if it pushes through 230p (could be tomorrow) who is prepared to sell just because it has hit a theoretical target?
I would want to see a sign that the buying pressure (over 10 million traded today) has subsided or something to indicate the "smart money" is exiting.

Anyone else got some thoughts on what to look out for, I don't have DMA and I work during the day, so it is difficult to see what is really happening.

All I know is that my free shares (been in since 11p and took my capital out long ago) have had a great run, and I would welcome the chance to bank the profit at the top (for once) and re-buy at a lower level to increase my number of shares.

From Jackozy's thoughts, it could go something like this:

Sell at 230p (gap resistance)
Buy back at 187p (61.8% for a wave 2)

Sell at 298p (peak of Wave 3)
Buy back at 256p (38.2% retrace from 298p to form wave 4)

Sell at 329p (peak of 5th wave)

A working example form my own freebies:

GKP TRADE STRATEGY
Sell 5000 shares @ 230p = £11,500
Buy back @ 187p = 6149 Shares

Sell 6149 shares @298p = £18324
Buy back @ 256p = 7157 Shares

Sell 7157 shares @ 329p = £23,549
Increase = £12,049
% increase = 104.77 %


Alternative Strategy, If held and not traded:

Sell 5000 shares at 329p = £16,450

A bit of trading could potentially net me some £7,099

if only it was this simple !!!

EVERYBODY STOP
Read Hedge Fund Market Wizards, How winning traders win. By Jack D. Schwager

I've read all of his other books too. Top reads.

The biggest thing I take away from all of them is RISK Control.

Also, if you have a fundamental argument/hypothesis , you can use that for a long term idea. TA can aide you to get the best entry.

RISK and position sizing controls, loss and most of all emotions.

Combine Fundamentals, Technical Analysis, RISK Control and Emotions and you are a super star trader...

Food4Thought wrote: AdeMcG,

with respect, that is what all the PI crowd were saying when the sp was over 400.

bobbono77,

I disagree with remo(sorry mate to be controvercial again) in that there is no place for fundamental guessing and star gazing on a TA board. Why not keep that for those on the iii circus eh where it belongs?

Also, is it just me but I also dislike posters that like to publicise the monetary side of their profitable trades. It adds no value at all and is just petty gloating.


I think we will see 230 today per my earlier post, if only on a spike.

F$T

AdeMcG wrote: I am a little hesitant to hit the sell button until I see a change in sentiment, even if it pushes through 230p (could be tomorrow) who is prepared to sell just because it has hit a theoretical target?
I would want to see a sign that the buying pressure (over 10 million traded today) has subsided or something to indicate the "smart money" is exiting.

Anyone else got some thoughts on what to look out for, I don't have DMA and I work during the day, so it is difficult to see what is really happening.

All I know is that my free shares (been in since 11p and took my capital out long ago) have had a great run, and I would welcome the chance to bank the profit at the top (for once) and re-buy at a lower level to increase my number of shares.

Alternative Strategy, If held and not traded:

Sell 5000 shares at 329p = £16,450

A bit of trading could potentially net me some £7,099

if only it was this simple !!!

There is no Risk to be controlled on a free position, but I know where you are coming from
and do you have a link to a free e-book of the afore mentioned publication?

AdeMcG, I wasn't having a dig at you for gloating mate. I like your contributions here.

Remo, good idea to have a fundamental section where the stargazers can go


Well, sp only made 228 before the retrace I expected to minimum 217. Bounced off 50% retrace of 203 move. I'm very surprised it didn't spike first thing to that mark though. It seems that the remaining bulls lost their nerve and the city boys didn't bring it up a little to tempt them.

It only tested the bottom of the gap (didn't close it), so I expect it to have another go in the near future. Once hit I can see MA200 becoming support before month end.

F4T

Which leaves the question where next.
Back up to try and close the gap or back down to test 217 again.
Any ideas?
Jackozy how does this fit with the EWT you posted before?

Hi twl2009,

No change to my analysis so far as it's playing out almost perfectly. I'm expecting the gap to get filled after this correction as I think it's too late this time around. There was plenty of time for the bulls to push it up but they didn't. There's also been a lower high on the hourly chart which suggests another failed attempt. I think it's all quite clear on this hourly chart:



dl.dropbox.com/u/20815047/GKPhourly17_01_13.gif