GKP

Tejassi,

hmmmm. If you are using TA and planning your trades then nerves should not play a part. Actions should be premeditated and automatic. Perhaps you are over committed in GKP? If so, I suggest you reduce your holding. There are plenty of other stocks out there to make money on. Large positions leaves one over exposed, makes one jittery and also tempt the trader to take profits too early.

The time to sell GKP was in the mid 160's when it was clear that support would not be repaired. A sell trigger was needed as the quick retrace was then certain.

If emotions are not involved it is much easier to see the trees in the wood.

F4T

PS: Well done diver993, I see that one of your seven lottery numbers came in

Looks like the PI's are having their annual panic. Lottery numbers still rolling.......

Personally id avoid any new longs as GKP has broken its main uptrend line. Or at least wait for a 123 low to form.
This hit my target of 136 which was the channel target.
The fact that its breaking all supports with relative ease means weakness. This could head back towards 120 area or lower if it finishes below 139.
supports....139,,,136(channel target)130(psychological from the past) ,,,119,,,,87,,,64,,,,,52.75(gap)
resistance...151.84,,

This needs to stay above 139 today....
Waiting for a 123 low to form is probably the sensible thing to do. GKP needs to break the lower lows for the green light to enter. Yes it means that you wont enter at the lowest price possible but at least you enter when the trend could be about to change back in your favor.
Right now this is a day traders share so entries should be for quick trades.

dl.dropboxusercontent.com/u/4899609/gkp25thapril.png
currently hammer forming but the day is young.
dyor
remo

I tried to short GKP the other day and IG did not let me....
I dont no why that was but it seems strange
Typical thou as would have made a packet out of it...

Totally agree with that remo and that's precisely what I'm doing - waiting for a higher low and then a breakout.

Our old friend 131p came into play today. That's been such a key level over the years: the original high after the oil discovery, the support for when the lawsuit was announced and the big drop happened plus that general area has been support on many occasions.

Will it do the same this time around? Tune in later to find out ))

Also, there's now been a new low below 141p which was always a strong possibility to complete an ABC correction from 450p.

[nb - this is the first time there's been a "proper" intraday drop with real panic and fear attached and, imho, that's normally a good sign. Much more likely to get a bounce off a sharp drop than a slow drip because the sharp ones kick in the volume]

Hi Jackozy,

welcome back.

We have had 43MM volume so far this week with the initial technical retrace and subsequent panic. It could go lower but IMO we probably found bottom at ~131, a key level as you note. We have the possibility of a lovely hammer today which could/should hammer out a bottom. We should see indicators turning positive shortly IMO. I'll be bold and make that call.

A 50% recovery of the fall would bring us neatly to 160.

There is good value at levels seen yesterday and today which should be taken advantage of . GKP is a great share for opportunity if you play it right. Not for the faint hearted though.

Let's see what happens
F4T