GKP

oh one other i forgot.... bull flag need to look at all things developing ....

assess based on price and action

dl.dropboxusercontent.com/u/40497882/gkp_17v1May.JPG

updated

dl.dropboxusercontent.com/u/40497882/gkp_17v2May.JPG

I've nailed my colours to the mast, closed my long and taken another small short at 150p with a stop just above the 61.8% Fib of 152.4. Reason? The drop from 159.5p looks like it could be wave 1 of 5 of C to me (yeah, I know - very small moves/timdeframes cannot be relied upon) but this is what I've been expecting anyway:



dl.dropboxusercontent.com/u/20815047/GKP15min17_05_13.gif

The move up from 140.5p doesn't "feel" bullish and looks more like a bear flag to me.

Could be wrong. Time will tell!

PS So far managed to gain 45 pips between 134 and 159 so not doing too bad for a change!

remo, jackozy, diver993 and others,

Many thanks for the courtesy of the comprehensive response - much appreciated. Sorry for my delayed response. Hard to explain why I did not login this excellent tip of trade board ( I had 2-3 important things to dealing with). I have not setted my mind on short, though I viewed and knew the 159 is resistance, and I also used Fib know that roughly Fib -50% (144p using 130p as bottom) would certainly reached. Actually it reached 142p. I now know after frenzied buy at top (resistance), the retrace usually would reach to Fib -50%, or even -61.8% is quite common.

I think the swing channel now is between 142p to 159p, most daily range might be 144p - 150p. me think.

This weeked, I can spend time on study TA, the book - complete RSI, and read and digest your excellent contribution of GKP TA.

Congratulations to jackozy and others who shorted sp at 159p. At least you earned some money. I bought a few GKP while RSI=20ish.

Welcome to any correction.

here's that updated 15min chart - maybe a tri forming out (tentative orange line)

dl.dropboxusercontent.com/u/40497882/gkp_17v3May.JPG




cheers WS

WS, remo, jackozy, diver993,

Many thanks to you all. Read your posts, I have reviewed 123 TA for no gamble green entering TA tech, the bulish engulf, the nickline. I am intrigued by diver993 post, he revealed that the RSI has already broken the bearish trend line, indicating a change of trend. I will continue watch the RSI and sp. However RSI is unable to indicate trend direction because it's only a momentum indicator says Complete RSI (sorry I suddenly see my note of this book. Don't know may be this book is not perfect)

16 May sp close 145p above Fib –50% , 17 May close 148p above Fib –38.2% So if the bullish is still not guaranteed, at least sp is in the critical point as WS post 13:33 today showed it could climb slowly up, or slowly slip down unless we may get shock RNS/news. But I think Fib -61.8 (142p) of last week might hold.