GKP

My concern is always extensions. The only sure fire way I've found is to wait for a five-way move in the opposite direction, effectively giving way until a re-test of the first wave back. It does require patience, but I'm sure, with your experience, you've had to exercise that many times in the past

No, but I know a few if that helps. IMO one must try to emulate them though......

This subject can be a contentious issue

F4T

Amo wrote: Are you a pro mate?

Food4Thought wrote: Hi Amo,

yes, always for the main trendlines. I overlay them on candlestick charts. I sometimes use the shadows for minor trendlines, but they are secondary and less effective.

IMO it is why the pro's make the money and the PI's make the change. I'll stop there....

Of course I use other indicators also, mostly fibs, MACD divergences, money flow and candlestick patterns.

F4T

Amo wrote: Hi Food4though,

Do you use line charts for all your trendlines?

Thanks


Amo

Looking ok..

Price now propped nicely above the SMA12 with the SMA30 slowly turning upwards...

Possible another attempt on 166p coming up?

Glad this has held so far to be honest, didn't fancy observing another low.

I'm seeing a H&S shoulder developing here - my chart just froze and restarting... failure to hold 154 (rising neckline 154 - 158) on a closing basis will see a H&S target of 141 - 146 area - depending which price level(neckline) it breaks from. if it takes out the highs then it get invalidated...

here a quick n dirty chart.




dl.dropboxusercontent.com/u/40497882/Pot...6S%20_GKP_11june.JPG

dyor.

WS

Just goes to show what a beast GKP is, a 9p drop in a few seconds to 147 (29th May low) in a heartbeat with volume, looks like someone was fishing.

It was just a few 100k market sell order with DMA wiping out a weak buy side. Not unexpected to see these levels.