GKP

No worries remo,

I am glad that you making profits regularly as I do. Most PI's don't BUT most II's and professinals houses do. that is where our opinions are skewed. you see everything form the point of the amateur PI's. I don't.

If you are making profits then you are trading with the market, i.e. in the same direction. That being so you are trading with the majority and thus following the crowd.

It you are losing money you are clearly trading against the market direction and thus are contrary to the majority and going against the crowd.

That is the market. I have neen here a long time and am stil here. You have to see the forest before picking your favourite tree.

diver993, no need for childish sarcasm mate. You make your money mostly from PI's and amateurs that lose it hand over fist. The market wouldn't move in your direction if most of the transactions were not following. It seems to me that you were trading with the PI crowd on GKP recently and not the smart money. Never mind, no one gets it right every time. That is the game.

I suggest you both think about this further and step back from being a PI and step back from the TA detail a little. It is not uncommon for PI's like yourselves to think that you are different because you make some money. You are probably just the best of the bunch but you will make nowhere near what the pro's do and it is them that mostly move the market, not the crowd that you are part of.


F4T.

remo wrote: hi food4thought
Thanks for your concern
but ive been beating the markets for a very long time now and you just have to look at my recommendation .I trade every thing out there so to do that its very difficult. Just go through all my post and see how many tips ive given.(Just look at my recent blog on trades update) You also need to bear in mind i have a system and i take profits pretty quickly.
this subject is arguable so lets just agree to disagree.
thanks mate

Food4Thought wrote: Remo,

it seems we have different definitions of the word crowd. My definition is the majority and it is the majority of transactions that move the market. I am not sure what your definition is. Perhaps you mean the majority of amateur PI's that post on public internet forums.

If that is the case then I agree.

If not, then be careful in thinking that you can beat the market mate. Contrarians never win in the long term, that is a fact.

I am going to leave it there.

F4T

F4T,

I am amazed at your lack of understanding of the market: what moves the market and creates the trend is money, professional money, not the 'herd'. The herd are the majority of PI's and plenty of 'so-called' professionals, who buy at the top of the market and sell at the bottom. They pay lip-service to trading with the trend and then do the exact opposite.

Having known Remo for the last four years I can tell you he always preaches, to those who want to listen, to 'trade with the trend'. Few understand the concept of differing, and sometimes conflicting trends, in different time-frames and hence they find it difficult to determine when we are near tops and bottoms.

We don't make a habit of divulging trades on this board so how you can make suppositions as to my trading of GKP is beyond me. However, for your information I am prepared to say I am well in profit at the current SP. I should have sold out when the price passed 400 but, at that time, I was naive enough to listen to all the 'news' about TO's and new very little about TA and EWT. These days I would never get involved in this trade in the first instance.

I'm aware EWT is not for everyone and, in the interests of keeping this a harmonious site I intend to withdraw rather than to create confrontation. If anyone would like my opinion on a subject then just ask and I will proffer, otherwise I'll keep quiet. Big thanks to everyone, especially Remo, who has help me so much over the years.

Remo

GKP seems to bring out the best in every board.
Maybe this share should have it's own forum, so that the bickering continues else where.

On a TA note, i found P&F charts worked the best with GKP last time. , Twas very clear when to buy and sell.

diver993 wrote: Sorry mate, got to disagree. 161.8 is the minimum extension for a wave 3 compared to wave 1. If it doesn't make at least this level it is not an impulse but an ABC. What you also have to remember is impulse moves can nest which can greatly increase their length. I can show you plenty of instances of wave 3 much longer than 161.8 of wave 1.

Food for thought eh!?? Oops! A slip of the tongue:)

Only losers follow the crowd.... unless, of course you follow them to do the exact opposite of what they do. It is the crowd, after all, that pay for our trades. Without the herd losing their money there would be nothing for the wise to pick up. Food for thought indeed! Go boil ya head man! Ya haven't a clue!

Diver, I agree that extended waves can be longer than 161.8% - just look at GKP's move from 10.25p to 131p (which I have as a wave 3) which followed the move from 4.5p to 21.5p for example. However, I think our interpretations of EWT's rules differ slightly thereafter. Wave 3 does not HAVE to be extended at all. It usually is but not always. I've seen planty of occasions where 5th waves are the extended ones (mostly, in fact, in AIM oilers).

I don't mind if my expectations for GKP's move are proved to be wrong by events - my post was purely speculative based on the theory. In any event, if the top of the 5th wave up from 161p does indeed turn our to be 230p (gap resistance) then we'd have a 161-230p move. According to theory, that should then retrace to 187p (61.8% for a wave 2 as the most common) and would give a wave 3 projection of ((230-161) x 1.618) + 187 = 298p. When we look at natural resistance (I mean horizontal ones from price highs here) beyond the obvious one at 260p we see that they're at 280p and 298p. Coincidence?

We therefore have theory predicting a retrace to the last breakout point at 204p before a rise to gap resistance at 230p followed by a retrace to the original breakout point from the 123-low at 187p and then an extended wave 3 up to a strong resistance at 298p. This is all calculated from the 161-187p move.

In fact, had I had the time and presence of mind, it would have been possible, using the horizontal S&Rs, to have worked out 161p as a likely low. Hindsight now of course.

Looking beyond the end of wave 3 at 298p, theory suggests a 38.2% retrace from 298p to form wave 4. That points to 256p which, again, is remarkably close to 260p which ought to become strong support once it's taken out. A 5th wave equal the the first would add a theoretical 69p to that figure which would give 329p and we have gap resistance at 337p.

IMHO that's a lot of coincidences - every theoretical wave target matches almost exactly a horizontal support or resistance - so whether a trader believes in EWT or not, they'd be the levels to trade anyway.

I've deliberately made this EWT discussion pertain to GKP as it's a GKP thread, but perhaps we could debate our undertsnading/interpretation of EWT in the Elliott Wave discussion section? I think we could both help each other and other readers too. I know we both agree on EWT's importance...

ATB

followNev wrote: Remo

GKP seems to bring out the best in every board.
Maybe this share should have it's own forum, so that the bickering continues else where.

On a TA note, i found P&F charts worked the best with GKP last time. , Twas very clear when to buy and sell.

Hi Nev,

May I ask...what box sizes did you use?

TIA

Although not named Nev I also use P&F and found the 2 x 3 on the daily has worked well, aside from the suspect 68p target!



dl.dropbox.com/u/24866576/January%202013...S%20110113%20dpf.gif

On the 1 minute chart the 0.25% x 3 has worked well but you need a bullish or bearish filter (e.g. ichimoku cloud) as it fluctuates quite a bit.



dl.dropbox.com/u/24866576/January%202013...%20110113%201mpf.gif

All the best,
M.