BLVN

Remo,

it is a good debate and it is a good forum for such a debate. That is what we are here for. I had not considered that my gap and trendline methods were at odds until Jackozy mentioned it and had never used the alternate gap method you quote. I usually use the close to plot trendlines but often plot the "shadow" as well (which utilises the candle extremes), but the former is always bolder for me.

One this for sure is that there are few exacts in TA. Trendlines are pierced intra day bit "hold", as are fibs. Sometimes triangles, pennants etc. fail, sometimes they don't. It is one of the reasons I stay clear of EWT - that is a minefield of opinions lol.

For me this is what I enjoy. If it was just making money I would be bored already....

GL
F4T

Jackozy / Remo,

without wishing to labour the subject unjustly, if you were to plot closing prices on Jackozy's chart below where he is looking for 64-67 for BLVN, you would see that the troughs / lows from June to date are true and exact to this closing price trendline, whereas his trendline could be used possibly as a shadow should that one break, but bears no relevance to price action after July.

Like I said before, sometimes one works sometimes the other.

F4T

Just a tip for end of day charts users

If your taking end of day prices only for trendlines then use a normal line chart rather than Candlestick charts. Candlestick charts are for advanced use.
Line chart will plot so much easier than a candlestick.

I closed a short position in BLVN as it reached the support at 76.25p on the IG 15 minute charts.
It has first resistance at 79.48p.

Apologies for not posting it live but I was long but it failed at the 83.13p resistance and I had entered too impatiently. Went short sub 80p

I was aiming for the 70.5p support on the daily.

I used to dismiss IG Charts but am finding Supports and resistances quite good.

Dotted lines for minor supports/resistances, less dotted for less minor and solid lines for inter.

Thick green lines for Major supports which get thicker more major. Keep swapping time frames to see them at different charts as levels change on time frame.

I use daily charts end of day.

Trendline support now confidently broken. A Break of 72 will IMO send the sp into the low 60's. Sell point was the close below 77 last Thursday.

Supports: 72 (29/10 low / 100 retracement of move), 62.5 29/8 low
Resistance: Lots to get through i'm afraid including all major MA's, broken support trendline and to 79.75 being 20/11 high and down trendline.

Chart from 26/11

uk.advfn.com/p.php?pid=chartscreenshotsh...eWlMV&symbol=L%5EGKP

F4T

Quick reminder on this one for a possible Christmas present

It's getting close to multiple supports at the 67p area:



dl.dropbox.com/u/20815047/BLVNdaily30_11_12.gif

Uptrend support, horizontal support and 61.8% Fib support...a bounce from here could bring a wave 3 up with a target around the 128p area (no promises!!!)