This broke the trend line in the first hour so no positions was taken
Its a clear break and if it stays below the trend line by 4.30pm then lower prices may follow.


dl.dropboxusercontent.com/u/4899609/gkp28thaug.png

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

Whilst I see and appreciate the short-term trade off the support at 175, I see this going to the 165/166 to complete a possible wave 4 before heading back toward 204.74 and wave 5.

My thoughts exactly Remo re: 175. With a 177 close,a low of 176.50 and continued deterioration in broader indices this evening, a potential break of 175.50 gives a lot of downside potential. Lots of support in that area though, MA200, MA20, 23.6% retracement of the 129 move and also a trendline on my chart.

uk.advfn.com/p.php?pid=chartscreenshotsh...3c%3D&symbol=L%5EGKP

The rising wedge broke down decisively today and we are currently testing RSI support. There is medium term MACD bearish divergence on this from early June and also some of the same on RSI for good measure.

166.50 or lower is very possible should 175 fall.

bonobo77 wrote:
hi bonobo77
My target would be 190 area again.
This is only for a short term trade. It was meant for today mainly as the price had moved a fair bit today so the chances off a bounce from that level were higher.
How ever ...Since the price has closed close to that level ,it has higher risk attached to the first attempt trade so now i wont be placing my entry to go long from 175.25 for the first hour atleast.After the first hour i may place the order .
I dont really look at fundamentals when trading short term . This trade was meant for a quick trade.
Overall this correction is healthy as you are getting higher highs. If the trend line was to break then you will have to be careful as that opens up lower prices for the short term.A break and finish below 175.25 can open up 160ish again.

What's your target for the long?

Syria might throw it into a cocked hat.

Possible long on a first attempt trade coming up.
If this hits 175.25 today then worth a quick long on a first attempt basis as there is the trend line and horizontal support together.If not today then maybe tomorrow from the trend line.


dl.dropboxusercontent.com/u/4899609/gkp27thaug.png

wassup folks - no change in my view still bully based on longer time frames, after all im invested for the long term and not interested in the min to min day to day moves...

monthly chart.....take note of potential ema cross, macd also starting to turn up, rsi backtest ( weekly) and can it pop through this level and close abv 182/84 & esp 187 by EOM... if it does watch it move.

dl.dropboxusercontent.com/u/40497882/GKP_Monthly_Aug13.JPG





Weekly chart:

dl.dropboxusercontent.com/u/40497882/GKP_Weekly_aug13.JPG




Dyor...

Rgds WS

i think you should take the drawings off and look at the wicks and where they terminate on those significant candles.
It clearly shows price levels that traders decided were too cheap or too expensive. Get through those levels and trade the horizontal support and resistance. Could be trapped in this range for a while. nobody knows. Volume isn't really giving anything away so you just need to trade off the levels.

Hi
GKP seems to be struggling around the MA200 or is it just consolidating ready to make a move upwards?
Also, there seems to be some inside bar consolidation going on for the last few sessions which seems to look like a bear flag - or am I drawing silly pictures??

rt0.e.prorealtime.com/ProRealTimeNew/dis...4v&type=png&purpose=

Gee

WaveSurfer,

Yeah, I know you're right; trying to be cheap and it cost me money - silly old -ugger! Had I done the job properly I would still be in the trade and it would have cost me nothing. So mad at myself for being stupid (: (:

last swing low on 4hr chart diver <155 or 151.

quick chart

dl.dropboxusercontent.com/u/40497882/gkp%204hr_31July.JPG

And spot on imperfect for the stop loss!...... Grrrrr! And the trend line took a hammering too
There has to be a better way of determining SL's. Anybody got any suggestions??

Spot on perfect per my post 23/7..... hoorah! o)0)

Gkp bounced of the trend line this morning perfectly.Was a good place to go long on a first attempt basis.
If it finishes below the trend line then it could head towards 150. So this trend line is important .


dl.dropboxusercontent.com/u/4899609/gkp31stjuly.png

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

Well, this is my take on it. Obviously, could be wrong, but my next order is in as follows...

Long 169.00 (should be 168 really but have missed out too many times by 1p)
SL 162
Target 202 (but may close at 198)

Well, it failed to hold on to the 180p level:

picasaweb.google.com/lh/photo/o9LPyxWRsp...EZOI?feat=directlink

In again at 176p, I just hope it pushes on from here....any advice on a stop loss position here?
Not used to trading this one

Here is the weekly updated charts & a daily one to throw into the mix - commentary on the charts.

my view remains bullish unless a close below 148 - 155 on a weekly basis & esp the low, i would like to see 182 get taken n hold for further upside

focus on price not emotions....feel free to share

GKP Daily chart




dl.dropboxusercontent.com/u/40497882/GKP...kout_20th%20July.JPG

Daily chart with Ichi





dl.dropboxusercontent.com/u/40497882/GKP...Ichi_20th%20July.JPG

Weekly close up



dl.dropboxusercontent.com/u/40497882/GKP...0July_close%20up.JPG

Weekly chart



dl.dropboxusercontent.com/u/40497882/GKP_weekly_20thJuly.JPG

Rgds WS

WaveSurfer wrote:

sky news reporting that a deal is about to be reached with gkp & board members

make me twitch a little...keeps stubbornly bumping at the 166, 167p level Waiting for my money to transfer to another account and being out of it makes me sweat a little

Evening All,

uk.advfn.com/p.php?pid=chartscreenshotsh...0GMw=&symbol=L%5EGKP

I have been using my crystal ball to create a couple of scenarios using our descending trend channel to illustrate the downside possibilities of 87p and an upside option of 250 or more (?).

Essentially this vision sees a retrace from the recent 180 high to the 138.50 level support (at AGM date?), which is my preferred option currently. We then see a bounce to 166 being our recent favourite and the downtrend resistance which could conceivable coincide with the CC result). A favourable breakout here would take us to 250 (option B ), which is my subjective 100% valuation of GKP (I won't bore you all with detail). Unfavourable news might push the SP as low as 87 (option A)

The fact that Monday's retrace pierced the 61.8% level of the 129 move being 155 IMO indicated that the SP was unlikely to make a higher high on the next rally (i.e. would not break 80p). Sure enough it stalled at the 61.8% retrace level of the move down, being ~169. I expect that to be a peak and a lower low to form below 151.25. 138.50 is support from here and fits nicely into my fairy tale. A gap down at open tomorrow might confirm this possibility.


Note that the next move up to 166 resistance could form the right shoulder of a H&S where my red support line becomes the neckline. A break here (forecast at ~142 ) could send us to 87p.

All conjecture and neat and tidy, but I do see us at 138-140 in the next week or so. Let's see what tomorrow brings.

yes still bullish Richies82Richies82 wrote:

Can still be impulsive but only if 138.5 - 180 - 151.25 are subwaves 1 and 2 of wave 3...

Hmmm.... the point being, I had this as an impulse wave, which it now cannot be as the wave 4 would overlap wave 1. At no time did I mean to infer I had changed from bull to bear: its just an ABC rather than a 12345

I know what that is... was just making sure your view was still 'the bullish view' and it hadn't changed to bearish on chat!

Its in the threads below.

cheers
Richies82 wrote:

Your bullish view?

it would have to take more than one day down move to convince me to change my view...

all on chat this morning.

WS
diver993 wrote:

uk.advfn.com/p.php?pid=chartscreenshotsh...%2Fjr&symbol=L%5EGKP

support lost at 166

first target is the 61.8% fib 148 .75 , but with all the crap being spouted and the crossovers turning down now maybe lower for the TTTL touch ... 131p

uk.advfn.com/p.php?pid=chartscreenshotsh...w5h&symbol=LSE%3AGKP

pj

Well, I must confess. I didn't see that coming



dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

Which changes my view on the coding and outlook a little: I really thought we were going to get an impulsive move. Just goes to show you cannot pre-empt anything

Maybe it's M&G dumping a few to try for price impact and physiologically gain/sway some votes in their direction from the undecided PI's?

---

Or shorting and buying more at the lower sp?

Even one pi cancelling policies with the Pru in protest according to one post,
Very entertaining except for the over-extended, but normal anxiety for the longterm holder/sufferer,

AGM 25th July
Court decision by 23rd August
Undervalued and lots and lots of oil to be produced this year
So a few more PIs & IIs to buy and sell for the end game, is that 2013 or 14 or 15 or 16?

Pretty hefty drop back down to 158...

What Joy!

Maybe it's M&G dumping a few to try for price impact and physiologically gain/sway some votes in their direction from the undecided PI's?

great entertainment for sure but the most important thing is the charts look good - stick to that & filter the noise all imho..

btw - nice back test of previous res of 166 and now looking like support...

WS

I've been reading the rns out on GKP about the appointment of a Independent Non Executive Director roles.
Its a good read....It will make you laugh.. ...Theres no holding back on feelings by the GKP board. They proper slag down Mr Jeremy Asher....have a read.....its worth it...

Hi Remo,i think its due anytime before 23rd august.Dont quote me though.

When is the court case judgement due?????

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Expeted on the 21st of August, according to TK

roxalana wrote:
hi roxalana

i dont use guaranteed stoploss as im a short term trader and need all the advantage i can get and a guaranteed stop is a disadvantage. I just use normal stops.
When is the court case judgement due?????

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

Personally I never use 'guaranteed' stops; but never trade without a stop: it's just not sensible. The trick is placing the stop in the correct place, and it is all about protecting yourself. If you're really worried about the outcome of the court case then day-trade. Just don't do it on the day the verdict is announced

This chart was one I posted some time ago and is proving pretty accurate so far - which is probably the kiss of death for the remainder of the prediction, but there ya go!

My trade today was entered at 167 and sold at 177.75. I will enter long again at 168 and target 190.

It's the power of the chart: when indications come together you have to take notice - trend lines, fib%, extensions etc.

Have a great weekend. Looks like it's gonna be a roaster

Hi Libero,agreed just wondering if guaranteed stops in particular were used.I also hold shares but spredbet a little too(often for my own good)

roxalana wrote:
Good point Roxalana,

I'm sure the veteran traders (Remo, Jackozy, WaveSurfer, et al) use stops with their trades - that's why they are successful.

With GKP, I actually hold shares (yeah, an ol' timer), so holding on!

Just wondering if peope use guaranteed stops.I only ask because if the court case is less than favourable for gkp then a large gap down could occur.

its was inevitable....BIG UP !!

Nice to see this finally breakout this morning.

A finish above the 200sma would be a touch.

Getting close to the important level...one to watch for a potential breakout...
I suspect that if 166.375 gets broken then this may explode out..It will mean a comfirmation of a new up trend.
Ive got an order to go long from 167 with a 10 point stop...Ive also have positions from lower still so this will be adding to them..



dl.dropboxusercontent.com/u/4899609/gkp11thjuly.png

This is slowly approaching the important level at 166.375...

A break above 166.375 and this should
signal a rally. This should also signal a
move back up towards 190 area and
give a higher high.


dl.dropboxusercontent.com/u/4899609/gkp9thjuly.png

edit TL bounce off 147 ... what a goon !!

uk.advfn.com/p.php?pid=chartscreenshotsh...9fn6r&symbol=L%5EGKP

trendline bounce off 157 , fails there then hello 140 again on the fibs
williams % tipping ..

lets see what the 8m decides to do

been busy so havent been around

pj

Always the uber bull, WS!

I'm still favouring the following count but some of the price targets are similar:



dl.dropboxusercontent.com/u/20815047/FTS...ojection07_07_13.gif

As you say, first we need to deal with 166p as there's still a possible symmetrical triangle wave 4 of C in play (not my preferred option).

It could be quite a long time until we establish which of these long term counts are correct (if any) since your wave 1 of P3 and my wave 3 of P3 are at similar levels. Should be fun though!

BTFD, eh?

lets get abv 166 and then 172 on bigger time frames 1st, for further confirmation...what we do know is gkp must not close below the recent lows.

if i'm right abt my count then the all times high should be seen at a minimum and perhaps more.

let's stick a fork in that weekly chart and let's use log scale - to see what it comes up with...lets use some fibs too...

maybe we go something like this...no point looking at blue sky until lower numbers are taken out, perhaps when approx 400/450p does come most may just cash in but the question then remains....will it be too early




dl.dropboxusercontent.com/u/40497882/GKP...othe_future_PIII.JPG

not a recommendation to buy of course & not intended to get everone excited... but i must look at the options based on a chart, just as we looked at downside targets previously....dyor.

dl.dropboxusercontent.com/u/7238706/GULF%20KEYSTONE.png

WaveSurfer, I gotta say I agree, even if my labeling is a bit different it amounts to the same thing: I got it in a wave 3 of 1 and my chart attempts to predict where we are headed. Now, the crystal ball may be a bit cloudy,and the eyesight similar, so this is not the gospel, ok This is what I see as a minimum and I would quite expect 5 of 1 to make 228, the X on my chart. The other thing I should say, so as to avoid confusion, the time-scale of the prediction is probably completely wrong: once this gets going I think it will be much quicker than the chart shows.

This is not a trading recommendation merely a bit of fun so, you have been warned

my charts are going into buzz mode, those that have been on chat for a few weeks know my thoughts abt the tide was turning on GKP and my view is the low has been put in barring any catasrophe. BIG UP

04th july weekly progress

dl.dropboxusercontent.com/u/40497882/GKP_weekly04july.JPG





The weekly now is abt to go into full force, the doji reversal looks like to have confirmed and breakout of the dtl, macd x, rsi looking good & soon we get full force EMA x (see previous post on this), this has happened on the daily charts....

all imho dyor.

here is the weekly updated chart on 06thjuly...




dl.dropboxusercontent.com/u/40497882/GKP_weekly06july.JPG

Regards WS

enjoy the weekend