Paynents to genel,dno and gkp by the Kurddish regional government to be announced in the morning.
This news will hopefully provide gkp and genel with some well needed stability and may help form a base for the sp.

Inv h&s is the dream,what will be the reality?

Hi Food,i look at your chart and find myself staring at an inverse h&s,am i madly deluded.......... or just plain old fashioned deluded?

Hi Richard,



if you recall I had 75 and then 64 as key supports. A break of 75 pointed to 64, being the 50% fib of the rise from 42.25. This happened last week as expected. We now also have a lower low on the daily, so the short term uptrend is broken. MA50 is also at 64 and that helped stop the fall on Friday.

So, daily breakout of downtrend failed and weekly resistance held on price and RSI (this was the key chart IMO).

I think GKP got off lightly with the E&P Co falls last week after OPEC - it usually excels in both directions so maybe more to come.

Next stop/support is 58.50 on daily, being the next swing low of 5/11 and the 61.8 fib. If that goes then we might retest the low of recent months. 58.50 needs to hold. First support below that is 50.

Trendline support on the weekly is in the 40 area but the monthly trendline support is right at 64, where we are now.

However you look at it, it doesn't look good and for me, 58.50 is a certainty now. If that breaks I will wait for 42. Hope none of the bulls here bought that false breakout .

GL
F4T

psyurmh wrote:

Hey Richard - sent you mail.

This is from PRT

Calculation: This indicator measures momentum of the 5 last barsand subtracts from it the the momentum of the 34 last bars.

Notes: A histogram view is best for this indicator.

Interpretation:
"Saucer" Buy signals:
Generated when the histogram which is above the zero line changes its direction from falling to rising.

The most recent saucer signal cancels all previous ones (do not forget to delete pending orders after the signal is cancelled).

"Saucer" Sell Signals:
This signal is generated when the histogram that is below the zero line changes its direction from rising to falling:This signal is generated when the histogram that is below the zero line changes its direction from rising to falling.

"Cross" signals:
A buy (sell) signal is generated when the histogram crosses the zero line from below (above).

"Twin Peaks" signal:
A buy (sell) signal is generated when the histogram is lower (higher) than the zero line, and the last indicator's bottom is higher (last indicator's top is lower) than the preceding one. Between these two bottoms (tops) the histogram can never be higher (lower) than zero.

*I should add, it doesn't have to have a complete red saucer/trough to confirm the count as I mentioned in last post, if the upward trend is strong, the tips of the histogram can turn red, above the zero line and it can still reverse. Thought it was worth adding as nothing HAS to happen*

More scripts here.
www.prorealtime.com/en/library

KK,, playing around with GKP on PRT last night and after many attempts I could not find the Chaos Awesome Oscillator anywhere in the Add Indicator section or elsewhere if it comes to that so would you be as kind to direct me,,

Many thanks

Richard

Cheers KK I now have my bedtime reading, would appreciate set up copy details of ACO for PRT please send to richie165(at)hotmail.com

Thanks again

SRB

Hi Richard,

Here's some info on chaos oscillator www.alpari.co.uk/education/market-analys...-oscillator-%28ao%29

Now mine is set up slightly different - someone very kindly gave me the script to copy and paste it in to PRT (Thanks Stevie!). Set up like this and in conjunction with elliot wave it helps pick out/confirm counts.

As for my MACD settings - these were also recommended, as you can see it's peaks and troughs look similar to awesome oscillator, just quicker timeframes.

If you want to try out the Awesome oscillator - I can send you the script to copy and paste into PRT.

GL

Yes your right Count should have read 12,,26,,9 thanks

SRB

I always thought 12 26 9 were the standard MACD settings....dohhh am I wrong?, which have already gone red.
Bounced off low of 65 so far today, which is very close to MA50 (currently 64.4) and an oblique minor support (~63.75).

KK, Thanks for your thoughts just a couple of questions for you,,,,,,,,,

1. I have heard of volume/price/momentum oscillators but I have never heard of the Chaos Awesome Oscillator before can you enlarge on what its based on please.

2. You don't use the standard settings (8,17,9) for your macd is that to give you and earlier indication of it turning or something else.

Many thanks

SRB

Hey y'all,

Here's the chart I posted on the 11th November, I did think the resilience of the shareprice may take it a little higher to 92p area (shoulda stuck to this view!!!(remember cautiously bullish, doh!)), which would have made things easier moving forward - knowing it had taken out 89.75p - it didn't, so I feel this count is right and v waves up completed.




So my views are with this count and this chart - we have retraced pretty much to 50% fib but odds on we retrace to 61.8% fib around 58/59p for correction and end of wave 2 as I would like to see indicator turn red to confirm count - this is all assuming that the bottom is in and this is not a larger ABC correction in prevailing downtrend, as opposed to waiting for an impulse 3 upwards. Absolute confirmation though is not breaching low in the 40's! Law - wave 2 cannot go below 1, just can't see it though.

Updated chart:




GLA

Hi F4T

I hope you are enjoying your new tools!

Do you still think that 59p should be tested and maybe even the 50p area?

Thanks again as always.

Would you not say this has already technically broken out of its long term downtrend and just waiting for a 123 low break and close above 89.75? or are my drawings wrong ?

gyazo.com/af37236972c6b81336cac9e0ede8e091

Food4Thought wrote:
F4T

Smaller time frames are free on the mobile platform - right up to 1 min chart - both for stocks & forex

Psst! Now, if I could just get everyone to post images at least 1800px x 1112px, so they expand when we click on them, that would be great. They can be larger if you like cos Remo's software will automatically reduce them to a manageable size no worries. It just means the detail in the posts are so much easier to read - especially for those of us who are optically challenged

Big thank you for those who are sympathetic!

Yep, it's great. Pity the hourly isn't free also . It also makes sense for the main posters here to use the same format. Less confusion.

Yeahhhhhhh!!!!!

Kool man. That's a great post.

Told you it was good innit! A world apart

Come on, admit it you've been lovin' it in comparison to that ADVFN fluff!



KK

Ok, first post with new toys!



Monthly:
This months (not finished) candle in apex after touching resistance and retreating. RSI breakout.


Weekly:
SP hasn't touched resistance line yet (next week @ ~82.50) and RSI at resistance. Bullish MACD divergence in play.


Daily:
Breakout downtrend resistance but not at equivalent RSI resistance yet (RSI usually leads). SP retreated below short term trendline (light blue) and RSI is retesting the equivalent short term resistance. IT did gap up nicely on Friday but failed. A gap down Monday would not be positive.

So, a mix really but generally technicals tell me that this should have experienced a sharper technical breakout on the daily on volume, but volume was poor last week. I will be watching the weekly next week to see what happens there.

As noted in an earlier post, one has to consider fundamentals alongside technicals when there is conflict. Why hasn't this exploded out of the downtrend as the technicals say it should have done?
For me, valuation is the big issue here for the reasons I noted before. Even the brokers agree lol. Am not sure which ones are being paid by GKP these days: probably Cantor Fitzgerald

sharedealing.nandp.co.uk/broker-views/GK...stone-Petroleum-news

Cheers
F4T
[and thanks again to KK for the ProRealtime link and other comments. It certainly makes life easier on the longer time frames ]

F4T,

If you want to save charts to your own drive go to the very bottom left of your chart screen and hover over the icon on the extreme left; this gives the option to 'Email; Print; Save; Facebook; Twitter'. Opt to save and you can even specify what size you want to save. This is the best way to save and have access to your charts whenever you like.

Hope you find this useful..

Ok, my page looks like this with several windows, available to maximise. I've marked on how to save file (charts) and your template (you can have multiple templates).

screencast.com/t/mlWxGb5pbf

Hi f4T,

Go to the tools window, at the top it says file. Hover mouse over it and go down to save.

Just gotta do school run - back in 5 mins - if you don't have that window, I'll post a screenshot of how my page looks.

KK

KK, on prorealtime, how do I save charts? I lose all except one when I exit! Can't seem to find the solution.

Ta.

If you could post a screenshot it would be great. There is a save button under File on the dropdown menu, but that doesn't seem to do anything.

Well done lads; I think we killed off trend lines for good - lol!

Cracker!!

Libero/Monkeyz, that's the best chart pattern I've ever seen! You should copyright that as it's obviously the most powerful pattern known to man!!!

Here we go.....

The Middle Finger Reversal Pattern

The Middle Finger (reversal) Pattern : The Middle Finger reversal pattern forms after an uptrend, and its completion marks a massive trend reversal. The pattern contains one almighty peak with the middle finger saying F00k U! The reaction lows at the base of the peak (known as the fist) can be connected to form support, It's better known as a clenched fist.

Prior Trend: It is important to establish the existence of a prior uptrend for this to be the mother of all reversal patterns. Without a prior uptrend to reverse, there cannot be a Middle finger reversal pattern.

The Fistline (or clenched fist): The fistline forms by connecting low points 1 and 2. Low point 1 marks the thumb and index finger and the beginning of the middle finger. Low point 2 marks the end of the middle finger and the beginning of the left two fingers of the clenched fist known as the ring finger and baby finger, sometimes known as 'pinky'. Depending on the relationship between the two low points, the 'fistline' can slope up, slope down or be horizontal. The slope of the fistline will not affect the pattern's degree of bearishness - the outcome will always scare the sh1t out of shareholders and traders alike.

Volume: As the middle finger pattern unfolds, even volume plays no role in confirmation. Forget volume indicators (OBV, Chaikin Money Flow) chuck 'em out the window.

Fist Break: The middle finger pattern is not complete and the uptrend is not reversed until fistline support is broken. Ideally, this should also occur in a convincing manner, you will know how convincing it is by how pale your skin turns if you are 'locked in' or have forgotten to place a stop as you will literally be scared sh1tless.

Support Turned Resistance: Once support is broken, it is not common for this same support level to turn into resistance. Only sometimes, but mostly never, the price will return to the support break, and offer a second chance to sell, if not it is really, really saying f00k u!

Price Target: After breaking fistline support, the projected price decline is usually around 90% and you can forget Fibonacci retracements, or long-term moving averages as this pattern is the biggest F00k u pattern ever to be seen. It is considered darker than a "Black Swan'event, and is known in some circles as 'The Black Bear.'

Overall performance rank(1 is best):1 out of 100
Break even failure rate:1%
Average decline rate:90%
Pullback rate:1.5%
Percentage meeting target:99%

Overview: if you see this pattern forming, DO NOT wait for it to complete! Hit the sell button as fast as you can before it really tells you to F00K OFF and never come back!

© Libero & Monkeyz - additional research KoolKeith.

lol...brilliant chart Libero!

Lib, I know I'm a bit slow sometimes but not that slow - lol! As I said - love it

Monkeyz wrote:
Diver,

I think this might illustrate (chart wise naturally!) what Monkeyz could be alluding to?



This is what GKP is always telling me!

Love it Monkeyz, love it! D) Much better than a trendline - lol!

You're very welcome, it costs a fortune for a subscription for live prices etc, but what you get for free I find is unbelievable and end of day is good enough for me. Like I said if you're doing more than 2 trades a month, even if only a penny per trade, you get it free with IG otherwise they charge you about £30 quid a month, I think, from memory, just for the privilege. You can get it free for a month's trial though first to see if you benefit from the live charts and prices on the shorter time frames 5 minute, 10 minute, hourlies etc.

You can also save different templates/page layouts etc - I think you'll love it.

I look forward to seeing your first post with the new software.

KK

The close and the open are the only two reliable price points and are confirmed by the relevant exchange.
Most amateurs use the shadow for trendlines, and they do have some relevance, but secondary.

I went through all this before, so won't repeat. Each to their own.

TF, it is quite normal to be bullish on one time frame and bearish in another. If you remember I called the bottom correctly some weeks ago. Peaks and troughs. Peak at 89.50, trough at 42/43, peak at 73.75 (missed there but hey ho). No one is right all the time as this is an inexact science, we can only use our judgement. I have no holdings above the current levels or below, so I have nothing to lose be being short term bearish here.

KK, cheers for the Prorealtime link. Looks good.

Diver - looks like the GKP middle finger to me when viewed at full screen

Trendfriend - Absolutely - Whatever works best, there is no wrong or right. I always start on the wick of a a swing high or low and plot the line to the most touches. But that's just the way I've been taught.

All good!

GLA

Hi folks, interesting reading today's views on GKP, nothing good old GKP debate to start the day

Anyway surprised to see some still bearish here, the time for being bearish (and off course, i could be totally wrong) has now gone, its time to be bullish, the setup is bullish, but anyway i wish everyone the best of luck, whichever your trading this.

With regards to trendlines, the normal way to draw trendlines is using the tops of the Candles(price), imho.
Any other way requires use of ones imagination.

Closing prices can be used, but this way has a problem, in that the close is not always where it should, use yesterdays GKP close for example, it was trading at around 76p at 4.30pm, the UT and closing price was actually 79.5p!!
Which was approx where the trading kicked of today.

Sometimes the close is the other way, so its trading higher and closes lower,for no real apparent reason. this is the problem with using end of day prices in charts imho. In any case i guess, the way that works best for you, is the best way to draw your charts.

ATB,
Trendfriend.

dl.dropboxusercontent.com/u/7238706/Gulf...0Ltd%20%28DFB%29.png
Hopefully this is better

looking at the post, you really need to click the link to get much from the chart....I'll post another, more condensed view.

Thanks Diver - interesting!

dl.dropboxusercontent.com/u/7238706/GKP%283lineBreak%29.png

All this talk of trendlines and PRT/ADFN got me looking a little deeper into PRT optional views and I found something I'd not seen before, namely 'Three Line Break' charts. The above shows daily activity for GKP going back to Sept 2004 on one page! These charts use closing prices, and continue to plot in the same direction until the closing price exceeds the high or low of the previous three days, hence drastically reducing noise and providing a much better indication of the trend. This also provides very clear indication of significant supports/resistances.

My apologies if I'm preaching to the converted here and everyone, bar me, is well aware of these charts; but I found them very useful.

I think 465 was an anomaly. Using the closing prices for trendlines takes out such problems with odd trades that give different traders different results, but it does provide problems with plotting fibs etc when different providers use different data. I will look a prorealtime and let you know how I get on.

F4T - that's why I don't like ADVFN charts, their data isn't as accurate - this definitely went to 465p, I remember the day it hit the high, it was 465p.

Go on download Prorealtime www.prorealtime.com/en/workstation it's free.

Got it now - interesting.

Looks like this now - same as yours? Again thankyou.

screencast.com/t/JktmLZEekz

Ah got ya....Thanks. Line chart....

So the red line right?



screencast.com/t/6Yp1ap9am

Convert the chart to a line chart, draw your trendlines and then return to candles.

High close 425.25 on 20/2/12, then 188.50 on 13/1/13 are the two points.

Looks good.

I also have a high of 450, not 465 that many use.

Hi F4T - Thanks for your reply, really appreciated, prorealtime free is here - The tools are excellent www.prorealtime.com/en/workstation

...So I've plotted the closes, well different closes - I take it your looking at the red line on this chart? Why ignore the 2 candles sat above?







screencast.com/t/PDr7ms3MAm

Again, thanks in advance.

KK

It's quite simple KK, I use closing prices for my trendlines as they are much more important than the range. It has been tested over many years and works for me.
If there had been a breakout of that long downtrend the SP would have taken off like a rocket. It hasn't, no matter how much TF wants it to

As for charts, thanks, I will look at prorealtime but ADVFN works for me and you are right in that they are only part of the job.

GL
F4T

Hey F4T,

Since I first posted here last summer, you have called this pretty damn well if not spot on since I've joined this forum, so real respect - you truly know your onions. I think peeps get a little carried away with this share - not on this site, it's more of a challenge as it's such a volatile share - so your opinion is very important and grounded - well to me it is.

I just wanna say one thing - I tried to use the advfn charts once, in fact i tried long before I got pro real time. I found them really slow and sluggish (Flash maybe?) You too trendfriend, why use them when prorealtime is free. I also tried Barclays - pants!! As a side note I think if you trade twice a month with IG you get live prices free and their live charts. You specify the Ram of your putah up to 8 gig, and its super fast if your computer is. Software obviously doesn't make anyone have an edge or anything, but there is one thing..........

Now built in pro real time, is a kinda auto trendline ting. I always turn them off 'cos I was taught that charting should be as much an art, a feel as much anything technical. And a support/resistance line should be a line of most touches really, but almost always starting with a swing high or swing low.

So out of interest today I turned the auto trendline on for a peak - not done it for years, and lo and behold the trendline is - not exactly the same, but pretty, pretty, pretty (Larry David voice) much in the same place as myself and red chilly have it. It spells breakout to me. Now that absolutely does not mean it couldn't spin right back and fail, but its software is showing it as a breakout with backtest. I am always learning and whatever shall be shall be - however it plays out. I'm really interested why your trendlines are different for GKP? As i said, it is subjective and there is no right or wrong in my opinion, I just wanna know and learn.

I hope this doesn't sound silly - maybe you've tried prorealtime and don't like it - also fair enough.

Here is it's auto trendline on the weeky....



screencast.com/t/u2PvvCKQohq

Thanks in advance,

KK

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

Looks like a RSi breakout giving a hint.

Regards,
Trendfriend

dl.dropboxusercontent.com/u/7238706/Gulf...Ltd%20%28wkly%29.png

Fascinating where the fib levels fall on the weekly chart.......ok, I admit, there are more interesting things in the world, but I'm a bit anal when it comes to a balanced chart - lol!!

Trendfriend wrote:
Hi TF can you please link me to the candle formation "middle finger" ??

I think the analysis has been pretty well covered here on Friday by RC and KK imho. havent had a chance to catch up with other post since tbh.
Here's a chart in any case.
uk.advfn.com/p.php?pid=chartscreenshotsh...sWp8=&symbol=L%5EGKP

The bullish crosover of the 20&50 ema's, has not been mentioned, sometimes these can result in a explosive move, sometimes they don't have much effect tbh. i prefer the (50&200 day crossover).

Here is what happened the last time we had a 20&50 day crossover and the price action was at around the 80p area, back in 2010.
uk.advfn.com/p.php?pid=chartscreenshotsh...FM%3D&symbol=L%5EGKP

Regards,
Trendfriend.

I didn't want to leave this without re-checking the higher time frames.

Monthly:
uk.advfn.com/p.php?pid=chartscreenshotsh...Pc%3D&symbol=A%5EAPT

At resistance but RSI has broken out, so from a monthly perspective it looks like the downtrend is coming to an end, but hasn't acted yet. RSI generally leads price. It does re-confirm to me that the bottom is in, which I posted earlier. Monthly trumps weekly and daily so actually, this tells me all will be good in time.

Weekly:
uk.advfn.com/p.php?pid=chartscreenshotsh...zI%3D&symbol=A%5EAPT

For me, the weekly has been the most reliable over past months.
Like the daily, SP touched resistance this week and retreated. RSI is pretty much at resistance now.

Overall summary based on TA is that we are at a major crossroads but balance is positive. Falling wedges have a bullish bias.