Hi wave rider
I was targeting the fibs or the gaps.
There was not really any targets to aim at with regards to a pattern .
There are point and figure targets to aim for Maybe some one with updata can provide the targets .
I always look for 2 or more supports converging at the same level to target that area.
Id be looking to go long on a first attempt basis at 1613 so that will be my short term target. theres 2 supports close together at 1638 ,50%fib and gap support.

waverider2 wrote:

I have just started to look at FRES.

1592 - 1610 looks like a good area especially with the price action in the past.

dl.dropbox.com/u/4385922/fres.png

What i would like to ask Remo is if there is a price target to look out for to calculate how far this could drop from the recent peak?

cheers

thanks for the price supports, didnt see the gap

This turns out to be a great short from the original post

Theres a couple of good areas to go long on this.
Theres the gap support at 1638
50%fib at 1646
or the short term trend line at 1610.
One of these area it will bounce from first attempt basis which one???

All down to how it opens tomorrow . If it motors through the gap support then look to go long at 1610 with tight stops .
The fact that you have 2 supports near to each other gives the gap support the edge. maybe worth going long at 1638 with a tight stop.



dyor

might be worth looking out for a bounce from 1630, the 50% retracement from the move up is also close by at 1644.

Has anybody got the balls to short FRES at 2000?

I want to, but with santa rally and the FTSE seems to have broken 5840!!

The 50% retrace should only be done with hammers really. I know it works on them . Anything else not so sure

Thanks Remo
how about Engulfing Patterns? wait for retrace or at the break?
Cheers

best place will be the 50% retrace as then more risk to reward.
But this is a gravestone doji so the signal comes once it actually breaks below the price of the gravestone doji lowest point

DYOR

Remo
how wold u enter ur short here, at 50% retrace of doji or once it go below this support line?

gravestone doji right at resistance. This could be very bearish if this triggers.
Stops are placed above the top of the gravestone doji



DYOR