stops should be below 308 if your long from the trend line.

This has gapped down and right on trend-line..


dl.dropboxusercontent.com/u/4899609/glen2100314.png

Ok, so it's not an impulse wave but an ABC. Now looking for a retrace back to 330 > 332 before pressing on again. Hopefully my chance to get back in having missed out by 1 point last time...

For glen fans, a few things to watch out for......here's an hourly chart...

dl.dropboxusercontent.com/u/7238706/Glen...SE%29%20%28hr%29.png

... a look at the extensions shows a blue ext from the low on Feb 4th at 308.05(just off-screen) > A at 348.08 > B at 322.85 - this gives an area between 50 & 61.8% from 342.86 > 347.59. Now this is the area where we should invariably expect a little pull-back.
If we couple this with the extension up from B at 322.85 (in the green this time) > ( a ) 337.50 > ( b ) at 328.65, we get a 100%(343.30) > 123.60%(346.76) extension. This narrows down the expected turn a little further.

Now consider the move up from ( b ) is looking very much like an impulse wave and we can predict wave v could be similar to wave i, and would hit at 345.17.

Of course that could be all too clever and the wave already be completed as an ABC at 342.77 and the wave is already into the pull-back. No doubt we will find out today

The other bit that's also off-screen is the blue extension figures for 100%(362.88) and 123.60%(372.33), which is the area to target after the pull-back discussed above

Cup 'n' Handle formation?

using free ig charts...

As long as it finishes above 322 then this should target the 350 area soon.
This should be a free trade now

Gapped up today above resistance, looking bullish. Another one from the share tips section with a 123 low breakout recently.


dl.dropboxusercontent.com/u/4899609/glen160114.png

This appears to be heading for the gap at 309-313. Worth a long from there:)

dl.dropboxusercontent.com/u/7238706/Glen...LSE%29%20%28-%29.png

Well I've got this as a wave iii of 1 of 3 which should get this to 343, though not in one go. Wave 3 should get us, eventually, to 409.

The mark to pass will be 335, and ultimately 348: if it fails to break this then its a continuation of the corrective sequence we have see since the inception of Glen. I, along with plenty of others, am hoping this bottomed at 256 but, until it's proven, this could be considered bottom fishing

321p is still holding this back but there should be at least 10 pips when/if it breaks. I'm watching for either a drop back to the short term uptrend at c. 309p (gap fill from Thursday close/Friday open) to form an ascending triangle, or simply a break of 321p.

See earlier chart for reference.

Another great call remo, thanks.

320/1p could be a tricky area but the recent higher low is suggestive of a wave 2 (it fell between the 50 and 61 Fibs):



dl.dropboxusercontent.com/u/20815047/GLENdaily29_12_13.png

Main downtrend resistance is in the low 330s over the next few sessions but a break of these two key levels (321 and 330/5) ought to provide the momentum to deliver that wave 3.

Nice breakout.

That level has held for the time being. 311 would be a good place to have the order to open at.
hence why i said above 310. some people use 3 pips above a resistance and some use 5 pips Depending on price really.
Im using 1 pip as that level has held this back a few times so even a penny i suspect may be enough to get this moving.


dl.dropboxusercontent.com/u/4899609/glen20thdec.png
annes goal wrote:

I noticed there were a couple of fairly chunky buys when it first hit 310 - others are obviously thinking like you Remo!!

Possible 123 low breakout forming....
Long above 310 and stops below the 2 point.

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

The look back view



dl.dropboxusercontent.com/u/7238706/GLENCOREcloser.png

.... and the closer in look.

A long on the break of 310 looks good; stops below 296; 1st target 347.

Going very well at 311.30

Sorry, no chart but this is now approaching support around 304, and 50% fib, and 161.8% extension of move down from 348.05

Gapped up above the down trend-line, one to watch.

SL moved to below fridays low & above B/E
trade is free & in profit

Gap fill @ 322
Long @ 332
SL below 320
[attachment:1]GLENCORE XSTRA.png[/attachment

Libero wrote:
Hi Libero
Try the demo account and once your happy with your system then switch to the real account.If your planning on trying metastock then try some of there systems. Some of them are meant to be good. Dont ask me which one I personally dont use any of them as am happy with my own methods. Since you will be getting 2 months free trial ,make the most of it.
With any charting package you should be able to change the colours of your candle to suit you.
Have fun testing the products out

remo wrote:
Hi Remo,

Well, that's the thing that was also confusing me. Some charts like 4-traders, digital-look, and google finance (blue/white), went with the "Red" candle on an up day.

IG correctly went with a green candle, but from previous discussions on here, we've seen that their candle patterns are a big problem, so I had little confidence in their package.

It is a miracle I've not been wiped out right?

It is time to get onto the heavyweight packages that you recommended (Que the 'tooling up' scene from the film 'Commando'), I only kept delaying it because I didn't have the time to really dig deep into it, but I can see now, that even for basic charting it will wipe the floor with the freebies out there.

Whilst I'm at it, I think as I test MetaStock, I'll get that Plus500 demo account too, rather than take out any further real trades. I'm over-exposed as it is!

Libero wrote:
Just curious but whats wrong with a green candle as the price has gone up????? The only time a candle should be red is if it went down.
im confused

redchilly wrote:
Cheers for that R/C!

I think the "free charting" rubbish out there is causing me a bit of grief! Different providers offering not only different data, affecting trend line set ups and MAs, but the candle shapes are inconsistant, and critically the colour (Buy/Sell) is different.

Anyway, thanks again, and onwards and upwards eh?

Not a Tweezer Top - as its made of 2 CS
Not a Upside Gap Two Crows - as its made of 3 CS
End of Uptrend - No
Trendline Break - No
Time to Sell - No

Totally frazzled by this pattern...

Is this a tweezer top/bottom?

Long upper shadow perhaps? Or part of a "Upside Gap Two Crows" in the making?

http://www.4-traders.com/GLENCORE-XSTRATA-PLC-8017494/technical_analysis-full/&plein=1

Don't know what to make of it.

Can't see any definition anywhere so any help is appreciated!

That's it, I'm putting myself out of my misery and signing up to the 2 month trial to get some proper charts. IG markets painted the lastest daily candle green, whilst every other chart out there sees it as a red.

madness!

Anyone liking this?



(Obviously I'm biased since I'm long, but thought I'd get your feedback folks!)

Folks,

does yesterday's close candle look like a hammer to you? Not small enough a head right? ANTO & RIO showing the same pattern as Glen;

BHP is showing a hammer (close enough!), Anglo showing an engulfing from yesterday's daily close candle patterns. I'll try to post charts later...really pushed for time right now.

Please note that I use IG markets so the charts could be/ will be rubbish!

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

My current view of Glen shows this retracing to 305 before heading up toward 337.

This is showing more strength...



Holding to see if it closes above 289, and preferably closer to the intra-day high of ~295 to see if it'll power on beyond minore resistance points 300 and 305.

After that who knows? All depends on base metal appetite.

Just closed my position at 285.40 for quick profit:)

Libero, I usually wait for the Stoch/RSI to hit zero and the RSI to be below 25 to trigger a long
I'm in with a very tight stop and praying hands

That's one mean Stochastic RSI there Diver... But also (usually) it's a pre-cursor for an oversold signal.

We need the 273ish area to hold firm before taking a long position me thinks.

Other (non-technical) factors should also be considered, namely, this mining / commodities sector clearly points towards a weak economy and not all the singing dancing one that government officials have been going on about.

Furthermore, Glencore are due to report their half-yearly numbers next week, which I personally believe will be good numbers all things considered.

Watch this space I guess!



p.s. almost forgot! but from a distance you can almost make out a rising reverse-H&S.

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

This could be ready to bounce today?

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

This is looking like an impulse but, yet to be proven: I am expecting a retrace to 275-279 to form a wave iv; then 123.6% up to form the v, which, conveniently fills the small gap at 287.00. Hopefully it will go further and breach 294, which would invalidate the downward move we have witnessed of late.

These little sub-waves are hopefully the beginnings of a wave 1, and wave 1's are always a big fight between the bears and bulls, so it's all a bit of a struggle. Patience is the name of the game

The miners are having a good day (China's pledge might have something to do with it). Anyway, the chart is encouraging:



There's a proper gap to negotiate yet, but we've got a nice candle today, and we had a close call to a morning star if sessions back - It didn't turn out that way, but did become an inverted hammer inside the bearish engulfing candle.

Thus, optimistic.

As disclosed previously, long from 272.4 (thanks for the confirmation Remo, I no longer owe a drink, but an entire brewery!)

I have to say it doesn't look particularly encouraging to me with rsi pointing down on daily weekly and monthly.Its only the banging away at 275 that seems positive.Does anybody have point and figure projections both up and down for glen

Just to add....275 looks like some resistance. It has been for the last 4 days with a tight trading range. Hopefully this is just a sideway movement before it motors up?

roxalana wrote:

hi roxalana
There no time scale as such but the 123 low setup would become void if the price moves below the 2 point
after a breakout, or if it goes lower than the recent low its had without giving the signal.

with regards to the target...for short term trades your aiming for the distance from the high of 1 and the low of 2. projected from the 3 point. or take profits from the nearest resistance. But thats for profits..obviously if this is the real deal in terms of a 123 low breakout then it could signal a new up trend so you can be real greedy if you play your cards right.

( you any indication as to the possible success or failiure of the potential move?)
there no indication really so thats why you have the stops in place. you can look at the indicators to help as well as that would give you added confidence in the trade. I use RSI and OBV and macD a lot.

hope that makes sense...

have a look at the learning section as well.

chartsview.co.uk/learning/123-Low.html

this may help.
remo

Hi Remo,is there any kind of timescale within which these breakouts should happen and what are you focusing on target wise and does yesterdays price action(finish just above 272),give you any indication as to the possible success or failiure of the potential move?
Sorry about the inquisition..

Possible 123 low breakout....stops are below 259...This is still fighting with that level.
This is from this weeks chart tips.


dl.dropboxusercontent.com/u/4899609/glen18thjuly.png

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

Well the 123 didn't work out, yet; but there's still hope The SP is now approaching the 74.60% extension of the move down from, what I have labelled ( B ), at 399.00, so maybe that will prove to be the elusive '2'; if it doesn't hold, 254 that is, then I expect this to go all the way down to 205, being the 100% extension. I guess the lower it goes the better value it becomes. All just my opinion so DYOR.

Now GLEN is at 257p. I am sure this is one of the best companies to be in ISA for long term.
But where to start buying in is the issue...
Anywhere from current price may be good. what has the expert in here think?
ta
G

just in case you missed - Marc Rich founder of the original founder of the trading house in the 70s, and famously pardoned by Clinton on his last day in office, died last week - RIP.

this is what a 123 low looks like...

chartsview.co.uk/learning/123-Low.html

I'm confused - I thought the low was labelled the 1, the 2 is the leg up, the 3 is the higher low and the confirmation is the break of 2?

That's because it hasn't happened yet:) The post was to advise of something potential not history. 286 is the 1; 263.50 the 2. There is also strong resistance at 289.35 so best entry would be on break of 290 but DYOR.

Diver cant see any 123 low .... yet!
286 was a previous high not a 2
low of 263.50 can be labelled as 1 and 2 can't precede 1 it has to be always after 1

dl.dropboxusercontent.com/u/7238706/GLENCORE%20XSTRA.png

I think this could be the real deal this time: a breach of 286 will confirm the 1,2,3 low.

Surely there has to be great value in this share?