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TOPIC: Travis Perkins :TPK

Travis Perkins :TPK 14 Jan 2013 15:15 #1

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Remo,

I completely agree on timeframes. My personality dictates that I am incapable of staying in a trade for months on end - (unless I make a trade that runs bad and turns into an investment ;-p)

I mainly use the weekly for 2 mains reasons:

1. I like an overview of where the share is heading long term

2. I find the consistency of TA on a weekly chart fascinating, and place great importance on traditional S&R levels.

In this particular trade, if you believe in the backtest, it gives a clearer picture of your target prices on the weekly.

I love to identify trades on the daily or 4H, look at the weekly for the bigger picture - and then place the trades using the 4H or 1H timeframe.

Although quite often I will reference a weekly chart first if it is at key support or resistance.
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Travis Perkins :TPK 14 Jan 2013 14:28 #2

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hi gclark
Im glad you put the weekly chart up. It does show it differently.
Ill still expect the breakout to be tested at some point. The daily will give you an earlier move than the weekly so hopefully a back test maybe on the cards.
1140 was the breakout point and that was a strong resistance before so now should be strong support on the way down.
Im more of a short term trader so looking for quick profits thats why i use the daily primarily. The weekly is for the longer term so it boils down to what type of trader you are really.
Its always good to show different time frames as the picture can change dramatically.
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Travis Perkins :TPK 14 Jan 2013 13:23 #3

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Remo - on those two charts it looks like a perfect trade.

Just putting up a weekly view on it to see your view on the breakout on the weekly.

I note last time it broke an important resistance on the weekly, it did not backtest as support - rather it just went straight to a price level that slightly exceeded the previous range.

If this holds true - I think another possibility is 1380ish?


TPk_-_weekly_-_13-1-13.png


Thoughts?
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Travis Perkins :TPK 14 Jan 2013 12:52 #4

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This ones right at the top of the range so possible short with stops above the range



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Travis Perkins :TPK 11 Dec 2012 10:39 #5

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This looks like its breaking out of the up trend line and out of the range.
The obv is also diverging quite nicely
So possible top????


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