GKP - Research

Thought I'd review GKP before heading out this evening - looks like 169 will be on the cards early next week. That said it could represent a good risk reward entry. Aside from being a prior significant low back in July Looking at both the 4H & 60M chart there are lots of divergences playing out and a number of support levels that could afford a tight stop.

4H


dl.dropbox.com/u/24866576/November%20201...OM%20171112%204H.gif

Price is approaching the low of 169 and also the bottom of its descending trendline. Although not a massive fan of the 78.6% I'd still view it as a safety net with stops a little below that level.

The 60M below shows the divergences more closely with the red line being the 169 low of July.
60M


dl.dropbox.com/u/24866576/November%20201...0M%20divergences.gif

Not a massive fan of catching falling knives however the tight stop prospect means I'll probably be going in for some of this action!

Best,
M.

Well we have a little divergence on the RSI and a wave count that 'could' have completed yesterday. It could, of course, extend with all kinds of triangles and double, triple wotsisnames. Time will tell
Stay cool and soldier on....

Backtest of the 61.8% level?

Yep that's how I read it too, Ammo... if that 192.12 wasn't there a hammer it would be.

Makes me think whether these 'Delayed' trades ae sometimes put through to suit in order to skew charts and affect the candles.

192.12 trade was spurious, sp at the time was 177.
Close of 186.25 is actually just off the days high, only other trade higher than that was a weird spike to 187 first thing in the morning opening the spread to about 8p.
Today's candle should be a hammer.

Correction, today was a long white candle.

192.12 trade was spurious, sp at the time was 177.
Close of 186.25 is actually just off the days high, only other trade higher than that was a weird spike to 187 where the spread opened to about 8p.
Today's candle should be a hammer.