GKP

No, but I know a few if that helps. IMO one must try to emulate them though......

This subject can be a contentious issue

F4T

Amo wrote: Are you a pro mate?

Food4Thought wrote: Hi Amo,

yes, always for the main trendlines. I overlay them on candlestick charts. I sometimes use the shadows for minor trendlines, but they are secondary and less effective.

IMO it is why the pro's make the money and the PI's make the change. I'll stop there....

Of course I use other indicators also, mostly fibs, MACD divergences, money flow and candlestick patterns.

F4T

Amo wrote: Hi Food4though,

Do you use line charts for all your trendlines?

Thanks


Amo

My concern is always extensions. The only sure fire way I've found is to wait for a five-way move in the opposite direction, effectively giving way until a re-test of the first wave back. It does require patience, but I'm sure, with your experience, you've had to exercise that many times in the past

Jackozy,

If this hits the 50 fib at 146 it will most likely be backtesting the RSI trendline, from which it recently broke out, at the same time. Does this seem a likely reversal point.

Ps cheers for the 'recent updates' tab

Okey dokey. Thanks for clarifying.

Are you thinking about the 5th wave retracements in case that wave is extended?

Jacko, the fib drawn on that chart is just for the 5th swing. The one for the overall move was the one containing the error and was deleted.
You are no doubt correct with the 146. My only interest is the uptrend continues:)

I'm using Chrome for this too but I still need links to the charts to be able to expand and read them clearly.

Anyway, thanks diver for putting up the link: www.dropbox.com/s/urdjykd4sliy1oj/GULF%20KEYSTONE.png

In the above you seem to have drawn your Fibs in a strange place. Is this what you're referring to as being erroneous?

I'd have thought that the Fibs ought to be drawn from the 126.3p low to the 166p high, no?

It's been a crazy market these last few days so almost anything's possible but if this doesn't go to at least 146p then there's something wrong and I won't trust it.

We wait and watch but I think there has to be more downside yet. 151p doesn't do it for me.