GKP

Looks like the PI's are having their annual panic. Lottery numbers still rolling.......

Tejassi,

hmmmm. If you are using TA and planning your trades then nerves should not play a part. Actions should be premeditated and automatic. Perhaps you are over committed in GKP? If so, I suggest you reduce your holding. There are plenty of other stocks out there to make money on. Large positions leaves one over exposed, makes one jittery and also tempt the trader to take profits too early.

The time to sell GKP was in the mid 160's when it was clear that support would not be repaired. A sell trigger was needed as the quick retrace was then certain.

If emotions are not involved it is much easier to see the trees in the wood.

F4T

PS: Well done diver993, I see that one of your seven lottery numbers came in

Thanks all for your replies

F4T askedHi Tejassi,
I'd like to understand your thinking when selling at 147.50?
- Answer F4T - I am Just nervous
Sold some the day before and bought back lower, then today big drop seems to show it could go lower so sold some more again then bought back at a very small gain this time. As you said it's a lottery. Don't like May or that unmentionable person! I lost a lot of advantage last year by selling at the lowest point before it went totally ballistic, don't want to be too out because it could happen again. yes I know I am too attached
But can only move(trade) in small windows of available time Because I am at work

I am with Iweb and find it unreliable went setting orders
Regards Tej

Fib extension 'B W X' - yellowish - = 129.51
Fib extension 'X A B' - greenish - = 146.14 About spot on close today.
RSI is bottoming out - maybe one more day??
StochRsi also showing a buy at '0'
Support at 'A' 139.25.
For me, buy on re-test of 161.00

Please excuse the 'ish' with reference to the colours: I'm as colour-blind as you can get

Where too now?
Trend line channel at 129, Fib retracement expansion at 150% is on 129



Fib extension from 259-161 and aligned at 228, equal legs at 129



Daily P&F targets activated at 127



If GKP finishes below 143 then last bullish daily target will be removed..... proper rubbish!

Best wishes all

ft

Hi Tejassi,

I'd like to understand your thinking when selling at 147.50?

This is how I have seen things. 173/4 long term support broke after the sp loitered in that area for several days. When it finally capitulated the sp plummeted quickly because any support below there was either minor or psychological after long term support went.

161 (once strong) became minor support and 150 purely psychological. Each broke without resistance like butter. We now seem to be settling at the psychological level. This is what I wrote a few days ago:

"The second break of support (173/4) has severely weakened this level. If it doesn't repair pretty quick then longs will be hoping that 161 and 150 hold....... A close below 171 will see lots of holders run for the toilet IMO ",

and then yesterday:

"once support is broken all bets are off and the sp becomes a lottery"

It seems we all made mistakes on this one, helped by good old TK of course

Where now? Well, the lottery is still on IMO but note that we have had 2 says of 10MM+ volume, which could be telling. Now we have had the retrace IMO historical supports and resistances will start to regain some effectiveness. That is all.


F4T