GKP

Come on guys lets agree to disagree and leave it at that now.

chartsview is a friendly community where everyone is entitled to their own opinion and everyone has their own style of trading, no one person is right, its what works best for you.

Lets put our time and energy in enhancing our trading and finding great trading opportunities.

diver99,

I think you are being a littl over sensitive about your positions. This is a discussion forum. There is no place for petty sarcasm and childish tantrums.

It is a place to trade views and that is exactly what I was doing with Remo before you entered the conversation unconstructively. We had different views, but that is fine. The important thing is what works for the individual. Further, I was trying to flag trading areas and support levels that were clearly missed by posters on here. I was making a positive contribution.

Further, I can assure you that I know the markets very well indeed thank you, both technically and otherwise, and have made a very good living on them for many years.

I wish you GL with whatever positions you have, but please don't belittle others just because you are on a different wavelength and if you do, don't be surprised if some of your own truths are revealed.

F4T

Although not named Nev I also use P&F and found the 2 x 3 on the daily has worked well, aside from the suspect 68p target!



dl.dropbox.com/u/24866576/January%202013...S%20110113%20dpf.gif

On the 1 minute chart the 0.25% x 3 has worked well but you need a bullish or bearish filter (e.g. ichimoku cloud) as it fluctuates quite a bit.



dl.dropbox.com/u/24866576/January%202013...%20110113%201mpf.gif

All the best,
M.

followNev wrote: Remo

GKP seems to bring out the best in every board.
Maybe this share should have it's own forum, so that the bickering continues else where.

On a TA note, i found P&F charts worked the best with GKP last time. , Twas very clear when to buy and sell.

Hi Nev,

May I ask...what box sizes did you use?

TIA

diver993 wrote: Sorry mate, got to disagree. 161.8 is the minimum extension for a wave 3 compared to wave 1. If it doesn't make at least this level it is not an impulse but an ABC. What you also have to remember is impulse moves can nest which can greatly increase their length. I can show you plenty of instances of wave 3 much longer than 161.8 of wave 1.

Food for thought eh!?? Oops! A slip of the tongue:)

Only losers follow the crowd.... unless, of course you follow them to do the exact opposite of what they do. It is the crowd, after all, that pay for our trades. Without the herd losing their money there would be nothing for the wise to pick up. Food for thought indeed! Go boil ya head man! Ya haven't a clue!

Diver, I agree that extended waves can be longer than 161.8% - just look at GKP's move from 10.25p to 131p (which I have as a wave 3) which followed the move from 4.5p to 21.5p for example. However, I think our interpretations of EWT's rules differ slightly thereafter. Wave 3 does not HAVE to be extended at all. It usually is but not always. I've seen planty of occasions where 5th waves are the extended ones (mostly, in fact, in AIM oilers).

I don't mind if my expectations for GKP's move are proved to be wrong by events - my post was purely speculative based on the theory. In any event, if the top of the 5th wave up from 161p does indeed turn our to be 230p (gap resistance) then we'd have a 161-230p move. According to theory, that should then retrace to 187p (61.8% for a wave 2 as the most common) and would give a wave 3 projection of ((230-161) x 1.618) + 187 = 298p. When we look at natural resistance (I mean horizontal ones from price highs here) beyond the obvious one at 260p we see that they're at 280p and 298p. Coincidence?

We therefore have theory predicting a retrace to the last breakout point at 204p before a rise to gap resistance at 230p followed by a retrace to the original breakout point from the 123-low at 187p and then an extended wave 3 up to a strong resistance at 298p. This is all calculated from the 161-187p move.

In fact, had I had the time and presence of mind, it would have been possible, using the horizontal S&Rs, to have worked out 161p as a likely low. Hindsight now of course.

Looking beyond the end of wave 3 at 298p, theory suggests a 38.2% retrace from 298p to form wave 4. That points to 256p which, again, is remarkably close to 260p which ought to become strong support once it's taken out. A 5th wave equal the the first would add a theoretical 69p to that figure which would give 329p and we have gap resistance at 337p.

IMHO that's a lot of coincidences - every theoretical wave target matches almost exactly a horizontal support or resistance - so whether a trader believes in EWT or not, they'd be the levels to trade anyway.

I've deliberately made this EWT discussion pertain to GKP as it's a GKP thread, but perhaps we could debate our undertsnading/interpretation of EWT in the Elliott Wave discussion section? I think we could both help each other and other readers too. I know we both agree on EWT's importance...

ATB

Remo

GKP seems to bring out the best in every board.
Maybe this share should have it's own forum, so that the bickering continues else where.

On a TA note, i found P&F charts worked the best with GKP last time. , Twas very clear when to buy and sell.