GKP

Hi Food,i look at your chart and find myself staring at an inverse h&s,am i madly deluded.......... or just plain old fashioned deluded?

Hi Richard,



if you recall I had 75 and then 64 as key supports. A break of 75 pointed to 64, being the 50% fib of the rise from 42.25. This happened last week as expected. We now also have a lower low on the daily, so the short term uptrend is broken. MA50 is also at 64 and that helped stop the fall on Friday.

So, daily breakout of downtrend failed and weekly resistance held on price and RSI (this was the key chart IMO).

I think GKP got off lightly with the E&P Co falls last week after OPEC - it usually excels in both directions so maybe more to come.

Next stop/support is 58.50 on daily, being the next swing low of 5/11 and the 61.8 fib. If that goes then we might retest the low of recent months. 58.50 needs to hold. First support below that is 50.

Trendline support on the weekly is in the 40 area but the monthly trendline support is right at 64, where we are now.

However you look at it, it doesn't look good and for me, 58.50 is a certainty now. If that breaks I will wait for 42. Hope none of the bulls here bought that false breakout .

GL
F4T

psyurmh wrote: Hi F4T

I hope you are enjoying your new tools!

Do you still think that 59p should be tested and maybe even the 50p area?

Thanks again as always.

Hey Richard - sent you mail.

This is from PRT

Calculation: This indicator measures momentum of the 5 last barsand subtracts from it the the momentum of the 34 last bars.

Notes: A histogram view is best for this indicator.

Interpretation:
"Saucer" Buy signals:
Generated when the histogram which is above the zero line changes its direction from falling to rising.

The most recent saucer signal cancels all previous ones (do not forget to delete pending orders after the signal is cancelled).

"Saucer" Sell Signals:
This signal is generated when the histogram that is below the zero line changes its direction from rising to falling:This signal is generated when the histogram that is below the zero line changes its direction from rising to falling.

"Cross" signals:
A buy (sell) signal is generated when the histogram crosses the zero line from below (above).

"Twin Peaks" signal:
A buy (sell) signal is generated when the histogram is lower (higher) than the zero line, and the last indicator's bottom is higher (last indicator's top is lower) than the preceding one. Between these two bottoms (tops) the histogram can never be higher (lower) than zero.

*I should add, it doesn't have to have a complete red saucer/trough to confirm the count as I mentioned in last post, if the upward trend is strong, the tips of the histogram can turn red, above the zero line and it can still reverse. Thought it was worth adding as nothing HAS to happen*

More scripts here.
www.prorealtime.com/en/library

KK,, playing around with GKP on PRT last night and after many attempts I could not find the Chaos Awesome Oscillator anywhere in the Add Indicator section or elsewhere if it comes to that so would you be as kind to direct me,,

Many thanks

Richard

Cheers KK I now have my bedtime reading, would appreciate set up copy details of ACO for PRT please send to richie165(at)hotmail.com

Thanks again

SRB

Hi Richard,

Here's some info on chaos oscillator www.alpari.co.uk/education/market-analys...-oscillator-%28ao%29

Now mine is set up slightly different - someone very kindly gave me the script to copy and paste it in to PRT (Thanks Stevie!). Set up like this and in conjunction with elliot wave it helps pick out/confirm counts.

As for my MACD settings - these were also recommended, as you can see it's peaks and troughs look similar to awesome oscillator, just quicker timeframes.

If you want to try out the Awesome oscillator - I can send you the script to copy and paste into PRT.

GL