GKP

Trendfriend - Absolutely - Whatever works best, there is no wrong or right. I always start on the wick of a a swing high or low and plot the line to the most touches. But that's just the way I've been taught.

All good!

GLA

Hi folks, interesting reading today's views on GKP, nothing good old GKP debate to start the day

Anyway surprised to see some still bearish here, the time for being bearish (and off course, i could be totally wrong) has now gone, its time to be bullish, the setup is bullish, but anyway i wish everyone the best of luck, whichever your trading this.

With regards to trendlines, the normal way to draw trendlines is using the tops of the Candles(price), imho.
Any other way requires use of ones imagination.

Closing prices can be used, but this way has a problem, in that the close is not always where it should, use yesterdays GKP close for example, it was trading at around 76p at 4.30pm, the UT and closing price was actually 79.5p!!
Which was approx where the trading kicked of today.

Sometimes the close is the other way, so its trading higher and closes lower,for no real apparent reason. this is the problem with using end of day prices in charts imho. In any case i guess, the way that works best for you, is the best way to draw your charts.

ATB,
Trendfriend.

dl.dropboxusercontent.com/u/7238706/Gulf...0Ltd%20%28DFB%29.png
Hopefully this is better

looking at the post, you really need to click the link to get much from the chart....I'll post another, more condensed view.

Thanks Diver - interesting!

dl.dropboxusercontent.com/u/7238706/GKP%283lineBreak%29.png

All this talk of trendlines and PRT/ADFN got me looking a little deeper into PRT optional views and I found something I'd not seen before, namely 'Three Line Break' charts. The above shows daily activity for GKP going back to Sept 2004 on one page! These charts use closing prices, and continue to plot in the same direction until the closing price exceeds the high or low of the previous three days, hence drastically reducing noise and providing a much better indication of the trend. This also provides very clear indication of significant supports/resistances.

My apologies if I'm preaching to the converted here and everyone, bar me, is well aware of these charts; but I found them very useful.