GKP

yep that should be fine...Normally you would place stops below the nearest supports from your entry..In this case its roughly 65 but that would mean a bigger stop so your level should be ok as a first attempt should not really go too low

Thanks Remo.

How tight should the stops be? I was thinking 69.5p, but wondered if there was an indicator that would be useful.

Thanks

Possible double bottom trade coming up..This is a first attempt trade only and tight stops should be used.
If this level breaks then this could head down to 53.75 where there is a gap support thats strong .


dl.dropboxusercontent.com/u/4899609/gkp31stjuly2014.png

Hi ps....

well, 79 looked like a bottom in all but one respect - volume. RSI support held firm, but I was/am not convinced.

My red trendline has potentially changed from support to resistance.

uk.advfn.com/p.php?pid=chartscreenshotsh...8%3D&symbol=L%5EBLVN

Support still in the 81.50 area, then shadow support at 80 followed by horizontal support at 78.25 and 72.25. Below that is 68 (CPR ) and 64p.

Resistance at 86.50-86.75

If 80 breaks then the horizontal supports will come into play. It could go all the way IMO.

Look for volume of 15M+ to indicate a bottom, either on the way down or surge upwards.

F4T

Nice call Ian

Let's see if 81.5p holds. What is the support below this level?

Thanks

More shenanigans at GKP today lol. Guy gets fired by the shareholders but still keeps his job and salary. Incredible corporate deception.

Anyway, back to the charts:

uk.advfn.com/p.php?pid=chartscreenshotsh...aM%3D&symbol=L%5EGKP

On the daily we closed right on shadow support. Next falling support (red) at 87 and then stronger rising support at 81.50
IMO it is the cloud cover / engulfing candlesticks that give the game away

uk.advfn.com/p.php?pid=chartscreenshotsh...F8%3D&symbol=L%5EGKP

We can see on the hourly that support is already broken with the close and another engulfing candlestick.

F4T