Glenxtrata

The miners are having a good day (China's pledge might have something to do with it). Anyway, the chart is encouraging:



There's a proper gap to negotiate yet, but we've got a nice candle today, and we had a close call to a morning star if sessions back - It didn't turn out that way, but did become an inverted hammer inside the bearish engulfing candle.

Thus, optimistic.

As disclosed previously, long from 272.4 (thanks for the confirmation Remo, I no longer owe a drink, but an entire brewery!)

I have to say it doesn't look particularly encouraging to me with rsi pointing down on daily weekly and monthly.Its only the banging away at 275 that seems positive.Does anybody have point and figure projections both up and down for glen

Just to add....275 looks like some resistance. It has been for the last 4 days with a tight trading range. Hopefully this is just a sideway movement before it motors up?

roxalana wrote: Hi Remo,is there any kind of timescale within which these breakouts should happen and what are you focusing on target wise and does yesterdays price action(finish just above 272),give you any indication as to the possible success or failiure of the potential move?
Sorry about the inquisition..

hi roxalana
There no time scale as such but the 123 low setup would become void if the price moves below the 2 point
after a breakout, or if it goes lower than the recent low its had without giving the signal.

with regards to the target...for short term trades your aiming for the distance from the high of 1 and the low of 2. projected from the 3 point. or take profits from the nearest resistance. But thats for profits..obviously if this is the real deal in terms of a 123 low breakout then it could signal a new up trend so you can be real greedy if you play your cards right.

( you any indication as to the possible success or failiure of the potential move?)
there no indication really so thats why you have the stops in place. you can look at the indicators to help as well as that would give you added confidence in the trade. I use RSI and OBV and macD a lot.

hope that makes sense...

have a look at the learning section as well.

chartsview.co.uk/learning/123-Low.html

this may help.
remo

Hi Remo,is there any kind of timescale within which these breakouts should happen and what are you focusing on target wise and does yesterdays price action(finish just above 272),give you any indication as to the possible success or failiure of the potential move?
Sorry about the inquisition..

Possible 123 low breakout....stops are below 259...This is still fighting with that level.
This is from this weeks chart tips.


dl.dropboxusercontent.com/u/4899609/glen18thjuly.png