GKP

livenow; yes, looks like 203-87-450-current is Primary wave II (well done to wavesurfer and others who thought this - i didn't!). It could still go lower but there's a chance of a higher low being put in today.

MtM; I'm afraid your stop probably got hit this morning as it dropped through 100p (probably a move specifically to hit stops just below that 100p level). The subsequent bounce suggests a higher low *may* be being put in today. Needs to follow through tomorrow with a candle that has a higher low and a higher high and then a break above 110p. Even then it's not really a clear 123-low breakout as the initial bounce high isn't obvious on the daily.

People always think that the share price is going to run away from the current price.
When a share is rising its best to wait for the reversal.
What goes up must come down.
If shares just kept going higher then everyone would be millionaires
Just look at any chart of any share. You can clearly see prices go sideways , go up, go down. There the three states of a share.
sideways markets are the hardest to trade. Should be avoided... To risky on stoplosses..
Up trends...The easiest to trade as you are going with the trend if your long.
Down markets...Also easy to trade as long as your short..... Most people will be looking to go long in this market and get burnt to crisp.Going against the trend.

So bottom line is: Always go with the trend..
Trends can be drawn by trend lines or moving averages so people should learn this first.

Wise words from the Master Mouse lol!

There is so much resistance ahead on this stock now that it is very unlikely to run away. 143/4p is a major barrier as shown on remos chart and remember, it had a LOT of volume in that gap down. Remember also the gap down from 230p on massive volume? Went it went to test that later, it didn't even manage to close it properly there were so many sells/shorts just below it and it's never managed to close above 230p since. That's the power of high volume gaps. Look at BLVN 53p for another (and check the volume). 143p will almost certainly be heavily defended by the shorts placed there imho.

You cannot fight the Big Money and win.

My stop loss which I raised last night at 98p did not get setup to later on I guess. That is good and bad though.

Always buy at a support. Sounds like good advise, now is the rule gold or can it be +- a little bit? e.g. if the support is 800p could you put a buy in for 801p or 799p?

Remo would 100p be an important level therefore 98p would that be logical, am I wrong to conclude that?

Thanks for all the advise so far.

Hi Remo,
Just came aboard to look around your site (from Steve Jackozy's FTSECharts), looks great here.
Just one question about your GKP supports, can 96.2 be regarded as a minor support level?

Thanks

Mine the Money,

Here is my GKP chart.


dl.dropboxusercontent.com/u/7238706/Gulf...Ltd%20%28view%29.png

Levels of support/resistance fall at significant turning points in that the market turned around and went the other way. They are marked on this chart in bold orange. You need to look for instances that get repeated, and the more times they are repeated the stronger the support/resistance. Try and make it at least three times.

In my opinion searching for 'minor support levels' is trying to find an excuse for making the trade and getting it wrong. I don't mean this in an offensive manner, we've all done it, me more times than most, but the sooner you learn from the mistake and move on the sooner you will make profits. Don't be afraid to post here and get advice: there are many can and will help. I look forward to you making a contribution to the BB.