GKP

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

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

Hi Remo,

Why would you not view the mid 60s ( 67 on the weekly ) as a significant support level ( the 2010 low ) ?

Hi orsotoro
Yep it is a very significant area. 64 is very strong support.
The reason i have not mentioned that level is ,im talking about a very short term trade based on a possible double bottom and that comes in at 72. So having the stop below 64 would mean a huge risk to reward .Even thou that would be the ideal area to have the stop at. So if 72 fails as a trade then the next best level to go long is at 64.If that level breaks then GKP will be in big trouble.
I should have mentioned 64 but im glad there are people like you that will correct me.

orsotoro wrote: Hi Remo,

Why would you not view the mid 60s ( 67 on the weekly ) as a significant support level ( the 2010 low ) ?

This should be it. Third test on 78.25. Let's see.

Well, after a lot of dithering we finally reach the next crossroads. RSI support broke yesterday as did 78.25 support. One might expect this level to form as resistance should it close at/below this level.

I inserted a new trendline which gives an interim support at 76 before 72.25 and 64.

uk.advfn.com/p.php?pid=chartscreenshotsh...v0%3D&symbol=L%5EGKP

Volume is key and will tell us how low it will go.

F4T

Ps: Fun and games over at AFR.