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Traders Thread & Thoughts - Monday 5th January (2004)
Crocodile - 03 Jan 2004 20:12
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little woman
- 05 Jan 2004 11:52
- 23 of 35
I've been watching GSK too - Have purchased for medium term portfolio, several times last year. Usually at around 1250 and sell at 1290 (Missed out on a couple of big increases, which is why I've left alone today as this one can turn so quickly or just keep moving in one direction big time!
Melnibone - 05 Jan 2004 11:55 - 24 of 35
If it breaks the neckline and the Head and Shoulders hold
true, then you should get a big drop.
Reverse this process for an Inverse Head and Shoulders, which
if holds true will give a big rise.
There are measurements you can take between the shoulders and the
neckline which would give you a target price but I can't remember
them.
Can Croc or anyone else expand?
Melnibone.
true, then you should get a big drop.
Reverse this process for an Inverse Head and Shoulders, which
if holds true will give a big rise.
There are measurements you can take between the shoulders and the
neckline which would give you a target price but I can't remember
them.
Can Croc or anyone else expand?
Melnibone.
Melnibone - 05 Jan 2004 12:09 - 25 of 35
Link here for a better explanation of Head and Shoulders pattern.
http://www.chartpatterns.com/headandshoulders.htm
Melnibone.
http://www.chartpatterns.com/headandshoulders.htm
Melnibone.
Melnibone - 05 Jan 2004 12:11 - 26 of 35
http://www.chartpatterns.com/headandshoulders.htm
Just noticed the 'insert website link' and tried it out above.
Melnibone.
Just noticed the 'insert website link' and tried it out above.
Melnibone.
Melnibone - 05 Jan 2004 12:34 - 27 of 35
Trying the 'insert image link' now.
As you can see on this GSK chart:
Slow stochastic is turning down through 80.
Williams %R is coming down from overbought and is
looking like it's going to drop through 50.
RSI is turning down.
60 Day EMA is turning down.
Melnibone.
As you can see on this GSK chart:
Slow stochastic is turning down through 80.
Williams %R is coming down from overbought and is
looking like it's going to drop through 50.
RSI is turning down.
60 Day EMA is turning down.
Melnibone.
Melnibone - 05 Jan 2004 12:36 - 28 of 35
Chart didn't come out on that post, I must be doing something wrong.
Above is a link to what I'm talking about.
Edit. That came out as an RBS chart for some reason. Trying an edit with
a new link.
Edit 2. Came out as RBS again. Have deleted link and given up.:-(
Melnibone.
averagedown - 05 Jan 2004 12:53 - 29 of 35
I found the 20 year FTSE chart in the weekend FT interesting, unfotunately I've left it at home, but if I remember right the first 10 years (approx) was a slow steady rise followed by the 90's bubble and crash of 2000 and now, well to me it looked like we were more or less back on track to pick back up where we should be if there had never been a bubble, suggesting that the market should be trading just about where it is now. Something you wouldn't see with the normal 5 or 10 year charts we usually see. That would suggest no further recovery, as there is nothing to recover to other than to start a new bubble.
Fundamentalist
- 05 Jan 2004 13:45
- 30 of 35
Melnibone, thanks for that. Having looked into it a bit more, this would be appear to set a target price of between 1140 and 1160. I have to be honest and hope this is wrong (I am currently long GSK long term) though with the way this trades it wouldn't shock me if it were to drop. I still believe fundamentally the company is strong and believe that it will start to pick up again soon, though my stop loss has now been tightened!
Melnibone - 05 Jan 2004 14:52 - 31 of 35
Hi Fundamentalist,
Go with your own instincts and strategy.
I've lost more profit by exiting positions early by being
swayed by other peoples opinions than I care to remember.
I still listen to other people but I always do my own thing
now. Lessons are much better learned when they are learned
from your own mistakes, and we all make plenty of them!
All we post here are views, none of us have a time machine
that allows us to see into the future. ;-)
Melnibone.
Go with your own instincts and strategy.
I've lost more profit by exiting positions early by being
swayed by other peoples opinions than I care to remember.
I still listen to other people but I always do my own thing
now. Lessons are much better learned when they are learned
from your own mistakes, and we all make plenty of them!
All we post here are views, none of us have a time machine
that allows us to see into the future. ;-)
Melnibone.
Fundamentalist
- 05 Jan 2004 15:08
- 32 of 35
thanks melnibone, i agree entirely, its just nice to have clarification of a charting view (its even nicer if it actually agrees with my fundamental view!) Let me know if you ever get your hands on the time machine though - lol
Crocodile - 05 Jan 2004 17:03 - 33 of 35
Warning! Beware of Citywire EMails
They are downloading the Bluestreak Trojan virus cookie on the EMails they send out with financial info.
They are downloading the Bluestreak Trojan virus cookie on the EMails they send out with financial info.
zarif
- 05 Jan 2004 17:26
- 34 of 35
thanks croc - trojans -we doint need them
Melnibone - 05 Jan 2004 19:01 - 35 of 35
Well it's not much, but it's a start.
This is the first day since December 15 that we've had a lower high.
This is now looking similar to October when we had a similar
run for the first third of the month. Slow stochastic was stuck
between 80 and 100. We then got a lower high and in the next 6
trading sessions we dropped 200 points to the 60 Day EMA.
We are now in a similar position. If history repeats itself, we
could drop to the 60 Day EMA again over a week which would put
us at around 4380 by that time.
Just an observation, not a Time Machine prediction. ;-)
Melnibone.
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