Australian (ASX) Stock Market Forum

PEN - Peninsula Energy

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tech/a said:
Where are you starting your fib fan from?

Can you expand the chart to show start points?
Click to expand...

I have read blogs/seen vids on the internet that Fib Fans start from a high or low points. The examples of Fib Fans I saw look like crap. PEN is different as there is no point to start from. I drew lines on the highs and the lower highs, the trendlines diverge at around 1999. I marked in the Fib levels, drew lines to the divergence point and the amount of highs it touched was incredible.

PS Ill just add that there is another smaller fan within this I have seen but have not taken the time to draw and view. It starts from the low at mid 2003. When I get around to it I shall draw and see if it presents any value.
 
Karlos68 said:
I have read blogs/seen vids on the internet that Fib Fans start from a high or low points. The examples of Fib Fans I saw look like crap. PEN is different as there is no point to start from. I drew lines on the highs and the lower highs, the trendlines diverge at around 1999. I marked in the Fib levels, drew lines to the divergence point and the amount of highs it touched was incredible.
Click to expand...

That being the case I wouldn't draw in fib.No point in making it "fit"
Same for me with Elliott Waves---Unless its blindingly obvious I wont use it. (The wave count).

PS Ill just add that there is another smaller fan within this I have seen but have not taken the time to draw and view. It starts from the low at mid 2003. When I get around to it I shall draw and see if it presents any value.
Click to expand...

And that's the problem with Fib/Gann and even trend lines.
They look great on a chart BUT if your actually going to trade using them you'll die of frustration.

There are so many points from which to start and end analysis.
Very short term/short term/medium term/long term/Very long term.

If you try to find confluence in all of these time frames you'll drive your self crazy.

This is not the path to profitable trading.
Not even close.

You may even see what I mean by watching your call for PEN at the right hand edge of the screen.
 
tech/a said:
And that's the problem with Fib/Gann and even trend lines.
They look great on a chart BUT if your actually going to trade using them you'll die of frustration.
Click to expand...
Considering trend lines are made from these, do you have a problem with support and resistance as well?
 
Trembling Hand said:
Sounds good.
Click to expand...

I'm just trying to understand how absolute his views are, that's all. Does that mean he would NEVER look at Fib or trend lines? I'm not trying to be clever.

Surely, even if one's analysis is based on volume and price, something must be used for reference points for entries and exits and I don't see what else can provide this, besides basic support and resistance areas.
 
hja said:
, besides basic support and resistance areas.
Click to expand...

Support and resistance is rarely static like a line drawn on a chart, especially a horizontal one. Price action makes AND moves S/R. The passing of time, bars on any chart, the printing of significant bars - range especially unusual range, are the things that should be concentrated on.
 
There is no absolute.

Only possibility.
Prove and disprove.

Everything has a place yet often no place.

Many including dengo see comfort in complexity
Seeking correlation in random price action
Seemingly tamed and explained by countless points,intersections,
Levels and timelines.

All will be proven or disproven.
The decision then is buy/hold or sell.

You can spend hrs weeks or months on the complex
Or seconds on the simple.

Both are governed by prove----disprove.

The are NO ABSOLUTES.
 
I'm number 14 out of 42 with a 7.69% profit on this dawg., in the ASF Competition tonight.

This could be my month for a win.

gg
 
Garpal Gumnut said:
This could be my month for a win.
Click to expand...

They're posting charts with a 16.5c target so you're a shoe in Garpal Gumnut!

Gravestone Doji yesterday & retest/rejection of the prior price & RSI uptrend lines.
April Fool's Day 2012 all over again for the indicators...
Nearest gap = 3.8c

big.chart.gif
 
Garpal Gumnut said:
Jaysoo,

I am tonight now number 13, out of 42 with a 5.13% profit.

Yap, yap you little dawg PEN.

gg
Click to expand...

And MAD climbs up the ladder to pass PEN at number 11 with a 7.53% gain!
Can this be another winner for the month for this ledgendary tipster?:)
Off the topic but maybe there should a form guide on the regular tipsters by using a percentage and point system. The lucky winner at the end of the year gets a xmas card from Joe!!
They should have an icon for too much wine.
 
Garpal Gumnut said:
Jaysoo,

I am tonight now number 13, out of 42 with a 5.13% profit.

Yap, yap you little dawg PEN.

gg
Click to expand...

jancha said:
And MAD climbs up the ladder to pass PEN at number 11 with a 7.53% gain!
Can this be another winner for the month for this ledgendary tipster?:)
Off the topic but maybe there should a form guide on the regular tipsters by using a percentage and point system. The lucky winner at the end of the year gets a xmas card from Joe!!
They should have an icon for too much wine.
Click to expand...

I am now at number 11 out of 42, in the competition, with my pick of PEN.

Woof woof.

This dawg can win, even standing still.

Where will it all end?

Are we witnessing another Poseidon?

gg
 
Garpal Gumnut said:
Are we witnessing another Poseidon?

gg
Click to expand...


ROLOL.....thanks for the laugh gg ...I think I will frame that pearler for future reference. Sentiment gone from "downtrend avoid" to "Poseidon" in a month or so :D ;)

In case it has slipped right passed you, not that it matters, not even I give a rats about PEN's now extremely positive fundamentals at this point. The short selling BOT has PEN firmly grasped by the nad's and is still squeezing tight. Get ready for the next burst...down ;)

But keep picking PEN mate, one day you WILL crack it and win the monthly chook raffle.
 
hangseng said:
ROLOL.....thanks for the laugh gg ...I think I will frame that pearler for future reference. Sentiment gone from "downtrend avoid" to "Poseidon" in a month or so :D ;)

In case it has slipped right passed you, not that it matters, not even I give a rats about PEN's now extremely positive fundamentals at this point. The short selling BOT has PEN firmly grasped by the nad's and is still squeezing tight. Get ready for the next burst...down ;)

But keep picking PEN mate, one day you WILL crack it and win the monthly chook raffle.
Click to expand...

Good to see you back.

I had imagined you captured by Batavians, duct taped, stuck in front of a computer, 40 virgins just out of reaching distance, eternally damned to watch PEN posts on the PENsioners thread on HC.

Down you reckon?

We shall see.

gg
 
Garpal Gumnut said:
Good to see you back.

I had imagined you captured by Batavians, duct taped, stuck in front of a computer, 40 virgins just out of reaching distance, eternally damned to watch PEN posts on the PENsioners thread on HC.

Down you reckon?

We shall see.

gg
Click to expand...



hahahaha no not quite as bad as that, although has a morbid sort of enticement about it :eek:

Yep down my friend, turun dulu dong!.....watch the BOT.

Then once they have had their way with us all they will release the duct tape and free the virgins with the sp going "naik sekali banyak"....then you win the chook raffle (and a free virgin) maybe about Oct -December this year :D

Target that magical 8c directors bonus level by the end of 2013. Then who knows maybe up and away to the next level or more games after holding 8c for 30 days as required. For now down...

Whatever happens be sure it has nothing to do with logic, fundamentals or TA. It will be whatever the BOT wants and simply follow them for a win. If there was a way I could short PEN I would but can't even get a Guernsey with a CFD provider, seems this game of shorting PEN is only for the "boys club" controlled by the BOT.

I am over it, I just play the game whatever it happens to be on the day now. I never worry about anything beyond my direct control and basically keep to myself in the main and much happier for it. It is a much different and very interesting perspective when playing the watcher instead of the watched.

Good luck for 2013 and the inevitable US caused comical market roller coaster. Saved from the fiscal cliff now teetering on the edge of seemingly bottomless US and Euro trillions of $$$'s debt.....but the "Trillion Dollar Coin":2twocents:2twocents will save the world form financial doom :frown:;)

I agree with your comment that the market needs a damn good clean out and black swan event...that is buy time.
 
lol hangseng.

Good to have you back.

I will send you a durian by courier.

My little escapade in the competition has had a minor setback. Probably due to a bot selling 1 or even 2 shares for a profit.

I am now relegated to 20th on the competition list out of 42.

I am still in profit in spite of this bot.

2.56%.

A normal retracement. Could even be a Fibonacci point.

gg
 

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