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BGS Chart, page-380

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V*

5,154 Posts.

11

22/11/16

15:56

Post #: 20797226
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Originally posted by The Guatemalan ↑

Hi V* -
I note from your chart your remark “46c target achieved”.
I assume that 46c target was arrived at by measuring,
- from the low of 25.5c, on 09 August, the 1^st day of the DB?
- to the top of the vertical line you have drawn from that low to where it reached your dotted trend line (drawn from 42c 16 May down to 37c 12 July) to a hypothetical 35.5c - the day the MACD crossed? or if not for that reason, why did you choose 12 July to draw that vertical line?
to equal 10.0c (35.5 less 25.5). Add that to 35.5 = 46c.
Given my assumptions are correct, then on the same basis, what target high do you now arrive at? given that a TB has now developed - @ 28.5 – on 04, 09, & 21 Nov.
By my said assumptions, the 3 previous highs - @ 42 – on 10, 11, & 27 Oct – a resistance line once breached – will produce a target of 55.5 : i.e. 42 + (42 – 28.5) – only 2.5c above the stock’s peak of 53 on 27 Sep.
If all my assumptions are outa-whack V* then please explain your methodology as to how you arrived at your chart’s remark.
To all others who are disinterested in TA I apologise, but V’s TA interests me, given I’ve never used such methodology before. TG.

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I was following it at the time, based on cup and handle pattern.
I could have used a bigger number, which was in fact achieved.
I guess I was being cautious in how far it might go there.
But clearly a lower bottom worked out for height of the cup, as the high of 53 was achieved in the end.

I never traded it at the time, been watching this for a while now since Andyrooooo gave me the heads up a while back Cheers Andy!

Last edited by V*: 22/11/16

BGS Price at posting: 30.8¢ Sentiment: None Disclosure: Held
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