ES Journal - 2012

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Quote from tomahawk:

2-day old gap @ 31.00. If we get above 38 the 3rd day gap comes into play.
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I understand the two day old gap. What is the significance of 3rd day gap? Is it a historical occurrence or just an observation? Do you also see the SPX 1440.24 as an area of resistance since it dates back 4+ years? Thanks in advance.
 
Quote from mastacoli71:

I understand the two day old gap. What is the significance of 3rd day gap? Is it a historical occurrence or just an observation? Do you also see the SPX 1440.24 as an area of resistance since it dates back 4+ years? Thanks in advance.
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Thursday RTH left an unfilled gap up from Wednesday's close, and Friday did the same (from Thursday's close). Those 2 consecutive same-direction unfilled gaps are fairly rare, and a 3rd is obviously rarer still. All it means is the likelihood of a gap fill tomorrow is very good if there's a 3rd gap up. Bear in mind that I go by rules that are slightly different than Pekelo's, mainly that I'm looking at strictly ES from the 4:15 close, without any regard to what SPX or SPY does. This is just from my own research, and limited to the ES to keep it clear and simple.

I wasn't aware of the 1440 S&P number ... thanks.
 
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