ES Journal Archive (2011)

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Quote from FreakofNature:

You would think they fill the gap before taking it higher.

I noticed your stop is above the gap.
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Actually, his stop is 2 points above the 50% level of the gap.

The way I look at gaps, the one below is completely filled after printing 1175 during RTH.

Since the ES does not like to leave gaps behind, one might think the closest one now would act as a magnet.

But don`t listen to me, I`m on holiday :)
 
09-02-11 05:21 AM
08-31-11 09:36 PM
08-31-11 07:15 AM

--Entered entry sell stop order to short one Sep contract at 1191.75. Initial stop will be 1231.00 if triggered.
--order still unfilled, but active. I will continue entering this order until further notice.
--Ordered changed to market order. Sold one Sep contract at 1196.50. Initial protective buy stop is 1233.00 instead of the 1231.00.
--Buy stop lowered to 1216.50 7:42 AM CST 9/02/11 (current price 1184.00)
 
Quote from Laissez Faire:

The way I look at gaps, the one below is completely filled after printing 1175 during RTH.
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Obviously, gaps can be filled from both sides.

Printing 1189 would now fill the gap first mentioned. With this new large gap down from yesterday`s close, we would need to print 1202,25 to close this new gap.

The 50% level of a gap is often a good target in the case we can`t fill it in one go. Most often occurs with large gaps.

That gives us 1182 for the 1st gap. 1192,5 for the gap created today.

I would be cautious about swinging a long from here since NQ did not feel it`s gap just below @ 2261.

Short term there are many possible scenarios though, so let price action be the final judge and use a stop that you can afford to lose :)

My humble arm chair commentary since I`m only looking today :cool:
 
NQ and ES breaking out together now from a triangle formation on the 5-minute.

The 50% and absolute gap levels should be good targets for a long, if anyone is getting a confirmed long entry here. Could be a fake breakout after all.

Edit: Reversing or just testing the breakout point/opening range high from here?

I just observed that Tuesday`s low @ 1193,50 aligns well with the 50% gap level of the gap created today. Potential resistance zone right there.
 
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