is the gap considered filled?
ES Journal Archive (2011)
- Thread starter Buy1Sell2
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is the gap considered filled?
Technically, the gap is not filled until we trade at the close price which is 1151.
I don`t watch SPY, so I don`t know about that one.
I would be nervous as a short here, but this still looks like another bear flag, yes? TICK improving, but it did that on the previous bear flag as well.
The only difference from earlier is that 64 was not a very significant level. 50% gap at 62 may be enough for a bottom.
I don`t watch SPY, so I don`t know about that one.
I would be nervous as a short here, but this still looks like another bear flag, yes? TICK improving, but it did that on the previous bear flag as well.
The only difference from earlier is that 64 was not a very significant level. 50% gap at 62 may be enough for a bottom.
I like your analysis. The way I see it is that this market has had significant # of down days in the last 2 weeks. It's time for an up day or two at the least, don't you think?
I remain a bear for the day as long as we`re below 1168,75.
With all respect, I do not reason like that in my trading.
If you had a historical database and did a query, I`m sure you would find several times in the recent years where we had several more down days in a row than we have had now, so it is possible.
Sure, the odds and statistics may favour this to be an up day, but until price action tells otherwise, I remain a bear.
Same with the rally everyone have been expecting. It has not happened yet.
For me, I`m reasoning that as a discretionary trader, it can give great confidence in a trade to lean on a statistical bias or seasonality if price action confirms it, but I would not trade on it blindly. That`s me though and I`m still finding my way in this world of trading.
I'm not playing, but I'm still at the casino watching
At 11:37 as it prodded 61.50, there was a nice little jump of buying after too much pushing effort there, and buyers had already been stepping in several places over the prior 30 minutes or so (especially 11:32, great volume). I put in an order to buy 62.75 but missed fill by 1 tick, and as I don't want to do something stupid to ruin a perfectly good Thanksgiving mood, I decided to continue to watch. Ever since 11:35-11:40 or so, bulls have had control. It's like a momentum shift. Until the low is breached, IMO it's good buying opportunity.
Actually I'm willing to bet that bsnack would have taken that trade all day long (long 63.25) but that he wasn't at the computer Am I right B? I don't have tick up due to lack of screen space today, but it's almost too compelling to not take it regardless of TICK.
At 11:37 as it prodded 61.50, there was a nice little jump of buying after too much pushing effort there, and buyers had already been stepping in several places over the prior 30 minutes or so (especially 11:32, great volume). I put in an order to buy 62.75 but missed fill by 1 tick, and as I don't want to do something stupid to ruin a perfectly good Thanksgiving mood, I decided to continue to watch. Ever since 11:35-11:40 or so, bulls have had control. It's like a momentum shift. Until the low is breached, IMO it's good buying opportunity.
Actually I'm willing to bet that bsnack would have taken that trade all day long (long 63.25) but that he wasn't at the computer
Am I right B? I don't have tick up due to lack of screen space today, but it's almost too compelling to not take it regardless of TICK.IHS potential here, but we all know that the last two pretty much failed.
Taking what I said about statistics and price action further, there are statistics on how most gaps are filled sooner or later, so that`s a statistical edge right there.
With price action confirming weakness (for now) and a gap close below, that would be what I`m leaning against until proven otherwise.
Taking what I said about statistics and price action further, there are statistics on how most gaps are filled sooner or later, so that`s a statistical edge right there.
With price action confirming weakness (for now) and a gap close below, that would be what I`m leaning against until proven otherwise.
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