Yes only idiots that belong to the 99% failed traders group would have such assumption that a 2nd gap will be likely to be closed. Let’s hope that is the case just like the 2nd gap during the Brexit vote, laugh...
ES overnight gap trading
- Thread starter traderjo
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Yes only idiots that belong to the 99% failed traders group would have such assumption that a 2nd gap will be likely to be closed. Let’s hope that is the case just like the 2nd gap during the Brexit vote, laugh...
so you are talking about Weekend gap ok I was referring to both weekday gap and weekend gap
If you listen to this clown, you’ll lose all your money.
Who are you targeting? me? I am just asking an honest question! not recommending any strategy..
Not you, the other guy talking about 2nd gap.
It just happens to be a weekend. I never studied the weekend vs. weekday difference if there is one. And we don't know if we would have an upgap on Sunday.
Done! Baseline was 2573 (ES at cash close on Friday) overnight gapped up as high as 2577 (not huge, but hey), that was a pretty much guaranteed 4 points short. Actually it happened twice, so one could have played the gravy train twice you just need to be up, or put in the cover order at the right level.
so on Monday open you have to short immediately other wise you miss the opportunity ...
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I have a freaking 11 year old thread (made the Hall of Fame thread list) explaining how it works, look it up. But in short no. Futures opened Sunday evening so you had all night long to short the futures anytime they were above the baseline of the Friday's cash close. And you close the short when it reached the baseline, that happened twice between Sunday evening and Monday 10 am....
https://www.elitetrader.com/et/threads/pekelos-2nd-gap-rule.75045/