Trading the Gaps

Gap too big for me today and some big boys and girls are moving things around during pre-market for the last 2 days.
 
Pre market showed a "top" but due to my pre market's experience (book manipulation) I decided to stay out and wait for the open. My initial order was short @1020.75... no fill on this one.damn... I was thinking to myself and was expecting the price to head south without me and guess what? it did...as if I am watching ticks running away but... NO CHASING!
You know what? you win some, you lose some and you miss some. face it, it's part of this business.
Though the price started heading south, the GAP wasn't closed. I placed another sell order @1120.25, got filled around 10am for a quick profit of 2points.
 
Without even noticing. my entry today was @1120.25... same as yesterday. but this time it took yesterday's profits. I hate stops but they are part of the animal.
 
ilir.shkurti said:
Thanks for the consideration, Rich! At least for the present time (never say never, they say) I prefer to make my living trading. I have enjoyed sharing what I know, or what I am learning, with fellow traders. Stay tuned to my blog, where I will share the progress on the new method I am testing.
Click to expand...
How did 03/01 go for you? Looking at your spreadsheet did you get your target or get stopped out?

Thanks Rich
 
I got out at 2.25pt loss yesterday when I saw the momentum. The gap eventually did close but it would have hit my stop before so I'm kind of glad I minimised my loss. Gap's not playing at the moment.
 
No gap trade today. Market trending nicely to the upside. Minimal retracements to the 23% line which, for me, are not enough to play. Although the 23% and a main pivot are showing confluence...
 
robster970 said:
I got out at 2.25pt loss yesterday when I saw the momentum. The gap eventually did close but it would have hit my stop before so I'm kind of glad I minimised my loss. Gap's not playing at the moment.
Click to expand...

Rob, you ever get in premarket or do you wait until the stock market opens to play the gaps?
 
robster970 said:
I got out at 2.25pt loss yesterday when I saw the momentum. The gap eventually did close but it would have hit my stop before so I'm kind of glad I minimised my loss. Gap's not playing at the moment.
Click to expand...

How do I work my way out of the Rookie level?
 
robster970 said:
I got out at 2.25pt loss yesterday when I saw the momentum. The gap eventually did close but it would have hit my stop before so I'm kind of glad I minimised my loss. Gap's not playing at the moment.
Click to expand...

Rob, I noticed that your post was made at 3.39am... Can't get more premarket than that! :)
 
richd8980 said:
Rob, you ever get in premarket or do you wait until the stock market opens to play the gaps?
Click to expand...

95% of the time I get in when the stock market opens and generally hang around for the first 30-60s if it looks like I might get a better entry to maximise the return on the gap. After that time I give up. I very, very occasionally get in pre-market but only if some important news at 13:30 GMT indicates that there is support/resistance of significance at a level that means I can safely get in with low volume that benefits a more profitable gap closure.

If you notice when price has been drifting, you can see the pre-market entrants pushing the price back down towards gap closure in the 30mins prior to market open. If I'm going to do a pre-market, I'll do it within about 15 mins of the 13:30 news to get price confirmation of sentiment but before gap players start to push the gap towards closure.
 
richd8980 said:
How do I work my way out of the Rookie level?
Click to expand...

What do you think you are doing that's 'rookie' rich? If you're referring to my ability to exit based upon discretion from price action rather than a mechanical stop, then that's just screen time and practice. If you use indicators and signal generators for position/swing trading then you won't know what I mean. If you can trade price/volume only then you'll know exactly what I mean.

What's going wrong for you? Also what's going right for you?
 
robster970 said:
What do you think you are doing that's 'rookie' rich? If you're referring to my ability to exit based upon discretion from price action rather than a mechanical stop, then that's just screen time and practice. If you use indicators and signal generators for position/swing trading then you won't know what I mean. If you can trade price/volume only then you'll know exactly what I mean.

What's going wrong for you? Also what's going right for you?
Click to expand...

It says richd8980 Rookie next to my name on this site yours says Veteran Member

thats what I was refering to, Thanks for all your help. Rich
 
richd8980 said:
It says richd8980 Rookie next to my name on this site yours says Veteran Member

thats what I was refering to, Thanks for all your help. Rich
Click to expand...

Rich, It's a "score" that the web site is giving you based on your statistics.
 
LOL rich - I thought it was a plea for help!!

Post count augments your status. It has nothing to do with trading ability and everything to do with how much you post here.
 
Good work Ilir. Gap too big for me but was long from yesterday's touch of support around 1115 and got out at 1134 today so I'm happy. About time I had a good one this week.
 
March hasn't shined on me yet. This week's activity has led me to wait a bit longer at the open than usual. Was filled on a reversal only to see the momentum change. Stop hit.
Rob, how much do 19 points weight? :)
Have a good weekend.
 
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