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ES 5-13-2011


Friday the 13th! Today some above average volume to the upside. Gap still open to 1354. Lets see what she can do.


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es30min05132011
Good morning all. When people in this thread say "gap" what exactly are they referring to. For the most part, when I think "gap" I think of the gap created by the previous day's close (4:00/4:15 EST, etc). For example, I consider today's gap fill (using 4pm EST close) to be at 1346 (which we are currently on top of)

But, I feel like people use it a different way in this thread. Could someone help me? I'm sure it's a simple thing, just want to make sure I understand.

Thanks!
Daniel
Most immediate areas for me are 52.50 - 55 on upside and 43 - 45.50 on the downside....I'm waiting and prefer to see a first push up to sell into....I love selling !!
And I agree, I see 5/10 unfilled gap at 1354.25 (using 4pm EST close)

While on the subject, this is what I have for the past 6 months of unfilled, daily gaps:



Daniel
Looking at 39.50 and 32-34 areas for support. (if we get there)
Originally posted by neoikon

Good morning all. When people in this thread say "gap" what exactly are they referring to. For the most part, when I think "gap" I think of the gap created by the previous day's close (4:00/4:15 EST, etc). For example, I consider today's gap fill (using 4pm EST close) to be at 1346 (which we are currently on top of)

But, I feel like people use it a different way in this thread. Could someone help me? I'm sure it's a simple thing, just want to make sure I understand.

Thanks!
Daniel


I think the way they use the "gap" term here is, as in Lorn's Chart above...
the gap in the volume chart between 1339-1343 for example.

That's the way I've interpreted it, I just replied to raise attention to the question again since I'm really not sure.
Votaire said to define your terms, but he stole it from Socrates.

For me "gap" occurs when a stock or index opens outside of the previous days range, either up or down.

The price point at close is settlement.

But I think people here use "gap" differently.

Just my thoughts.
Originally posted by neoikon

Good morning all. When people in this thread say "gap" what exactly are they referring to. For the most part, when I think "gap" I think of the gap created by the previous day's close (4:00/4:15 EST, etc). For example, I consider today's gap fill (using 4pm EST close) to be at 1346 (which we are currently on top of)

But, I feel like people use it a different way in this thread. Could someone help me? I'm sure it's a simple thing, just want to make sure I understand.

Thanks!
Daniel


Aside from normal gaps, ie. the previous close some traders "Gap" can also mean previous RTH High (PHigh) or Low (PLow). But they can ONLY be referred as gaps if today's RTH opened above PHigh or below PLow.
Eg, In today's O/N market, just before the 8:30 news, there was a PHigh "gap" that was eventually got filled.
Originally posted by TravelinTrader

For me "gap" occurs when a stock or index opens outside of the previous days range, either up or down.


Hmm, so you're defining it as an open outside the range and not necessarily above/below the settlement. Never heard of that definition. I need to see how often that happens.

For me, when we open above/below the previous day's settlement, there seems to be an attraction to return to that settlement the next day. I feel it is important to be aware of its location and almost abandon any o/n trend as the magnet of the gap fill tends to take over. Of course, I have a long list of rules and things to look for that help determine if the gap fill is less likely to happen or if there will be a long/short setup off the gap fill level itself.

Or if there is little or no gap (like today, only 3T), then that means certain things. Such as the PP has a tendency to be violated (doesn't act as strong sup/res). We are hitting the PP now... and it is failing... we shall see...

Daniel
Originally posted by leob
Aside from normal gaps, ie. the previous close some traders "Gap" can also mean previous RTH High (PHigh) or Low (PLow). But they can ONLY be referred as gaps if today's RTH opened above PHigh or below PLow.
Eg, In today's O/N market, just before the 8:30 news, there was a PHigh "gap" that was eventually got filled.


Ah, thanks for that. I will have to add that to my "things to watch" list.

Daniel
one for neoikon. I was playing around with your pivot retracements over the weekend and they are useful, here is EURUSD about 10min ago, respecting the stretch and 61.8 of pivot range. Very cool

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eur100