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Todays gap

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Not applicable
Hi guys, now that we have traded below the open price, is it time to go short or do we wait? What would confirm the entry?
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21 REPLIES 21
john_1
Super Contributor
your research.. what does it tell you?
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JohnnyCash
Super Contributor
Ive got 18850 as very serious support with several older Fibs conforming around that point (all on the ALSI 5min). Yesterday's 50% retrace, the 9th 38.2% and the 7th Jan (yes Jan) 38.2% retrace. So today I'll short only round 18830 with a stop at 18890. Can still yield 200+ points.
FTSE however is prolly going to make us close the gap above 18980 from the 11th.
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Not applicable
If I knew what to look for, I wouldn't be asking.......
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john_1
Super Contributor
would you you buy a R20 000 TV without doing your homework..go and find that out for yourself...its called risk and reward.
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JohnnyCash
Super Contributor
John, hurting from yesterday?
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Not applicable
I wouldnt John, ive opened up a simulated account and still trying to learn. Thanks for your inut thou
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john_1
Super Contributor
I am not trying to be hard ass..but a gap trade is a counter trend trade..which means you have to believe in what and why you are doing it or else you will never profit from it as you will be jumpy and emotional..trust me I know. So unless you read think research and understand the set up you are waisting your time..
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JohnnyCash
Super Contributor
Hey John, are you not one of the few who actually got a direct line of communication to C and grabbing all you can of whats working for him?
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john_1
Super Contributor
No.. I have put in the hours and I have put in the research.. but I am a firm believer in mentoring as the way we all learn..So if I am stuggling with a set up or a block the fastest way to overcome that is to find somebody who has overcome that problem and watch how they do it... Chartist has mentored me through this forum. I have others though..I am in constant contact with some of SA best traders..If you want to be the best learn from the best.
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john_1
Super Contributor
try going short below 850
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john_1
Super Contributor
There are a lot of people hurting out there this morning.. and a lot emotion arround all perfect set ups for a violent gap play.
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asylum
Super Contributor
well maybe thats whay pafko is trying to do by asking the question, is to learn from the best, chartist where are you, lol
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john_1
Super Contributor
LOL..sure point taken..but still you have to do the homework..what percentage of upside gaps have closed in the last 3 months?
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john_1
Super Contributor
on the same day!
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Not applicable
What is up with todays alsi fututres, no movement whatsoever. No room for scalping even
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john_1
Super Contributor
The market seems evenly balanced...the longs who got out jail last night are selling into strength and the shorts who got hurt last night are buying to get out.. who ever settles first we move in the other dirrection...OMO
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SimonPB
Valued Contributor
john makes a good point .. somebody can tell you, but you won;t traust that, hence you will enter late and exit early and loose money .. but if you research and work it out yourself then you'l trust and profit ..
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john_1
Super Contributor
I recon we break up..despite the gap. Chartist this is for you.
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Not applicable
That's very romantic, John...
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