look for a gap close

[#1]

the retracement on the ftse has completed to the sweet spot...so we may see a gap ..or attempted gap close

[john_1]

looks Like the market is stuck between a rock and a hard place.

[#3]

no we are on our way!!!

[_nova]

I agree with Chartist. There's big psychology at work here, and boy oh boy what a nice short coming up once this gap closes!

[_nova]

b ut of course... I'll wait for the DOW futures to play out first if we go sideways or up

[john_1]

this is one time it pays not to be watching the overseas markets.

[_nova]

how so John?

[john_1]

Because a gap either works or is does not.. so if you get the trigger you go and if it fails you get out...stuff what others are doing.

[#9]

err John I totally disagree with you...

[venice]

Sorry to interupt your topic. Just so I'm on the same page, are you saying that often a gap up or down will get closed in a high percentage of cases?? . I would like to learn this strategy, so if you don't mind would either Chartist or John explain this or direct me to a reference please. Would this be a 30 or 60 minute gap strategy?

[john_1]

Go do your research then come back and ask the questions from a position of at least trying to understand on your own, it will make all the diffrence in the end.

[#12]

There is just to much bad news out there for these gaps to close right now !!!

[_nova]

the way things are going right now I'm not sure any gap is going to close. The FTSE is tendering right on the 5000 brink and DOW futures over 100 down despite the biggest drop since 911. Like I said earlier it's the Bear Raiders and not just the bears who are now in control. And news around AIG et al is not helping the picture. Also disclosures by Asion banks of possibly bigger exposure to Lehman than previously assumed

[#14]

Hey nova where did you get out with WEZ ?

[_nova]

Hi Hennie, nope, no out for me, I'm just averaging down some to stay with the price. This was always a long term for me and now I'm getting it at bargain basement prices at a level that leaves me very comfortable going towards 2011

[john_1]

there is only one thing more powerful than a gap close and thats a gap failure, when the market tries and fails, as it did this morning.. just look at the drop.

[_nova]

oi vey, there goes 5000 on the FTSE.

[_nova]

WOW man, this is really something. The FTSE, DAX and DOW (and of course insignificant little us on the TOP40) are all down below significant psychological levels, all within a 24h00 period. If this isn't ominous then I don't know what is?

[john_1]

we are going to bounce on the us open me thinks.

[john_1]

its to early to tell but I think we just got our reversal