ATTN: PLAYING morning gap up ???

Discussion in 'Trading' started by xtrader, Apr 2, 2004.

  1. xtrader


    Will there be any entry opportunities at the open?

    FADE - no way
    GET LONG - at these prices?

    BUY ON DIP - will there be a signifigant dip in the AM?

    What is a trader to do?
  2. do nothing

    i want to short everything but i won't do it. its to hard to go long here.
  3. xtrader


  4. this is really looking like a great short.
  5. The ole Gap-n-Crap trading plan is working well
  6. dbphoenix


    How are you defining GnC?
  7. Big gap up and drift lower. Wait 3 candles to confirm, then take a short and pivot on down. So far today it's been good for 5 ES per contract
  8. dbphoenix


    How is that different from any other large gap? I understood that a GnC occurred during a gap in the opposite direction of the previous day's trend, e.g., a gap below yesterday's low.
  9. Now this ought to be an interesting "discussion".
    Go get em' DB!!!

  10. A gap-n-crap opens at the high and just starts deteriorating. Take a short, set your stop at the high and ratchet it down as each lower pivot high forms.

    Eventually you'll get a higher pivot low - usually meaning the end of the run. Exit and wait for a new signal.

    Today I shorted ES at 1142 andcovered at 1137 - 5 pts per contract

    Also the ES came right down to the 50sma. Not part of my daytrading plan but worth mentioning since that 50 seems to be a magnet/bounce-off point
    #10     Apr 2, 2004