ATTN: PLAYING morning gap up ???

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?

 

do nothing

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

 

damn...

 

this is really looking like a great short.

 

The ole Gap-n-Crap trading plan is working well

 

How are you defining GnC?

 

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

 

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.

 

Now this ought to be an interesting "discussion".
Go get em' DB!!!

 

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