Something I would like to contribute... and I'll start by saying that although there are no actual gaps I agree that there may be something in it simply because lots of people trade it.
If you want to see the price action that occurred during the "gap" get yourself a demo account with Oanda, and I think someone else pointed out the web page with live quotes. I have attached a chart (hopefully it works) on which the vertical yellow line represents the start of trading with my USA based MT4 broker. This is actually 12pm on Monday in New Zealand where I am. You can see things actually kicked off at 7am. New Zealand Daylight Time (NZDT) is currently GMT+13 with daylight savings in place at the moment. The only reason it is Sunday in the USA is because the rest of the world is so far ahead of you! *runs for cover* LOL.
I hope some of you find this useful. Thanks for this thread it looks promising.
The gap is created by our broker with the trades from friday close not sure how but they are there ...23 bankable pips today but didnt trade it as icouldnt nurse it today first time ever.........trend has no relevance with a gap trade weekly or monthly support or resistance has no relevance either ,only its the start of a new candle and a ideal entry for the week,sometimes.yes 3 entries u want to trade at $100 a pip i would open the first one $30,$30 then $40.. ... cheers will post my trade when we hav a good 50+ trade..
The gap is created by our broker with the trades from friday close not sure how but they are there ...23 bankable pips today but didnt trade it as icouldnt nurse it today first time ever.........trend has no relevance with a gap trade weekly or monthly support or resistance has no relevance either ,only its the start of a new candle and a ideal entry for the week,sometimes.yes 3 entries u want to trade at $100 a pip i would open the first one $30,$30 then $40.. ... cheers will post my trade when we hav a good 50+ trade..
Ignored
A couple of questions. Do you enter immediately at the start of trading, and what is your stop loss. Do you have a fixed TP of 50 pips.
Thanks, I've just started looking at the Sunday Gap
now that we can be certain the insitutional traders will be back at thier stations this week. lets see if the probabilty of success increases with this approtch.....
have a good one!
if i used every commercial EA i would be a brazilianare by next week!!!!
Don't you pay a large spread for each trade when opening a trade at this hour of the day?
Most of the brokers widen their spreads at these hours (between 22GMT to 5GMT).
Don't you pay a large spread for each trade when opening a trade at this hour of the day?
Most of the brokers widen their spreads at these hours (between 22GMT to 5GMT).
Ignored
yeah, but some criminals also have fixed spreads too!
if i used every commercial EA i would be a brazilianare by next week!!!!
Your SLs work during weekends? I say this because the only time I try to use gap trading SL didn't work and the trade was closed at opening price of Sunday, if the response is yes, in what broker?
Your SLs work during weekends? I say this because the only time I try to use gap trading SL didn't work and the trade was closed at opening price of Sunday, if the response is yes, in what broker?
Ignored
i would never try to open a trade over the W/E, seldom do i have a trade left over the weekend.
i dont know what your thoughts are but i can think of why to be honest.
if i used every commercial EA i would be a brazilianare by next week!!!!
Joined Jul 2007
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Status: 33 y/o Investor/Trader/Programmer
|5,016 Posts
The thing I've noticed about gaps, especially large 100 pip + gaps, is you can pretty much trade the fibo retracements within the gap. .
I've also noticed, that once the price goes about halfway in a gap, if it doesn't plow through and complete the gap, it will be a very long time until it does.
Overall gap trading I find too unpredictable to generate a system off of, it's similar to using psych points, or candle patterns--It's something to know about, but not something to base your livelihood on. I have yet to see anything on this thread which alters my view.
