I just remembered something, DIG gapped up, and
then backtracked into the gap, and rallied again, this is very
bullish, and I, personally have raised my stop to below the gap, if
it really wants to move, it should not take it anytime soon, also,
close to lower rim of the gap can be a low risk entry
point
The gap you refer to, yesterday's, was a
breakaway gap(gapped over a downtrend resistance
line) -- as I noted yesterday. Many other breakaway gaps were
made in energy stocks too, i.e.
CHK,
PBR. Significance - breakaway gapups usually
lead to a nice rally without the gap being filled first.
I stand corrected,
DIGdid fill its gap yesterday before quickly
taking off again, so it didn't make a breakaway gap but did make a
breakout from its downtrend. Today it gapped out of a
month-to-date rectangular base.
Trades are winning trades or losing trades precisely because of
price action. Therefore your preference for following price
action does not contradict the traders' aphorism to sell your
losers and let your winners run.
Posted by dallahoo on 21st of Aug 2008 at 01:26 pm
I was referring to your earlier post where it felt like I was
being lectured about the terminolgy of gaps that can be found in
every dime-a-dozen TA book
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jackson - see my response to
dig
Posted by matt on 20th of Aug 2008 at 10:08 pm
jackson - see my response to DIG below
DIG
Posted by googool on 20th of Aug 2008 at 11:05 pm
I just remembered something, DIG gapped up, and then backtracked into the gap, and rallied again, this is very bullish, and I, personally have raised my stop to below the gap, if it really wants to move, it should not take it anytime soon, also, close to lower rim of the gap can be a low risk entry point
DIG
Posted by martin on 21st of Aug 2008 at 09:31 am
The gap you refer to, yesterday's, was a breakaway gap(gapped over a downtrend resistance line) -- as I noted yesterday. Many other breakaway gaps were made in energy stocks too, i.e. CHK, PBR. Significance - breakaway gapups usually lead to a nice rally without the gap being filled first.
well this one got back
Posted by dallahoo on 21st of Aug 2008 at 09:43 am
well this one got back in the gap, look at 15 minute chart
I stand corrected, DIGdid fill
Posted by martin on 21st of Aug 2008 at 11:36 am
I stand corrected, DIGdid fill its gap yesterday before quickly taking off again, so it didn't make a breakaway gap but did make a breakout from its downtrend. Today it gapped out of a month-to-date rectangular base.
I 'rather make money by
Posted by dallahoo on 21st of Aug 2008 at 11:47 am
I 'rather make money by looking at price action, not prasing text book definitions
Trades are winning trades or
Posted by martin on 21st of Aug 2008 at 12:14 pm
Trades are winning trades or losing trades precisely because of price action. Therefore your preference for following price action does not contradict the traders' aphorism to sell your losers and let your winners run.
I was referring to your
Posted by dallahoo on 21st of Aug 2008 at 01:26 pm
I was referring to your earlier post where it felt like I was being lectured about the terminolgy of gaps that can be found in every dime-a-dozen TA book