Another Down Gap

By Lawrence

Notice NQ has not gap down to previous day low area and ES gap down and traded to a lower low already.

Previous day low is important for ES to hold from this point onward if it wants to stage a rally in the morning.

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Comments
  • Lawrence Chan October 27, 2010 at 10:30 am

    NQ tested previous day high and failed to take it out from below.

  • Lawrence Chan October 27, 2010 at 11:08 am

    There is an open gap on ES below 64 area. The previous day low zone is very important because it is the weekly PP as well.

    • smilingsynic October 27, 2010 at 8:30 pm

      The closest gap I have to 64 is 1134.25.

      Hey, my first comment here. 🙂

      • Lawrence Chan October 28, 2010 at 11:34 am

        Thanks.

        The gap I have is 62.5 to 64 4 pm close basis.

  • moneymonkey October 27, 2010 at 11:12 am

    ES breaking S2 could fill downside gap.

  • Lawrence Chan October 27, 2010 at 11:16 am

    NQ trying to hold its OR

  • moneymonkey October 27, 2010 at 1:57 pm

    Holding S2 went long at 1171 cut at 1170.

  • moneymonkey October 27, 2010 at 2:02 pm

    Re-enter long at 1170.5 now adjust stop at 1169.75, 1st target 1176.5.

  • moneymonkey October 27, 2010 at 2:08 pm

    Adjust stop to breakeven at 1170.5

  • moneymonkey October 27, 2010 at 3:28 pm

    Target reached. Test of OR high and S1.

    Looks like ES is not going to tag pivot today.

  • moneymonkey October 27, 2010 at 3:59 pm

    Guess I am wrong.

    Pivot tagged.

    Fill upside gap next?

  • Lawrence Chan October 27, 2010 at 4:47 pm

    The key is that NQ has been holding ORL and that price is also the previous week high. That means NQ is in the expansion process on weekly basis.