Historically I have struggled with these big gaps overnight and then a continuation move for the rest of the day without any retracement…
I have gotten to where I, at least, don’t fight it all day… but still not participating. Over the years, I’ve seen so many gaps fade that it’s tough for me to “trust” the move…
Any comments would be appreciated.
Have a great day!
Always ask two questions
1- where has the market come from? The Qs have rallied from a low of 43.68 to 46.38 as I type this.
2- where does the market have the potential to go before it is likely to encounter a source of supply that might act as resistance? The high on April 4 and April 7 was right near 46.40 and there were sellers in that area once before, will they be there again?
The market has expended quite a bit of energy getting to where it will open this morning and chasing prices doesn’t seem to make sense. Keep and eye on the 0ne-minute chart for entry levels or just stand aside.
It is better being on the sidelines and wishing you were in than it is to be in and wishing you were on the sidelines.