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Strategies & Market Trends : NetCurrents NTCS
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To: Chip McVickar who wrote (1344)10/23/2000 9:28:57 AM
From: Patrick Slevin  Read Replies (1) of 8925
 
Okay, this took awhile because nothing I have closed at 3257 on the 18th. But I finally isolated which chart we are looking at.

<a high of 3257.81 and the 19th open at 3330.20 >

Yes, a 72 point True Gap that still has not closed. The 19th also saw a True Gap on the SP which also has not closed, and from gap data made the day a high percentage choice to be pretty much straight up. Which it turned out to be.

Your observation about the Dow Chart is also correct, it was a Real Gap.

I pay closer attention to True Gaps than Real Gaps. It's an obvious hole in a chart when they do not close, and often I am able to devise a day trading strategy based on such a gap. True Gaps occur about 24% of the time on the SP so there is a lot of data to draw upon. Real Gaps happen almost every day, to me they are fairly useless unless it is a wide gap.
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