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10-16-2006, 01:24 AM
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Gaps Acts As Pivots
Gap fills can act pivots. It's always a good level to exit a portion of your position. In this chart example, the gap fill acted as a pivot and price declined for 20-25 points.
Not all gap fills will act this way but the probability is 60%+. (trading buddy stats... not mine) Whenever I fade the opening looking for a gap fill, I like to scale out at half a gap fill and the actual gap fill.
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