Hi Slick, cheers for the input. I just wanted to get your...

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Stevious1

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19/02/24

14:13

Post #: 72484551
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Originally posted by slick: ↑

Ok a genuine question was asked and I'll answer it to the best of my knowledge. But I can get into a fight just by turning on HC so don't want to get into the middle of anything here.

Ok, lets deal with the facts first and then talk about the theory.

On the 9/01/23 the SP closed at .024 and opened the next session at .026 leaving a small breakaway gap. On the 31/01/24 the SP closed at .05, opened the next day at .047 and traded to .049 but never tagged .05 so technically there's a wee gap there. And recently on the 8/02/24 the SP closed at .046 and opened at .038 leaving a large window to close.

So that's where they are but what does it all mean moving forward??

Well in my opinion not much as I think taking a look at the chart you have more important fish to fry. Look gaps are simply just another tool that TA enthusiasts can use to identify the health of a chart in regards to weaknesses/strengths and SP momentums. Gaps are NOT the Holy Grail. And No, gaps do not need to fill but yes often do in the course of trading. But seriously, if a gap closes, it's due to other reasons, not just because there was a gap there.
All just my opinion.

While I'm here and you haven't fallen asleep yet, I see by the red dots on the daily that you have been bombarded by announcements and I'll bet my bottom dollar that they will refer to a CR. But regardless of that, Fridays candle of buying is of no surprise as I have my RSI settings (oversold / overbought) on very tough setting and yet RSI fell well below then meaning that is was way oversold. (circled).

I can't add much more as the chart will need to settle for a few sessions while the dust settles but I'd be thinking that you may see a week of sideways action.

All the best with it.

Cheers.

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Hi Slick, cheers for the input. I just wanted to get your opinion, do you consider an open 1 pip above the previous close a gap? I personally don't as there has not been a price point that has been skipped, even if technically it is, I don't think they are worth paying attention to. Having said that, I personally consider the gap between .05 and .049 closed.

"On the 9/01/23 the SP closed at .024 and opened the next session at .026 leaving a small breakaway gap"
Looking at the chart there is a candle in between at .025 that you might have overlooked?

I personally believe these are the only (worthy) gaps on the chart as it currently stands

Not trying to pick a fight as I'm sure you know from our other interactions. Just curious on your thoughts on this.
Cheers

BLG Price at posting: 3.3¢ Sentiment: None Disclosure: Held
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