I have always said that if reading goat entrails works for you then do it, regardless of whether you can understand or explain it.
That applies to your 5 min gap theory.
I have great respect for gaps on a daily basis and even have some charting software to reveal it.
Since most cash markets are closed 2/3rds of the day. They can reopen with gaps because of news or sentiment and people can be trapped in losing positions. You can understand the reluctance to exit losing positions and attempts by big boys to manipulate back to break even.
We know that gaps on a 1 min or 2 min chart won't always show on 5 min charts, and gaps on 5 min charts won't necessarily show on a 10 min, 30 min or 1 hour chart etc.
In fact on a 5 min chart you could change the change-overs to 2-7-12-17 mins etc and produce different gaps.
So, I don't see the logic in short term gaps BUT if it works then it works.
Tell me what I'm missing, if you understand.
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