Thnx for the quick reply. Its well appreciated
Price is the best signal, follow the process one by one. Look at yesterday Daily candle, what the bias today, then look at the S/R line. Then move to 4 hr and 1 hr candle stick. Last and most important is the price and the time of the day.
Totally agree with bob.
Every time the market opens with a weekend gap, price always reverses to its previous point to fill that gap.
Am I right here or no?
Was anyone thinking of bullish trend looking at weekly or daily chart and then just saw the market drop all day on Monday?
Right and wrong. 
Gap, there is no gap. Gap is there because your broker had decided to switch on at a particular time. Say 5 am, when the market has already begun earlier than that, or some say the market never actually shuts and the gap is either the result of that delay or its because the weekend trading was not accounted for by your broker. ( which is which I am not sure but the gap is there because your trader cannot account for what happened in that time period where the price had moved from Friday closing to Monday opening. )
So what you are seeing as gap might not be there on other peoples charts. Tradestation does not have gaps in it.
Price will move to âcoverâ the gap is really a false way to look at it. There has been instances where prices went away from the gap and only came back to gap levels at the end of the week.
So there is no such thing as closing the gap.
If the gap was contra to prevelant bias, than yes, it will come back to normal levels. If it is in the direction of price bias, than no it will not come back.
So becareful on taking a trade hoping that it will cover gap. There was no gap in the first place.
this thread is amazingâŚreally simplifying some important conceptsâŚthank you âŚby the way you are extremely clear with your ddescriptionsâŚ
i promise there will be no messing about on this thread.
Ok, Got it. Thanks Nikita.
Yeah, didnât know how to say it. So, I called it gap as thats how I read it somewhere.
FXCM is what I use and it showed just a huge blue bar at opening of the market(because I have the option to hide weekend data)
I thought bias is bullish on AU but it filled that âgapâ all the way.
Hi Nikita I have a question, regarding the opening of the market, as you said it depends on the broker what time they are opening their trading hour, but as general most of them open at 22:00 PM GMT on Sunday which is Monday trading day. But if you see on Monday market also start new trading day at 22:00 PM GMT as usual which is for Tuesday, but the day start at 12:00 AM GMT. My question is which one I will take as market open is it 22:00 PM GMT or 12:00 AM GMT.
I am using FXCM at the moment.
Bias is bullish on the AU. The filling of the âgapâ was a good time to buy. The weekly candles need wicks to. So what you see as the gap closing is just the beginning of a new week. Price moved down to support or to fill the gap however you look at it and moved up. I see it going up a little then moving down off the high of the week to form the wick at the top of the weekly candle. Then consolidate going into the close of the week. Pretty typical market structure. I did trade that gap but price was at resistance and I expected price to go down so I shorted. It was a pretty big âgapâ so R:R was great to enter that trade.
This is one of the biggest debates I have researched. Honestly there is no correct answer here. 12 GMT is the start of a new day. 22 is the start of the banks day. The way I see it is the worlds rotation does not move markets. Unless the world was to stop spinning then it does not affect the market. Banks however do move markets so I tend to follow them. It also makes for good housekeeping on my charts IMO to be in sync with banks instead of a rock floating around in the solar system.
So many false signals for a short today!!!
Would have been up if I had banked in 20 pips on each entry.
But NNOOOOOOOOOO!
Had to hold for the mother load.
End up having to cover back losses and yet down by 3 over %!
Like I said on ICTâs thread. Days like this it pays to have a day job where I can not trade. Instead I get to sit back and watch the madness unfold. Could have made money going long, could have made money going short, but the probability of profits were slim unless you were nimble and quick. Good day for scalpers though
E/U bounced off support thatâs held 3 times. Inside bar reactions as you look through the times frames. Price action for dummies no? 
Good to hear that even experienced traders have these problems.
I was in a similar situation yesterday, and hated myself for it, but now I donât feel so bad.
I wonder how many other mentors admit to their mistakes publiclyâŚ
Had a trendline running there and it messed up the obvious! The same goes for Aussie Yen.
Its always much more clearer on hindsight.
I am happy with my loss now⌠My Guru also lost. So why I should earn?..
Thanks bob, love your explanation.
No trade so far this week.
hi nikitafx.
just wondering.
today on the gu and the eu. my price action was that it was a buy.
i cleaned up a few pips and then the market crashed in the gu .
do you think my judgement on the reading of bias on the gu was off.
or do you think the gu would read BUY TODAY for most price action traders. ?
and it was just one of those days.
Why is it that every-time after BAD retail US sales $ starts rising/bullish.
And after GOOD retail US sales $ starts falling/bearish.