A Traders daily plan 14

November 1, 2017

continuing from previous post in this series we have two setups now talked about in detail:

fading HOD/LOD in the direction of the trend and the "V" formation

today I will be speaking about daily over night gaps and their meaningfulness :

1.) Scan: evaluate weekly or daily trend - are we long/sideways/short
2.) Scan: evaluate pre market to determine a high probability of a daily condition:

a. Trend day (TD)
b. directional
c. sideways directional
          -fading HOD/LOD in the direction of the trend
          -"V"
d. sideways
e. sideways counter directional

f.gaps

gaps especially on highly liquid heavy instruments (indices and bonds - currencies do not have gaps due to their 24h open market trading times)have a high probability to be filled

if you look through the last few weeks you will find prices advancing on the index futures to new highs over night,a selloff at the open for 30-90 min-and than a further advance to new highs throughout the trading day

besides the elaborated on strategy of fading the lows with a 15 min double bottom it is prudent to check pre market levels for possible entry zones at gap close numbers

prior day closing prices are as such dominant levels and index synchronicity is to be watched carefully while prices retrace (in a bull market) towards those levels

meaning watch index pairs and don't expect these prior day closing levels to be precise when another index already reached such a level of interest

the following chart is an example of how to synchronize two indices and find a visual representation conducive  to such efforts

principle:  representation is psychology

the three black charts to the very left of the chart are daily charts of ES,NQ and the VIX

the larger picture of support and resistance are quickly acquired with a glance and give information on who the stronger index within the pair is

the two grey charts in the middle of the picture are daily charts of Es to the left and NQ to the right and provide a good pre market level on how the new session traded over night

followed to the right by two smaller charts in black on top of each other (ES on top and NQ on the bottom) which is a 390min chart representing one bar per day as the exact 6.5hours of the actual trading session from 9:30 to 16:00 eastern being the most valuable chart for gap close since it shows where price is trading in relation to yesterdays close

to the very right we have in the right top corner a 60 min chart where a whole week is at an easy glance to be aware of the larger levels of weekly s/r and also helpful zones for larger player entry zones

below that is two small charts representing 5 min volume charts of the ES(on top of) ,NQ

this would be one way of a quiet representation for gap fill entry zones to fade into the direction of the trend

![](https://steemitimages.com/DQmarAgnK8mv6sp8wAJjqj1TdAPYhVT3MnAc4uYe6rqj5n8/image.png)
(charts courtesy of TradeStation)

as always
feel free to ask any questions about this or prior posts and thank you for your time
@allthereisislove ... if you follow me-I follow you...

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