PRO-GAP Tutorial Today is Monday and GBPAUD formed a PRO-GAP Definition of pro gap is: the gaps' direction is the opposite of the last candle's direction. We can see Last Friday's closing price was 1.6793 and this morning's opening price was 1.6849 which means all the sellers who sold in the last candle were trapped.
Therefore a good trading plan was developed: wait for price to pull back and buy it actually pulled back into the last candle's opening price. and it is also a 0.618 level. Buy from 1.6814, SL 1.6790 and the result is almost 7 times Reward/Risk Ratio
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I hope you guys can learn from this tutorial and identify the PRO-GAPS and trade
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i made a mandarin version as well in cn.tradingview.com it is a bit troublesome for me coz i need to published two times
well it still doesn't explain Xauusd gap that still hasn't been filled till now :D
lyl89
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Thanks for sharing! May I ask how is the TP determined?
Walentine
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I'm done now to laugh .... :)
Olga18
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You're the best, Jack! Thank you.
simhendi
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Many thanks
fx_oanda_trader
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Really good, i need to backtest it , it should be easy task. I will share my results if anyone cares.
sumastardon
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@fx_oanda_trader, So did you ever get round to back testing Progaps?
fx_oanda_trader
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@sumastardon, Hi thanks for reminding me, i totally forgot about that. I'm not sure i can share here since i'm gonna do it on ctrader or metatrader not with the pine language. Anyway i'm gonna do it right away.