As usual when I woke up around 6am this morning, I checked the chart and was excited to see EU to have gapped down. EU went down from its close at 1.5017 last week to this week’s opening of 1.4927, a 90 pip drop. I was in short position before I left my trade to fate over the weekend. Unfortunately during the low trading period after local midnight before the weekend, my stop loss of 1.5057 was hit when the price went to as high as 1.5062. Just my bad luck. Otherwise, the gap would have given me 130 pips.
To me, gaps are rare in this super liquid frorex market. When they happen, they are worth a mention here.
From there, after small retracement, the market moved sideways all Monday morning. I would use the gap channel as my resistance. Once it breaks the gap upward, I am going long.
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