Today's Chart (posted with each Gap Wrap)
"Today's Chart" shows the daily price action using a 5 minute chart and an illustration of my gap trade for that day.
This chart is created by Otis, my gap system. Since I manually execute my trades, this chart may not reflect my exact results due to fill prices and the fact that, on occasion, I will scale out of a position. The chart shown is for purely illustrative purposes. For my exact results, be sure to read the commentary below each chart.
Green line = prior day HIGH
Solid White line = today's OPEN price, dotted = prior day open (note: these are based upon the 9:25 EST price so they differ slightly from actual open)
Blue line = prior day CLOSE
Red line = prior day LOW
Purple line = 600 SMA (simple moving average) for the 5 minute chart. This is equivalent to the 200 SMA on a 15 min chart and the 50 SMA on a 60 min chart.
The Green/Red candlestick colors are created using 6 period Heikin-Ashi paint bars. Heikin-Ashi paint bars simply show a visual representation of a change of direction in the 6 period moving average for the 5 minute chart. They do not factor directly into my gap trades, but they are helpful for removing some of the emotion inherent to candlestick colors.