There have been two upward gaps in the market recently, and there have been three upward gaps in a row in Qianyuan Power, Ding Xu is pondering the significance of these gaps today, and it just so happens that Mr. Du Yucheng came to give him popular science.

Ding Xu was in good spirits, and hurriedly listened attentively and remembered.

"You remember, there are four types of notches, normal, breakthrough, relay, and exhaustion. The gap of the Shanghai Composite Index on November 1o, which rose by more than 7%, is a large yang, which is a breakthrough gap, which is the most important gap. ”

Du Yucheng added, "As you said, this is the flag of the bulls, which must not be filled, otherwise once the flag falls, it will usher in a situation of more kills, and the bears will also fight back wildly, and the bulls will be defeated, and 1664 points will also be broken." ”

"Yes, according to my understanding, this is like fighting a war in ancient times, no matter what, the standard-bearer is the most important, as long as the military flag does not fall, the army's heart will not be chaotic. And as soon as the military flag falls, if you don't want the enemy to kill you, you will fall apart and trample on each other. Ding Xu nodded and replied.

"Yesterday's gap, although a large number of it was released, but it rose and fell, and the positive line entity was too small, I don't think it was a breakthrough gap, it could only be regarded as a relay gap, and it was only the second gap, so it was not very important to make up for it in the short term."

Du Yucheng called up the K-line chart of the Shanghai Index, pointed to the gap and said, "The key is that you can't force a short rise like this next week, and there can't be a third gap with a large amount of sky, otherwise it is likely to be a depletion gap!" ”

Ding Xu didn't seem to understand, and then, under the guidance of Teacher Du. He just made up for the class. I figured out the types of gaps that I had neglected in the past.

Generally speaking. There are four types of gaps: ordinary gaps, breakthrough gaps, relay gaps, and exhaustion gaps.

Ordinary notches generally appear in areas where transactions are frequent, such as the box finishing stage. Although there was a gap, the gap was quickly filled, and the stock price did not deviate from the original consolidation pattern, and the short-term trend was still an intraday situation. This kind of gap is easy to be closed, and it does not mean which side has taken the initiative in the long-short battle, and it is of little technical significance in the short term. However, it is still meaningful for medium- and long-term technical analysis, because it means that the long-short duel has entered a white heat, and its trend needs to be closely watched.

A breakout gap is a gap on the K-line chart, where the stock price rises or falls with a gap, and leaves the consolidation situation, which means that the real breakthrough has been formed and the market will follow the direction indicated by the gap. If the stock price gaps and rises, the original consolidation area will become a support area, and there will be a period of upward movement; If the stock price gaps down, the original consolidation area becomes the resistance area. There will be a period of decline.

Usually, the K-line that leads to the breakthrough of the gap is a long black or long white candle that symbolizes the strong power of bulls and bears. It shows that the strength of one side is stretched to its fullest extent, and the other side is unconditionally defeated.

At the same time, the gap also shows the effectiveness of the breakout, and the larger the breakout gap, the stronger the implying future movement.

To judge whether it is a breakthrough gap, the key is to see whether there is a consolidation and other patterns behind it as a foil when the gap is generated. Second, it depends on whether the volume of the day when the gap is generated and in the next few days can continue to expand.

If so, it can be preliminarily judged to be a breakthrough gap, and there is a high probability that the gap will not be filled in the near future. If the trading volume before the gap is large, the trading volume does not expand after the breakthrough, or even decreases with the fluctuation of the stock price, it means that there is no major change of hands after the breakthrough. After a period of market changes, due to reasons such as profit-taking, the undertaking force is not strong, and there is a high probability that it will turn back to fill the gap.

Of course, unlike the upside breakout gap, if it is a down-type breakout gap, it may not necessarily have a large volume, but it is still valid.

Speaking of which, Du Yucheng summed up the significance of this gap: "After the breakthrough gap occurs, it means that the market will run in the direction of the gap for a period of time. Therefore, when we determine that the upward gap is a breakthrough nature, we should hold the stock in order to obtain more profits. Once it is determined that the downside gap is a breakout nature, you should sell the stock quickly and go short on the backhand. ”

As for the relay gap, it is also known as the midway gap, escape gap, measurement gap, etc. As the name suggests, the emergence of such a gap is that the market has reached the halfway point. After this gap is generated, the market will increase and will not be filled in the short term.

The relay gap has two characteristics, one is that it appears far away from the previous consolidation pattern, and on the day of the gap, there must be a large volume to match. The second is that it usually appears in a long unilateral upward trend, and after the gap appears in the middle of the way, the stock price will rise, showing a brisk upward trend.

"As for the exhaustion gap, also known as the exhaustion gap or exhaustion gap, it usually occurs at the end of a medium- to long-term uptrend or downtrend. The day or day after the exhaustion gap is usually accompanied by a large volume and a sharp movement in the stock price. ”

Du Yucheng explained, "To put it simply, the meaning of this gap is that this kind of gap appears in the rising market, indicating that the rising market is coming to an end, sell!" If it appears in a falling market, it indicates that the decline is nearing the end and will enter the consolidation or reversal phase, buy! ”

According to Mr. Du, to judge the exhaustion gap in the rising market, we should first consider whether the trading volume at that time was particularly large. If it can be predicted that there is unlikely to be a larger volume in the future for a period of time, it can be preliminarily judged that the gap is a depletion gap. However, if it can be combined with other technical analysis methods such as candlestick patterns to conduct comprehensive technical analysis, the accuracy of its judgment will be greatly increased.

The deficit is usually filled within a few days.

After the exhaustion gap occurs, it usually means the emergence of a phased big top, so investors should immediately clear their positions after determining the nature of the exhaustion gap.

"If there is a intraday reversal in the market the next day after the gap appears and the closing price stops at the edge of the gap, it is even more certain that the gap has been exhausted. In the same way, there is a downward gap before the end of the downward market, and the trading volume shrinks, and this gap is also a depletion gap. Du Yucheng explained, while pulling out the K-line chart of the Shanghai Index, and said, "Come, let's take a look at the gap in the first two years." ”

On August 8, 2oo5, the Shanghai Composite Index closed a small gap of three points in the area of 1129-1131, which was not filled for a week. On August 19, the Shanghai Composite Index fell again to 1132 points above the gap, and then retracted, confirming that the support at the gap was valid, and then rose all the way above 12oo points.

Since the market has just come out of the bear market, the people are not aligned, and the market index has also been more repeated, and finally made up for this gap at the end of January 2oo5, and then fell, falling to a minimum of 1o67 points.

After that, under the impetus of various positive news issued by the high-level, the market rose again, and on December 26, it jumped up again, closing a small gap of 1144-1145.

Although there is only one point of gap, this gap is unusually tenacious, and it has been stored for three years and has not yet been filled.

"I once told the students in a lecture that this one point gap is like a jack, forcing the market to top a big bull market." Du Yucheng pointed to the K-line on the computer screen and smiled.

After that, the market continued to have gaps, both up and down. For example, on February 6, May 8, July 5, January 9, November 2o, and December 18, 2oo6, there were 6 gaps, of which 5 were upward gaps, which were not filled before 2oo8.

Only the small gap of 17O2-17O3 on July 5 was filled, and then the Shanghai Composite Index fell to 1541 points before returning to the upside.

In 2oo7, the market rose and began to fluctuate sharply, so there were more upward and downward relay gaps. Since the market is mainly unilateral, the downward gap is quickly filled; Most of the upward gaps belong to the relay gap, some have been filled, and some have not been filled, such as the gap between 126o-1263 points closed on January 22, February 7, and February 15, 2oo7, which has not been filled so far.

"Most of these later gaps belong to relay gaps. Whether it is made up or not will only affect the local area, and will not affect the overall situation of the big bull market. Some short-priced stockholders, firmly believing in the so-called 'gap must be filled', have been waiting for the gap to be filled since the gap on December 26, 2oo5, just like the gap on August 8, 2oo5. ”

When Du Yucheng said this, he couldn't help sighing, "But to their disappointment, the market is rising higher and higher, and there are more and more gaps, but they have never been willing to make up for it." When it was five or six thousand points, they finally gave up the theory that the gap must be filled, and chased it in a high position, so they were also trapped. I don't know who understood the theory that the gap must be filled, and harmed a group of people. This is the disadvantage of not being proficient in learning, when a bucket and a half of water is sometimes worse than being a stock blind. ”

"I feel that this is the big disadvantage of entering a bull market and still sticking to the bear market mentality. In a bear market, the upward gap is indeed filled quickly, but the downward gap is easy to not be filled for a long time. ”

Ding Xu replied, "In a bull market, it is common for the upward gap not to be filled for several years. Therefore, you must not let your thinking be rigid when trading stocks, and you must figure out what market you are in. It is a bull market, so you must use the bull market thinking to speculate on stocks. It is a bear market, and it must be operated with a bear market mentality. ”

"Well, you're right." Du Yucheng nodded.

"Mr. Du, the classification method of the four gaps I just mentioned seems to be a bit complicated, and I still can't tell the difference." Ding Xu asked, "Is there a simple classification?" ”

"Yes, you remember two things. Both the normal gap and the exhaustion gap will be closed for a few days, and the breakout gap and relay gap will not be closed for a period of time. The second is that the exhaustion gap and the relay gap are generally accompanied by fast and sharp price rises and falls, but the trading volume of the exhaustion gap is much larger than that of the relay gap. Du Yucheng said with a smile.

Ding Xu thought about it, and immediately understood the essentials of distinguishing, and said gratefully: "Thank you, Mr. Du, please help me take a look at the stock of Qianyuan Power again, three gaps in a row, what do you think will happen in the future?" (To be continued!)

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