Gap closing is just one of many chart patterns that has a very strong pull. A cup and handle is the same sort of thing. Nothing happens 100% of the time but if you play the odds I would say over 90% of gaps close. This doesnt mean you can buy at the gap. I am sure you have seen the unexplained trades that drop the pps by 80% for 1 trade. Those close gaps all the time.
I use gaps as pressure indicators. The .11 gap adds pressure. Not much since it's a tiny percentage of a gap. The .30 gap is stronger. Both could fill in the same day.
Charting is all about psychology of the people in the market. Charters like me know gaps close and can cause the self fulfilling prophecy.
I just use that to my advantage. My .115 but has been in line for weeks. If it closes I am a good candidate to be first in line if the gap does close.
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