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GAS Testing Support Level - Long Order

Long
OANDA:NATGASUSD   CFDs on Natural Gas
GAS Testing Support Level - Long Position

Entry: $2.566
TP & RR: $2.673 (2.49)
Stop Loss: $2.523

REASONS FOR THE TRADE

This looks a lot like the infamous "market maker method", so I am expecting the price to continue trending down even below my entry zone. The logical question is then why are we opening a long trade? Well, if this support holds and I believe it will, even for a short bounce, then the RR is pretty decent if the price reaches the upper trendline. We can then open a short order with a SL just above it.

My SL here is very tight and I do warn you that you may get stopped, so adjust it accordingly. I will use slightly less than my traditional trading size, thus limiting my loss, and be able to re-enter again if the setup turns out to be valid.
Comment: Unfortunately, we didn't get a fill on this order (missing it by 2 cents), otherwise, this would have been a great trade with close to 5R.

To be honest, the level from which the price bounced up makes more sense now, since it's a 0.618 Fib Retracement. This means that price should continue trending up. I will post this as a new idea so that it doesn't get mixed up with this one.

Order cancelled: Canceling the trade and we will look for a new entry.
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Comments

Very helpful! Thanks a lot!
What do you think about my analysis:
Reply
Quant_ VasilyPonomarev
@VasilyPonomarev, a pretty smart way to advertise your profile 😄 I highly doubt that you are genuinely asking for my opinion about the analysis.

Anyway, thanks for stopping by and for the rest of the people reading the comment section, yes, this aligns with what I mentioned above.
Reply
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