Viking83
Short

NatGas is not ready for joining the uptrend again just yet

OANDA:NATGASUSD   Natural Gas
266 10 5
2 months ago
I believe that Natural Gas             is in a strong corrective move upwards. It is trying to join the uptrend again. However, it has not completed its total correctional move yet and should re-visit the 2-area since it forgot to do so in its rush on the way up.
2 months ago
Comment: My personal belief is that winter is coming / in has little/nothing to do with the long term movements in price action. News can create short-term fluctuations in price, but price will revert to the pre-set trend.
2 months ago
Comment: I advice waiting before entering short after observing how price behaves @ 23 % FIB lvl. If price fails to make a higher high, I will enter short with stop right above 23 % FIB lvl.
2 months ago
Comment:
23.6 FIB lvl hit
2 months ago
Comment: Took 1 contract short position @ 23.6 lvl since it provides a potential very good entry.
2 months ago
Comment: Entered short december contract @ 3.135. SL @ 3.216 just in case we get a SL spike right above the 23.6 % lvl.
2 months ago
Comment: Got stopped out. NatGas hit the red line which is a gann resistance level. Look like an exhaustion candle. Will observe price-action during the rest of the day and consider re-enter
2 months ago
Comment: Price action is just too strong to advice on a short entry at this point. Sidelines is the place to be.
2 months ago
Comment:
NG resistance hit
2 months ago
Comment:
Neutral line resistance zone
2 months ago
Comment:
Trade active
2 months ago
Comment: Trade active
2 months ago
Comment: NatGas is clearly bullish continuation
2 months ago
Comment: sidelines is the only place to be with this price action
fshabani
2 months ago
i agree with not ready to go on a full uptrend but i dont see more downside revist 2.70s not more
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Viking83 PRO fshabani
2 months ago
@fshabani, Time and price action will show :)
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Viking83 PRO fshabani
2 months ago
@fshabani, If you see, I have set tight stop on the idea. But I believe we have seen A down, B up and we are ready for a wave C down. That wave is normally deeper than the A wave down. I do not see any significant reason for not re-visiting the 2-breakout area.
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jolu
2 months ago
i also think we will retest 2.92$ NATURALGAS FUTURE soon before going up again. it is winter! I took profit .. waiting for an entry
Reply
Viking83 PRO jolu
2 months ago
@jolu, What happened with price development last winter?
Reply
jolu Viking83
2 months ago
@Viking83, you are right , we were down from january to march but this is because we previously been in a very strong downtrend .. but this time we have full room to continur to rally ,it is just my opinion..

however i think now it is the time to take profit we moved up fast and we need a retracement , I took profit and I wait for a signal to reenter because week chart signal we only start to move up .

I appreciate your view! you were right on the timing of shorting 2 months ago, maybe will short for next days and see how it develops .. I want to be sure it is not too risky to short here though going long here is crazy
Reply
Viking83 PRO jolu
2 months ago
I agree that NatGas is in bullmarket. And sidelines should be a safer spot to be than short. Remember, normally a C wave down consist of 5 waves where 2 of them are up. So even if it corrects down it will make you doubt your position etc. So, giving it time from the sidelines will be a good alternative as well. But being long here is very risky at least.
Reply
jolu Viking83
2 months ago
@Viking83, thank you for sharing , I understand you choose to go short with tight stop loss, right?
you are already in or you open tomorrow..
Reply
Viking83 PRO jolu
2 months ago
@jolu, I will wait for observing price action first. I will look for that 23 % FIB ratio. I have a suspicion it want to tag that level before turning. I don't like to get stopped out, so I will wait for the 2nd day when price not manages to make a higher high. And when I suspect that price action will revert, I will enter short with stop above the 23 % lvl.
Reply
jolu Viking83
2 months ago
@Viking83, big movement up ! and considerable gap ..
still on sidelines .. hope i am not missing the breakout
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