Viking83
Short

NatGas is not ready for joining the uptrend again just yet

OANDA:NATGASUSD   Natural Gas
269 10 6
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.
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.
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.
Comment:
23.6 FIB lvl hit
Comment: Took 1 contract short position @ 23.6 lvl since it provides a potential very good entry.
Comment: Entered short december contract @ 3.135. SL @ 3.216 just in case we get a SL spike right above the 23.6 % lvl.
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
Comment: Price action is just too strong to advice on a short entry at this point. Sidelines is the place to be.
Comment:
NG resistance hit
Comment:
Neutral line resistance zone
Comment:
Trade active
Comment: Trade active
Comment: NatGas is clearly bullish continuation
Comment: sidelines is the only place to be with this price action
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
@jolu, What happened with price development last winter?
Reply
jolu Viking83
@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
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
@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
@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
@Viking83, big movement up ! and considerable gap ..
still on sidelines .. hope i am not missing the breakout
Reply
i agree with not ready to go on a full uptrend but i dont see more downside revist 2.70s not more
Reply
@fshabani, Time and price action will show :)
Reply
@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.
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out