Potential long on Natural Gas
Natural Gas can provide us a long opportunity in the next 24-48 hours.
It is correcting the cycle in minor degree (grey) which started on aug-8th, the correction is making an ABC structure and we expect it will reach the 8.709 level before resuming the uptrend. Once the price is in the green area, what we call Inflexion Zone, we will be entering the market long to ride the 3rd wave.
Until the corrective wave 2 in Minor degree (grey) does not end, we can not provide the target level, as it will be 1.618 times the length of 1 starting at the end of 2 (which it has not ended yet)
If the trendline created by the end of last impulse and the end of b minute degree (red) is not respected this trade setup will be canceled
It is correcting the cycle in minor degree (grey) which started on aug-8th, the correction is making an ABC structure and we expect it will reach the 8.709 level before resuming the uptrend. Once the price is in the green area, what we call Inflexion Zone, we will be entering the market long to ride the 3rd wave.
Until the corrective wave 2 in Minor degree (grey) does not end, we can not provide the target level, as it will be 1.618 times the length of 1 starting at the end of 2 (which it has not ended yet)
If the trendline created by the end of last impulse and the end of b minute degree (red) is not respected this trade setup will be canceled
Comment:
Order cancelled:
This setup is cancelled because the trend line of the corrective cycle abc it has not been respected.
As this stage Natural gas has 2 options
1- Wave 2 in minor degree (grey) is completed and the price will resume the uptrend making higher highs. That will implies that the abc in minutte degree has been truncated and it will not reach the targeted level for the end of the correction.
2- The wave 2 (grey) is doing a double correction WXY in the minutte degree (red). If the price breaks below the las low ( 8.836 according to my broker, check if yours has the same value level ), Natural gas will be doing a double correction and a new potential trade setup will be created. (and we will pots it accordingly)
Bottom line, the trade setup is cancelled and we will create a new post if a new opportunity appears
This setup is cancelled because the trend line of the corrective cycle abc it has not been respected.
As this stage Natural gas has 2 options
1- Wave 2 in minor degree (grey) is completed and the price will resume the uptrend making higher highs. That will implies that the abc in minutte degree has been truncated and it will not reach the targeted level for the end of the correction.
2- The wave 2 (grey) is doing a double correction WXY in the minutte degree (red). If the price breaks below the las low ( 8.836 according to my broker, check if yours has the same value level ), Natural gas will be doing a double correction and a new potential trade setup will be created. (and we will pots it accordingly)
Bottom line, the trade setup is cancelled and we will create a new post if a new opportunity appears
Trading the Right Side team
All our links: bit.ly/m/TRS
NEW Free telegram channel: t.me/tradingtherightside
All our links: bit.ly/m/TRS
NEW Free telegram channel: t.me/tradingtherightside
We consider this trade as a short-term trade, which implies a slightly additional risk. Due to that, we recommend risking only 1% of your account capital in this trade instead of the 2% we risk in the swing trades.
Remember risk management is, at least, as important as the entry-level or the SL. Remember the quote “If you do not manage the risk, you will not have any risk to manage”
Have a safe and successful trading day
Tradingtherightside team