Oct 19, 2021 Natural Gas Larry Williams Update
In reading Larry Williams book, one thing that he says is the average person puts their stops way too close and therefore don't ever achieve the greatest returns because they get stopped out. One of my issues for sure was that in my previous trading - so to fix that I put my stops pretty far away, at least I think so. I also have to be realistic as i am NOT a millionaire so putting my stops sooooo far away where I would lose 500 bucks or something is not an option for me. Anyway, you can see from the chart that I put my stop at 5, which yesterday I was stopped out at losing money from my Buy order put in at 6.
As you can see on the Weekly chart, price action has crossed below my 35HMA which is a warning sign that price action could continue to go down. However, considering the winter that is coming where heating demand will go up, I feel that this price action is only a dip because of the mild weather we are having currently.
My next order (I think anyway) will be a Buy order put in at 5, or around 5. I will monitor price action to see how much more price falls below 5 this week. If it falls this week down to 4.8 or 4.6, I will buy somewhere down there. Otherwise, I will monitor for a price action spike upwards over the next 3 days and worst case, put in a Buy order at 5. As the colder weather comes over the next month and certainly 2 months I can see price action returning above 6.
As you can see on the Weekly chart, price action has crossed below my 35HMA which is a warning sign that price action could continue to go down. However, considering the winter that is coming where heating demand will go up, I feel that this price action is only a dip because of the mild weather we are having currently.
My next order (I think anyway) will be a Buy order put in at 5, or around 5. I will monitor price action to see how much more price falls below 5 this week. If it falls this week down to 4.8 or 4.6, I will buy somewhere down there. Otherwise, I will monitor for a price action spike upwards over the next 3 days and worst case, put in a Buy order at 5. As the colder weather comes over the next month and certainly 2 months I can see price action returning above 6.