So today there is a pullback on most commodities as everything went through the roof last week.
I almost put another Sell Order in at 5 early this morning, but I didn't - cold feet I guess being Monday. So I still have my order in at 4.5 and I will probably take a loss on it this week. Not sure if price will actually get back down to 4.5 anytime in the near future.
Russia looks like its not going to stop this war anytime soon. Biden is still thinking Oil Sanctions against Russia.
With these 2 'facts', who knows what's going to happen over the next 2-3 months. What I can guess is that there is more of a chance NG will go up then down. So the faster I get out of my losing position the better. I am closely monitoring for when price action looks like it might reverse. If I can get out at 4.7 or 4.8 I will take it. It will be a small loss but better that then lose my shirt.
There are other opportunities and I will post and keep you updated.
Heiko
Trade closed manually
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So I took the close at 4.8 just to get out of this trade. It's a little below that now but I decided to take the small loss as I took those 2 trades with Wheat and Corn.
Sometimes you lose - this one I lost. Sucks but it is what it is - onto making money again :-)
@HEIKOTradingSystem - price is coming down .. do you think its NG would bounce from here given the whether condition in US.. its already spring contract right
HEIKOTradingSystem
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@kpyogendran, Yes it is spring contract - if price bounces up I don't think it will be weather related as much as Biden imposing a ban on Russian imports of NG and Oil. Currently, price is steady, but it could skyrocket up at any time, or maybe it will wait until Biden actually passes the Executive Order.
We shall see. Hope that helps :-)
kpyogendran
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@HEIKOTradingSystem, agreed with your point of sanctions on NG/oil.. however US depends only on oil and they have NG is in stock.. so not sure sanctions against Russia would affect the US NG price. lets see how it plays. Geopolitical learning for commodities
HEIKOTradingSystem
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@kpyogendran, Agreed - I have no idea how it will affect anything. In 2021 the U.S. imported over 600,000 barrels of oil a day from Russia. So with this ban in place it should be interesting to see what happens for sure.