Henry_Ross

Traditional|NG1!|Long

Long
NYMEX:NG1!   Natural Gas Futures
Long NG1!

TA:
Buy NG1! only when the formed consolidation zone breaks within (2,596 - 2,724).

From the point of view of wave analysis (a light subjective version), there is a worked-out trend series 1-5, after which a correction after a fall in the form of (A-C) is possible, this idea does not consider the entire A-C wave.

At the end of wave 5, there is a reversal pattern "W" formed by a combination of three minima in this form "W", this pattern/combination can be defined as a reversal (stopping the fall on the 5th wave).

The take level is selected based on the zone created by the three fibonacci tools (attached screen).

The end of wave 5 and the reversal combination occur at 0,5 of the global fibo level (from 1,432 - 3,396). In this case, this level acted as a support.

The local highs of the two RSI indicators are very different from the indicators of the same highs on the chart, which with a low degree of importance can be interpreted as a sign of growth.

Also, an important signal for growth can be considered a breakdown of the downtrend resistance line (attached screen).

Take the level of 2,889.

The risk of stop consolidation on the level of 2,59.
Comment: Screenshot.

3 fibonacci levels, global, local and fibo to determine the price of the take.

1 - Local fibonacci level of 0.5 (2.881).
2 - Fibonacci to determine the price of the day take 1.618 (2.994).
3 - Global fibonacci level of 0.236 (2.933).
4 - Local level of trend resistance.

Green zone, a zone formed by a combination of three Fibonacci levels and defined as a zone for closing a long position.

Comment: 24.12.2020
The idea is active until the specified zone is retested again.

Trade closed: stop reached

Related Ideas

Comments

24.12.2020
The idea is active until the specified zone is retested again.

Reply
I came to the same conclusion. Weather outlook is very bearish though so let's see how it plays out this week.
Reply
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