scenario 1: possibly a further drop, then a bounce and a accumulation/wave 2 going on before a breakout.
scenario 2: retrace up, further down, making new low before continuing rally
optimal safe entry is when NG goes sideways after making new lows
scenario 2: retrace up, further down, making new low before continuing rally
optimal safe entry is when NG goes sideways after making new lows
Trade active:
buy stop UGAZ 21.31
Comment:
grabbed more UGAZ on Thursday at 18.6. will grab remaining 50% of position once UNG breaks range and closes above 7.93. either purple arrow or orange arrow going to play out. Both indicate a 3-3-5 flat pattern finishing up (wave 2).
accumulation or distribution going on for 9 weeks now, move is gonna be huge, whether up or down, just have to be there to catch it. my case for bullish is that i see a possible wave 1 and 2 (wave 2 expanding flat) in red. weekly close above the blue line would be good for bull case. fundamentals support bull NG as well.. (coal phase out, increasing demand for NG turbine plants etc.)
grabbed more UGAZ on Thursday at 18.6. will grab remaining 50% of position once UNG breaks range and closes above 7.93. either purple arrow or orange arrow going to play out. Both indicate a 3-3-5 flat pattern finishing up (wave 2).
accumulation or distribution going on for 9 weeks now, move is gonna be huge, whether up or down, just have to be there to catch it. my case for bullish is that i see a possible wave 1 and 2 (wave 2 expanding flat) in red. weekly close above the blue line would be good for bull case. fundamentals support bull NG as well.. (coal phase out, increasing demand for NG turbine plants etc.)
Comment:
yellow boxes indicate possible waves 2 and 4 of wave 1 (sideways movement/narrow range)
yellow boxes indicate possible waves 2 and 4 of wave 1 (sideways movement/narrow range)
Trade closed manually:
well that didn't go as expected :(
closed half at 22.5 on Friday. waiting for possible wave 4 to finish and doubling down then.