Feels good to be back, been quite busy for the past week with personal stuff. Alright, lets get down to business, after scrolling through all the time frames on FX:NGAS , I am only interested in taking this 2618 trade setup on the daily chart. We recently got the completion of a 2618 trade setup, with market currently sitting past our entry point, which is always good.
Do pay close attention to the key resistance level drawn on the chart above @ 2.379 level. Market has successfully tested this strong "7 TIMES" after breaking and closing below it on Oct.22.2015. Every time market came back to test this level, it was unable to break and close above it, this did not occur just once but 7 times and ever time the market failed to break this level. Hence the 2.379 key resistance level is something we want to keep our eye on.
This is also the reason why I chose to put my stop far enough not only to a point where the 2618 trades setup will be invalidated, but also far enough from this strong to prevent myself from stop hunting. Just to be clear, I have entered into the short position at market price since the setup has already been completed. If anyone doesn't see this setup in time and the market has reached the 2.379 key by the time you check, than that will be a wonderful level to get short with even lower risk involved.
That's all I wanted to cover for this great trade setup, targets and stop levels has been labelled on the chart above. So refer to the chart above for more details. Will keep everyone up-to-date as this trade setup progresses.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
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