NGAS: LONG OPPORTUNITY BASED ON VALID 2618 TRADE SETUP [4HR] !!!
Hello Traders,
We potentially have a LONG opportunity on
NGAS
based on the 2618 TRADE SETUP. By looking at the current price action, market is clearly in a DOWNTREND. But do notice that the market has placed in a DOUBLE BOTTOM at a VALID TREND LINE (IN PINK). So analyzing this further we can see that this similar situation occured near the TOP HORIZONTAL LINE (IN PURPLE). I'll post a chart for this situation after this description to make my point clear. In that situation market placed in a DOUBLE TOP, which was a POSSIBLE signal of weak strength in buyers. That was certainly the case and we started a nice downtrend from that level.
We have a similar situation in this setup, with DOUBLE BOTTOM showing a POSSIBLE sign of weakness in sellers. With market able to BREAK STRUCTURE, shows that buyers might have more strength than the sellers, at least for the short term. The RISK:REWARD ratio is 1:1 for the 1st target. See the chart above for further details.
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. Good Luck :)
We potentially have a LONG opportunity on
NGAS
based on the 2618 TRADE SETUP. By looking at the current price action, market is clearly in a DOWNTREND. But do notice that the market has placed in a DOUBLE BOTTOM at a VALID TREND LINE (IN PINK). So analyzing this further we can see that this similar situation occured near the TOP HORIZONTAL LINE (IN PURPLE). I'll post a chart for this situation after this description to make my point clear. In that situation market placed in a DOUBLE TOP, which was a POSSIBLE signal of weak strength in buyers. That was certainly the case and we started a nice downtrend from that level. We have a similar situation in this setup, with DOUBLE BOTTOM showing a POSSIBLE sign of weakness in sellers. With market able to BREAK STRUCTURE, shows that buyers might have more strength than the sellers, at least for the short term. The RISK:REWARD ratio is 1:1 for the 1st target. See the chart above for further details.
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. Good Luck :)