AMEX:UGAZ   VELOCITYSHARES 3X LONG NATURAL GAS ETN LINKED TO THE S&P GSCI NATURAL GAS INDEX EXCESS RETURN
112 9 2
Trade plan for leveraged UNG             long. This is a *very* aggressive trade; manage position size accordingly. I've got buy limit orders at the top and bottom of the wave 2 box. Advancing stops indicated. Take profits in the 35s, wave iii             target box, and certainly in the wave v of 1 box around 38+. Total upside potential would depend on price reached in wave iii             as well as support held in wave iv.
Similar plan could be used on UNG             or BOIL with less leverage. (Note: BOIL has significantly less volume , so stops may need to be controlled loosely, or manually.)
Try this pic...
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LachlanGorman PRO nick.holland78
Chart still looking healthy, Trending between 50 DAY MA & 100 DAY MA, Break & close below 50day MA would be bearish
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My last order is waiting at 22.55, but over 24.75 I doubt it gets filled. Come on...OML
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Still playing for the move higher. Not surprised that wave 2 would take a bit longer, or go a bit deeper. Layering into my position.
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Agree with you & have a large position in UGAZ & UNG July Calls. I am seeing 1.93 at key support. This pullback today is hitting .38 fib levels of the recent upmove so everything is healthy right now.
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nick.holland78 PRO LachlanGorman
Right. Just trying to time my entries. I was looking down when wave ii came along. Stopped out and reassessed. I see the potential to go higher past July fwiw. Not trading options though, especially not on leverage ETPs. Too rich for my blood. Good luck.
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Took a look at futures action, including AH data. Wave ii made a lower low AH early on the 28th. Could also be dealing with an expanded flat in wave 2. Makes calculating RTH entries a bit more difficult. Still, plenty of room to get on board assuming this set-up takes us to at least a higher (iv) in UNG.
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UGAZ hasn't filled my second order at 22.83, but IF price takes out this green line strongly (NG over 1.967 in pink) THEN I'm going to add to initial entry at 23.56.
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Initial position filled. Follow me on this trade at your own peril... ;-)
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