Short on break - 1H close below trendline
3.980 - previous gap fill zone
3.536 - to reach this point is very optimistic lol
Alternatively, we can look for a bounce from trendline, same as what was posted in the IDEAS section
Prices and trendline drawn based on Natural Gas Continuous Futures listed on NYMEX, prices may differ from your broker
GAS Long Setup
🔵 Entry Level: $5.673
🟢 Take Profit: $6.094
⛔ Stop Loss: $5.441
- So far the price is respecting the ascending channel;
- I believe the price may bounce off the lower trendline in the area between $5.535 and $5.670.
Game Plan: If the price goes through the lower trendline (yellow), which at the moment acts as a support level, then I...
I posted several calls from June 2020. NG is super bullish and will breakout from the multi year channel soon to target ~8$
Now we go down in a large correction and sideways movement until November. Bears are coming.. temporarily.
Gas Long Setup (refer to the setup marked with "2")
🔵 Entry: $2.704
🟢 TP & RR: $2.898 (3.4)
⛔ Stop Loss: $2.647
✔️ Support level
✔️ Close to the 0.618 Fib retracement
✔️ Diagonal trend line within ascending channel
📝 A few things to note here:
1. Seeing how price action develops, you may close the trade setup suggested yesterday (marked as 1)....
Gas Long Setup
🔵 Entry: $2.81
🟢 TP & RR: $3.04 (1.71)
⛔ Stop Loss: $2.67
✔️ Reaching lower trend line
✔️ Reaching support level
✔️ Market Flow indicator printing small divergences in the oversold area
📝 Not a great RRR, but the SL is positioned at a very safe level below the diagonal trendline and the recent lowest low. If price bounces off that...
Gas Fib Retracement - Long Order
TP & RR: $2.549 (3.38)
Stop Loss: $2.365
REASONS FOR THE TRADE
So far Gas has respected the Fibonacci levels twice, leading me to believe that we may see a bounce from the 0.236 level and a potential reversal. We also have a descending trendline, which I am not sure how well will be respected, but it's worth...
In my own opinion, since Natural Gas first landed on the market in 2004, it has 1 all time low at 1.574, which is lower than 2004 and since then we have never tested this bottom again. I think with news of coronavirus, it is the perfect opportunity for this level to be tested and i think it will go much further down creating a new low for natural...