Trade Idea: Selling Natural Gas
Reasoning: Price action has stalled on the weekly chart at 61.8% Fibonacci.
Entry Level: 8.80
Take Profit Level: 8.00
Stop Loss: 9.00
Risk/Reward: 4:1
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NATURALGAS appears to be topping out here at the 1.618 extension from the lows which is also just shy of long term magic retracement ratio 0.75 from 2005 top.
This upthrust from the lows has very little in the way of support and I think it will come crashing down soon enough. I think it is a higher degree X wave which will see a Y much lower some years...
I am still bullish on NaturalGas, as we are in a bullish market structure and we can see how the price rejected from bullish orderblock + psychological level 8.00$. I expect the price finally to fill that H4 imbalance, also to take out BSL (buy side liquidity) and liquidity above PWH (previous weekly high), then we can see a retracement until PWL (previous weekly low).
As I predicted, Natural Gas perfectly bounced from a key level.
Now we see an inverted head and shoulders formation with a confirmed neckline breakout on 4H.
I believe that the price can reach 8.0 level soon.
Be ready
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Nat gas way overextended.
Reversion to the mean, or anything Earthbound.
Head and shoulders pattern.
Overbought.
Summertime.
Nat gas has had an astronomical run, but its time is done. For now.
Here I am still bullish because the price has to fill the imbalances above and I think we could see a reversal only after the price will take out PWH (previous weekly high) liquidity and fill the imbalances.
NG is at 50% of the previous trend. It might break 6.5, if the current upmove is just a retracement. On breaking 7.4, sell target is 6.5. If 7.4 has any order blocks, long on retesting 8.0.
I personally believe it will fall next week to $6.9.
Even with 2.5% or 5% equity risk with 2 or 3 leverage, this is a good trade to be on the short side.
What do you think?
Going Short on Natural Gas . 0.50% stop loss with a 23.69% target lets see if we can run this trade to target. lost the first entry, but got in again and we in the money.
Helloooooooo PIPPIN TRADERS!!! I'm back with another one. Natural gas is showing a sign of a small correction down to around 6.70 before we have another push upwards to 8.00. Good risk to reward...trade with care!!
Here I expect bullish price action as the price took out liquidity below PWL (previous weekly low) and rejected from bullish orderblock + psychological price level 7.0$.
