I think NATGASUSD is in for a bigger drop and report may be the catalyst .
Consider the scenario.
1. It consolidated in a range for a long time
2. Made a higher but was unable to hold gains
3. Second wave up after the last report failed to make a newer high
4. It closed on channel below the channel
5. Almost half the volume on the upswings and new...
Disclaimer-I'm new to all this.
This Up bar on daily had no volume compared to a previous Up bar we saw on 20 March 2017-(drawn for comparison). or 4 April 2017
I don't like to recommend anything but it's a requirement to post so ,
Stop loss -3.200 (if this seems too close, well it's a good placement so it'll make it clear pretty soon)
You can wait for the 50.13 resistance to break to go long
or go long now and have a stop at 47.52.
However, there seems to be a better risk/reward if you go
long after 50.13.
Be patient with this kind of setup since it's a daily chart.
Also, I'm new so please trade accordingly.
I really dislike recommending short or long because I am a newbie and I just chart without news or feelings. So please take them accordingly.
This is outside the channel now volume seems relatively high on down move compared to last time.
12.63 seems to be the support on Weekly- Daily support is 10.99
Trend is indeed in favor of SPY -now some may suggest that we need to chart Futures but to be honest it won't make a difference in this case.
No point of taking a long position until either 235 is re-tested or 237 for a scalp.
I'd wait until 235.22 test though. It could also come down all the way to test upper channel line, slim chance but possible.
It seems if the channel line breaks 1234 -only support is 1198-1199 on daily.
Trend seems like it's not in favour of Gold either.
I would recommend waiting for a clean break with volume to confirm then short.
Trend is fading and volume doesn't support higher prices. So far the channel is thinning as well.
This is not fancy but a simply 1 day chart.
What I have learned that trend and volume should never be overlooked.
One can scalp up and down using the channel or short everytime it hit the upper channel line since more likely for a downside.
Support seems to...
Axis line became support. 2.55 - is a very strong support-since records began. It truly looks like the bottom.
Let the red line break 2.976 and then let it be tested to see if it became the support or not n then go long.
It could really be a long of lifetime. However, if we break 2.55 then it's just a lost cause n short with both hands.
Make sure a clean...
Monthly and weekly time frames both look Bullish.
Earnings coming out.
If good-this could go parabolic.and then consolidate like 2013 June
If bad- weekly support at 93xx and 88xx - Hard monthly support is around 82xx n 71 xx
I'm sorry for the xx- but I don't know how to enable the number system that would automatically make numbers automatically appear when...
Support is actually around 37.88 not 39.60
How do we know that's the support? well-going back to 1990 until now it has acted as support and resistance line.
Also known as axis line has to be tested.
Wait to go long- if planning for short have a good SL around 43
For longs- if cannot wait to go long at least have enough funds to go via multiple entries...
See the pattern
6-8 month accumulation then upside !
Time is close for a bounce since range is getting tighter and tighter.
So if you wish to go long set a stop around 2.55 NG but I'd say wait for an upside confirmation.