NG1. Expecting a retrace
Updated
Looks like a Fibo 361.8% extension shown that Wave 3 has finally finished on NG1 incredible bullish run. Now, I would expect a retrace and, to find an area to where the price could go, I used an Andrew´s Pitchfork. It shows a Fork line is located near the value of 2.800 which is also a 50% retracement Fibo.
Shorting Natural Gas futures from current value may look a good idea. Stops would be above today´s max value which is 3.750 and our TP is 2.850 which gives a very good Risk-Reward ratio. Targets of 3.050 and 2.630 are also perfectly valid
Shorting Natural Gas futures from current value may look a good idea. Stops would be above today´s max value which is 3.750 and our TP is 2.850 which gives a very good Risk-Reward ratio. Targets of 3.050 and 2.630 are also perfectly valid
Trade active
Shorted 3.600 with a limit order, it activated on asian session. Moving to breakeven nowComment
NatGas is making it difficult.. Was closed at breakeven and shorted 3.65 again. Now at breakeven. Again...Comment
Is this it?..P.S. Breakeven again
Comment
Tagged the median line and now bouncing back... Somebody really likes it with gas =)Comment
Watch 3.380 level: if it holds, adding shorts is a good ideaTrade closed: target reached
Trade closed at 2.85
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
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