تم تحديثه
NATURAL GAS-Pt.1- Correction about to complete?
Hello traders,
here is our view about natural gas.
As we can see from the monthly time frame, natgas completed an impulse after breaking a big descending triangle.
After reaching a top of 9.995, natgas created a head and shoulders pattern that coincided with a 535 structure to the downside, as showed in the main chart.
Then, wave 3 of C seems to be completed with an ending diagonal.
If the bullish macro count is in now we should go for another impulse up. Alternatively, we may get a (C) wave to complete
the monthly retracement higher than 10. In the latter case to move to 9.995 would only be a (A) cycle correction of the descent from 2005 high of 16.477.
In both cases, we expect a big buying opportunity coming soon in natural gas.
We are not taking long positions now for wave iv of C since sentiment in retail brokers is over 90% long.
When ALL the retailers are buying, who is selling to them? Who is gonna buy to actually put upward pressure on price?
This is why extreme sentiment is a contrary indicator.
We will update as soon as we see a long setup.
here is our view about natural gas.
As we can see from the monthly time frame, natgas completed an impulse after breaking a big descending triangle.
After reaching a top of 9.995, natgas created a head and shoulders pattern that coincided with a 535 structure to the downside, as showed in the main chart.
Then, wave 3 of C seems to be completed with an ending diagonal.
If the bullish macro count is in now we should go for another impulse up. Alternatively, we may get a (C) wave to complete
the monthly retracement higher than 10. In the latter case to move to 9.995 would only be a (A) cycle correction of the descent from 2005 high of 16.477.
In both cases, we expect a big buying opportunity coming soon in natural gas.
We are not taking long positions now for wave iv of C since sentiment in retail brokers is over 90% long.
When ALL the retailers are buying, who is selling to them? Who is gonna buy to actually put upward pressure on price?
This is why extreme sentiment is a contrary indicator.
We will update as soon as we see a long setup.
تم فتح الصفقة
sentiment decreasing. good chunk of retailers shake out Ending diagonal for wave iii of C seems completed.long order triggered 2.95@ stop loss already on entry
ملاحظة
kickd out breakeven. restriked 2.94 on 1H double bottom. sl already on entry. Better safe than sorry on the tricky devil natgasملاحظة
kicked at entry. Just observingتم فتح الصفقة
waiting for the weekly pov at 2.76
تم فتح الصفقة
order triggered 2.76 at the weekly POC. stop loss on entryملاحظة
again closed at entry. patience will be needed on this. Staying out until retailer sentiment decreases more significantlyتم فتح الصفقة
تم إغلاق الصفقة يدويًا
closed 2.88 for a profit 1.5% of equity. Not willing to risk over the weekend. No need to fomo.ملاحظة
Our decision to close prior the weekend payed out. Natural first targets for this wave 3 of C is 1.618 of 1 and the algo tp at the -0.236 of the whole move. Red zone on chart. Not saying we will buy there
تم فتح الصفقة
red zone wicked. Long @2.471
تم فتح الصفقة
stop loss on entry
منشورات ذات صلة
إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
منشورات ذات صلة
إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.