NGAS
NGN2016Haven't posted a natty count in a while. While the bearish count target for wave (v) of 5 is unchanged, wave (iv) did come significantly higher than I anticipated. Credit to the experts at www.ElliottWaveTrader.net for giving me the idea to consider the bullish alternative shown in green. The structure of green wave i of (iii) through April isn't quite to my liking, but its worth consideration.
I've been excited about potential for natty to complete its long term correction - and have warned in previous ideas about shorts overstaying your welcome - so I'm prepared to start looking at long entries IF support holds and impulsive waves form off intermediate lows.
I'm currently short UNG 7 puts expiring in July, small position.
Point c handcap bearish cypher patternGood entry at 2.516
Then you can choose to have SL at 2.772 or 3.092. I would recommend the 2.772 which is risk effective as you can see trend is up.
TP1 1.948
TP2 1.609
And as you can see as price will consolidate at point D the RSI will likely to consolidate at an overbought state which make this setup high probable trade.
Trade with care
Thanks
Natural Gas (NGAS) At tough point.Really nice setup going on here. If it gaps above thiss line that would be the ultimate confirmation. I am pretty long NGAS for the moment though like other commods.
I am waiting to Sell High - #ProfitingMe - http://profiting.meHi,
the bullish momentum is still strong but the price is going to converge with a massive Supply Level. I will wait to sell high, IF this will be possible of course.
Thank you
Girolamo Aloe - profiting.me
DXY Ready to Resume Uptrendthe Dollar has been beaten up lately, but it is poised to come back strong in the next day. The notes are on the chart. If any of my trend lines get broken, this idea is invalidated. I believe that this increase will coincide w/ a strong decrease in Gold, Oil, Nat Gas, and S&P. I will try to release those near term forecasts tonight.
Strong Spike converging to Supply - #ProfitingMeHi,
#NGAS is very interesting in this moment, it is converging to supply with a very strong bullish momentum. This makes the financial instrument appetibile for a sell opportunity in relation with the risk of course.
Thank you
Girolamo Aloe - profiting.me
NGAS testing long-term bearish trend lineNot an asset I would recommend to trade given it's highly volatile nature, but I find this chart interesting. Last Friday's high (27/05/16) allows us to establish a trend line starting from February 2014's highs. Hard to say what might happen here, but if prices break above this trendline (resistance at $2.19) sometime in the next week or so, we'd probably see a follow through in bullish momentum with a possible target of $2.4. At around this level, prices would hit another trend line, which would perhaps be followed by a correction in the market. Any break above $2.5 would provide technical reasons to believe that natgas would have room to move higher over the medium term. This is obviously a really bullish scenario, and I suspect that prices won't just rise in a straight-line fashion if some of these resistances break. So keep in mind that if the market starts falling after failing to break above $2.19 this upcoming week, prices could very well resume their bearish trend.
Natural Gas Forecast Natural Gas has dropped down to the bottom of the channel and is primed for a jump. There are bullish divergences on the hourly wavetrends, the Daily is working to turn up, and the Weekly/Monthly waves are strong. I this to coincide with a minor pullback of USD. My first target point is $2.33, but I'm hoping for it to jump up near $2.6. If it does go to $2.6, the retrace could set up a nice H&S reversal pattern at $1.82.
Natural Gas - 4H Chart - Bearish MACD DivergenceTrade
- Natural Gas - 4H Chart - Short Opportunity
- Price action shows three 'higher' highs
- MACD shows three 'lower' highs (bearish divergence)
Take Profit
- conservative traders may choose to take profit at the 2.04 level (possible support level based on previous price action)
- aggressive traders may choose to ride the trade below 2.04 with a trailing stop
Happy trading!
$CHK Bearish Wolfe WaveHello Traders,
Similar to my CL1! and USOIL charts I posted yesterday. Chesapeake Energy formed a very similar structure. I would be interested to see how well these 3 charts correlate with one another. The charts I am referring to are found below.
Best,
Chartistry
Natural Gas - Update - 4hr TimeframeFollowing a 2 legged correction from our previously achieved target, we're looking for trend continuation and a measured move higher.
A few things suggest a move higher:
1. Positive divergence on RSI
2. An oversold (5,3,3) Stochastic that is lower than the previous pullback
3. Two legged correction to the 0.5 - 0.618 Fib retracement zone (have not closed below the 0.5 yet)
Couple things to be cognizant of:
1. Double rejection at long term falling trend line (although candles did close above)
2. EMA 20 and EMA 50 have converged, starting to cross
Trading plan:
1. Buy the breakout followed by a second bullish confirmation candle at the various risk levels (Aggressive, Moderate, Conservative)
2. Trail stop loss below major lows
3. Measured move target between 2.065 and 2.10
UNGNatty's bullish close above resistance offers traders well defined risk. It looks like a reasonable 1:10 risk/reward entry here with a lower volume area. The ceiling with the "value area" appears to leave plenty of room to allow prices to continue into resistance. Volume looks good; however, cumulative buying looks weak. If it remains so prices will likely retreat. Trade with a plan and take profits into resistance. Never like holding the "widow maker" long.
Good luck!
