Gas Long Setup (refer to the setup marked with "2")
🔵 Entry: $2.704
🟢 TP & RR: $2.898 (3.4)
⛔ Stop Loss: $2.647
Trade Reasons:
✔️ Support level
✔️ Close to the 0.618 Fib retracement
✔️ Diagonal trend line within ascending channel
📝 A few things to note here:
1. Seeing how price action develops, you may close the trade setup suggested yesterday (marked as 1). You should end up with a tiny profit or break even (depending on the comission you pay). The current candle formation does not look promising for a long setup. Alternatively, trial the SL up as soon as/if price starts moving up.
2. I personally avoid having open positions near my entry level before the weekend, especially if that weekend happens to be the end of the month. So for me, this is a disproportionate risk.
3. Setup marked as "2" is the order I will be looking to open if price retraces to that level. The Stop Loss is not ideal, as I think it should be slighly under the 0.618 level, but I leave this up to you. Your RRR will decrease in proporiton to the distance to your SL.
🔵 Entry: $2.704
🟢 TP & RR: $2.898 (3.4)
⛔ Stop Loss: $2.647
Trade Reasons:
✔️ Support level
✔️ Close to the 0.618 Fib retracement
✔️ Diagonal trend line within ascending channel
📝 A few things to note here:
1. Seeing how price action develops, you may close the trade setup suggested yesterday (marked as 1). You should end up with a tiny profit or break even (depending on the comission you pay). The current candle formation does not look promising for a long setup. Alternatively, trial the SL up as soon as/if price starts moving up.
2. I personally avoid having open positions near my entry level before the weekend, especially if that weekend happens to be the end of the month. So for me, this is a disproportionate risk.
3. Setup marked as "2" is the order I will be looking to open if price retraces to that level. The Stop Loss is not ideal, as I think it should be slighly under the 0.618 level, but I leave this up to you. Your RRR will decrease in proporiton to the distance to your SL.