In my last idea I sugggested try to get in the trade somehow because the consolidation is over sooner or later and we are breaking out. Though we couldn't catch the exact bottom and the position got risky as we broke down of the range all who were able to hold through the panic are in profit today. There was an undercut low with a false breakdown of the range but...
Idea: NATGAS has 1&4hr Fibonacci confluence which could possibly hold the next leg up. Cons: If stop is hit... looking for further support signals at 2.928 & 2.920. DISCLAIMER: This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own...
Validated confluences 1.Weekly Trend line broken (Downtrend in play) 2.Resistance breached by strong support 3.Bollinger band pierced by price 4..Profit margin 1:3
Looking at NatGas, Im going long with BOIL. NAtGas is close to a double bottom here, %R is oversold, and the TSI is corssing and rising.
Looking for the price to break the flag to the upside (on H4 TF) and head towards 4.00 Longer term target is at the top of the Weekly channel at about 5.000. We should get there, but with a bigger correction expected when we get to 4.00 price level.
Centerline catches pretty good price-action (frequency) of this market. The prior Hagopian way down below at the L-MLH tell us, that the market will go back more then from where it came. So, this would imply that we will see NG soon way above the centerline. P!