Thursday, July 08, 2010

Not all pain is gain


Last 2 months were a real pain to trade (unless you are a scalper – then you might even enjoyed it) and I feel real good about taking as few and as small of a trades as I can comfortably leave overnight/few days without having to constantly monitor it.


I'd like to recall "long natural gas trade is over" speculation from the middle of June.

Based on completed Setup Sell + proximity to 23% Fibonacci + Fibonacci Time Series off recent bottom I advised to take long gains or at least keep long trade on the very short leash…as we know today – that is exactly what had to be done.


For now what I think might happen - /NG (front month) might test 4.10 area with intraday low to slightly under 4 (therefore it will retest PRSGuitar's 133 channel's line.)  It just had bearish price flip, daily is on bar 2 of buy setup and if downside momentum will continue further below of TDST at 4.135 – look down below.

(May be you recall that "long nat gas" was in part contradictory trade based on "all commodity down with rising dollar – except for nat gas which is domestic and most of it goes to other countries…for it right or wrong – trade worked.2010-07-08_1258

this is "alternate" count I like to have in front of me for references – 8 setups stay when 9 might get "camouflaged" – try to change settings from 9/13 to 8/14 for current daily /es chart – looks interesting, huh?

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