Wednesday, August 11, 2010

Pardon my…Nat Gas' bad taste

2010-08-11_1942 Not even going back so far to recall my concerned phrase in mid June: "I hope Brandt took profits on nat gas", lets start from July…

Back in the first week of July someone on the blog asked me if I would short Nat Gas here…I forgot what poor excuse for technical analysis I presented, but the bottom line was "No, I would rather not to short it here"

And as always when I am not in the trade it proved to be an excellent coin flip and /NG started to drift higher.

In a while, end of July to be more precise, I mentioned on the blog that multiple "Fibonacci Time Series" coming up and "Natural Gas traders better be watching their long profits" – next thing we know damn thing is going down hitting lower trendline of the channel in no time at all.

Lets see what this ball will tell me (yeah, this crystal ball, yo – what did you think I am talking about????)

It is hovering right at lower channel's trendline, today (overnight) is bar 8 of buy setup, I think it might test PRSGuitar's 133 line which is right at 4.135 TDST.

Depending on test outcome – there might be a trade here…but not before that


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