Comments on: /NG & UGAZ Natural Gas Trade Idea Update https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/ Stock Trading, Investing & Market Analysis Mon, 03 Feb 2020 17:08:47 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/#comment-9612 Mon, 03 Feb 2020 17:08:47 +0000 https://rightsideofthechart.com/?p=195637#comment-9612 The break below the minor price channel was the catalyst to send /NG down for a backtest of the wedge, thereby offering another objective entry or add-on with a stop somewhat below. However, UGAZ has yet to trigger an official entry with a print of 45.73 or above.

]]> By: rsotc https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/#comment-9606 Mon, 03 Feb 2020 14:31:54 +0000 https://rightsideofthechart.com/?p=195637#comment-9606 In reply to drummerdave.

Yep. Sometimes it appears they are just waiting to see a post highlighting a breakout. Oh well, /NG & UGAZ back below the secondary, BOD resistance levels but still above the falling wedges/downtrend lines for now. Maybe a backtest followed by the next leg up?

]]> By: rsotc https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/#comment-9605 Mon, 03 Feb 2020 14:30:06 +0000 https://rightsideofthechart.com/?p=195637#comment-9605 In reply to jhanson313.

No, must have clicked on the wrong chart when uploading. I just replaced it with the first screenshot I took of the /NG 60-minute chart today. I also posted some follow-up commentary under the comments with updated charts of /NQ & UGAZ. The breakouts above those bullish falling wedge patterns on both /NG & UGAZ are still intact although /NG just broke below a minor uptrend line/price channel which could bring it back for a backtest of the wedge & also means the breakout above 1.853 failed (i.e.- a whipsaw signal or false breakout). That also brought UGAZ back below the 45.73 entry trigger price although it will need to trade at or above 45.73 in the regular session for an official entry to be triggered so still a Trade Setup for now. Thx for pointing out the chart snafu.

]]> By: rsotc https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/#comment-9604 Mon, 03 Feb 2020 14:22:43 +0000 https://rightsideofthechart.com/?p=195637#comment-9604 FYI- UGAZ has since moved back down below 45.73 in the pre-market session with about 15-minutes before the open. Again, an entry on the official trade will be any print of 45.73 or above* in the regular trading session. (*Anytime a trade setup gaps well-above the entry price, one should assess the charts & scope of the move relative to the first/next price target to determine if the gap was too large to offer an objective entry).
Likewise, /NG has dropped below this minor price channel + the 1.853 support/resistance level & may want to make a run at a backtest of the falling wedge pattern (downtrend line).

]]> By: drummerdave https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/#comment-9603 Mon, 03 Feb 2020 14:16:07 +0000 https://rightsideofthechart.com/?p=195637#comment-9603 Looks like the bears were waiting for you to post this.

]]> By: jhanson313 https://rightsideofthechart.com/ng-ugaz-natural-gas-trade-idea-update/#comment-9602 Mon, 03 Feb 2020 14:08:54 +0000 https://rightsideofthechart.com/?p=195637#comment-9602 Randy, did you mean to post a NG chart from Dec 31?

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