UGAZ has now solidly put the 14.43 target/resistance in the rearview mirror, now up +17.5% on the day with /NG clearly above the 2.236 resistance level. Certainly no longer objective to enter here & although the next targets are comfortable above current levels, not a bad time to once again raise stops to protect profits while letting this rocket soar.

Congrats! Nice trade.

There was a very objective entry for UGAZ this morning in the pre-market session & I even mentioned that I was trading actively enough that the spreads were minimal (1 – 3 cents around the time /NG broke out). However, I understand that you are probably referring to the regular trading session (post 9:30 am), in which case I agree; the gap up was a little too much to chase.

No, at this point I believe the ship has already sailed on this trade. Maybe on a pullback to one of the support levels but even then, I doubt that I’ll see as objective an entry anytime soon on /NG regardless of what it does, based on where it is trading now & how the charts look. Best to just wait patiently for the next objective setup on nat gas, which is usually just around the corner.

At this point, those already long can & should raise or trail up stops; either a tight stop, if not wanting to risk anything more than a minor give-back in profits or a wider stop if planning to swing the position up to the /NG 2.30 or UGAZ 16.25ish max. potential swing targets. Also, remember that the weekly inventory report for nat gas comes out tomorrow morning which is likely to cause a sharp rip or dip in either direction.

Gotta love the volatility of nat gas, providing a larger gain in just a few hours on a clear buy signal than the stock market (S&P 500) has managed since the Sept 2018 peak (~2.5%) & nearly as much as it has since the Jan 2018 peak (~4.7%), nearly 1 1/2 years ago.

https://www.screencast.com/t/GTUBWsMFGY