The UGAZ (3x bullish natural gas ETN) Long Swing Trade has hit the maximum suggested stop (if targeting T2) of 38.80 for a total loss of 15.2% which equates to a 3.8% – 5.3% beta-adjust loss when adjusting for the suggested 0.25 – 0.35 beta-adjusted position size. UGAZ and all previous posts associated with this trade will now be moved to the Completed Trades archives.
UGAZ 60m 2 Feb 10th
For those allowing for wider stops or eyeing nat gas for a potential long trade, the bullish divergences are still intact for now although they are what I refer to as potential divergences, which would be confirmed if the PPO makes a bullish crossover to put in a higher low (above the Jan 21st low in the PPO) soon. As per the update earlier today, we still need to see a break above the 1.89ish resistance level in /NG (nat gas futures) which correlated to around the 47.80 level on UGAZ in order to trigger the next buy signal unless we get some type of solid bullish reversal candlestick pattern before then.