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UNG First Price Target Hit for a 3-day Gain of 8%

UNG (US Natural Gas ETF) closed at it's HOD of 6.42 yesterday, 3 cents shy of T1 & gapped to open at 6.50 today, which would be where any standing sell limit orders would have filled. Any time a trade gaps beyond a target (or stop) the opening gap is where any GTC orders would fill so that is the number used to calculate the gain (or loss) on the trade. This provides a quick (under 3 days) gain of 7.6%. T2 remains the final target at this time although additional target may be added.

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Mar 11, 2016 10:27am|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |5 Comments

5 Comments

  1. Art March 11, 2016 10:47 am at 10:47 am

    Yes thanks Randy, I put my grandsons $1500 account in UNG at your call and just sold netted 7% for his account!! Very nice!! Appreciate you!

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    • Lisa Trading March 11, 2016 10:57 am at 10:57 am

      How sweet! Congratulations to both you and your grandson! 🙂

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    • rsotc March 12, 2016 9:03 pm at 9:03 pm

      Congrats Art! I liked the UNG setup enough that I took a position in my kids’ Coverdell ESA (college savings) accounts. Holding out for T2 at this time, possibly more.

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  2. baller March 11, 2016 11:03 am at 11:03 am

    Thanks Randy, I am holding out for T2 and possibly a new T3 ($7.00)?

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    • rsotc March 11, 2016 11:33 am at 11:33 am

      @baller I very much think that UNG/nat gas my have seen the end of its vicious bear market literally just last week. Only time will tell but so far, the potential is there from a technical perspective. I used a DGAZ short as my proxy for going long nat gas & right now, my plan is either book partial of full profits if/when UNG hits T2 and if the chart confirms a pullback, I might scalp a quick counter-trend (pullback) trade off that level, recycling back into the DGAZ swing short position (which was chosen to take advance of the price decay, especially if nat gas decides to trade sideways for a few weeks/months while pounding out a base).
      Of course, as I like to say, the markets (and the charts) are dynamic and so is my trading plan. Should the charts convince me to sit tight on my position or to close some or all out early, I’ll be quick to adjust my plan. As always, I’ll do my best to communicate my thoughts if something changes on my take on UNG but for now, this one looks likely to hit T2 in the coming days or weeks. G-luck on the trade!

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