Natural Gas May Complete a Short Term AB=CD Pattern
Early this morning Natural Gas broke the trendline and has begun to consolidate. Thus I am short-term bearish on Natural Gas and looking for sell set-ups.
I usually stay off of the 15 minute for trade ideas but as this is coherent with my short term analysis for this pair I will look to take this trade. The bearish AB=CD pattern may complete around the .5 retracement of this impulse down which would be a nice location for the short.
Once in the trade I will watch the recent bottom around 3.34 to depend whether I will take profit or hold for further targets (3.297 or beyond).
**This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!**
I usually stay off of the 15 minute for trade ideas but as this is coherent with my short term analysis for this pair I will look to take this trade. The bearish AB=CD pattern may complete around the .5 retracement of this impulse down which would be a nice location for the short.
Once in the trade I will watch the recent bottom around 3.34 to depend whether I will take profit or hold for further targets (3.297 or beyond).
**This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!**
Trade geschlossen: Ziel wurde erreicht:
All targets reached!
All targets reached!
Kommentar:
Hit 3.297 as described in original idea -- neat!
Kommentar:
Looking for next set-up -- watching the .618 area around 3.234 and see if it will bounce
Looking for next set-up -- watching the .618 area around 3.234 and see if it will bounce
Came 3 pips from the entry in the main idea, too bad. I was away and did not catch this. The .618 is often my TP1 or even TP2 and there was a bounce from this level so I would definitely move stops to breakeven and consider taking some profit but it looks like a rather weak bounce so far. 2 possible levels to look for beyond the .618 are shown in the update.