Need help on a position of natural gas B@333 on 6th.

[zabeen2004]

I believe price may test 302,309 as strong resistance in 302 area but price needs to hold 285's. It must not close below 283 on Daily basis. Please note i am sharing just my opinion and kindly take your own decision

I believe both of the targets i mentioned has been achieved. Fibo logic works nearly 70% accuracy. Anyways a bit relief for your but not big as you bought it around 330. Better chance for Exit atleast with minimal losses or hold with tight SL. Again b cautiuos and never trade without SL... All the Best in your carrier

 

[RavishReport]

Hello everyone..

Im new to this forum. Firstly, great job done here by everyone on helping fellow members :thumb:

I am in need of guidance on a position of natural gas bought @333 on 6th. Later on 7th, i averaged it @ 308 considering it sustained around 308-309 for quite some time (strong support). When price dropped to around 300, i hedged it at 282.2 in march contract (at that time, price on Feb was @298).

Today, it has opened low and trading at 293-294 levels.

Could you plz help me on how this week will turn out to be? Will it recover to 320+ before the inventory on thursday?

I have 1.4l in my account and already i'm down with some 60k+.

Please guide me. Thanks.

Not keeping SL & averaging is bigger mistake. Try to exit as soon as possible by minimizing losses first from your average position.

 

[deepakkukrety]

Dnt expect NG to cross 312/13 lvls..better to go shrt at arnd 310 lvls with s/l at 314.50 fr a tgt of272/75...Fut trends of temp is indicating twds warmer days..

 

[@ravikb]

I believe both of the targets i mentioned has been achieved. Fibo logic works nearly 70% accuracy. Anyways a bit relief for your but not big as you bought it around 330. Better chance for Exit atleast with minimal losses or hold with tight SL. Again b cautiuos and never trade without SL... All the Best in your carrier

Thanks zabeen, i am a lot relieved now. Closed both the positions at 308. Lived through a Nightmare of 1l negative, staying for two days! Your suggestion completely taken

Not keeping SL & averaging is bigger mistake. Try to exit as soon as possible by minimizing losses first from your average position

Thanks for your suggestion Ravish.. no averaging anymore and SL is sure to be placed.

 

[@ravikb]

Thanks all for your help and suggestions (all taken!), especially zabeen for pulling those numbers out that kept me out of panic towards the end!! :thumb::thumb:

 

[zabeen2004]

Always welcome and keep in mind most of the traders encountered similar situation and even I am too... so start trading with the power of charts. All the best