NG & Crude

[zabeen2004]

Yesterday $ traded NG high is 6.47 and low is 5.39 huge rally after long time morethan 1$ move. Today I believe there wont be a huge gapup or Gap down will be there in NG except few points gap down as $ traded NG is holding yesterday Lows till now.

 

[zabeen2004]

here is the NG $ traded Screenshot till now recent low 5.31. Testing the EMA.

 

[arunnairs]

I downloaded Sonic R template, its working...want to know more about how it works, such as how to sell or buy in SonicR

 

[zabeen2004]

I downloaded Sonic R template, its working...want to know more about how it works, such as how to sell or buy in SonicR

Hello Arunnairs,

Please read the First five pages in this thread. I have updated trading style 1,2 and 3 with examples. Let me know if any clarification that you need.

 

[zabeen2004]

Agree 100% .. I was in huge green due to overnight position from friday holding long on March contract .. was waiting for the gap to be filled and in a jiffy NG crashed.

I resolved not to think about fundamentals, wether, EIA etc and focus only on charts and price action ... BUT went wayward and checked the polar vortex and those stuff and hoped that the downfall is just profit booking and the trend will resume...

now i'm in red.

Moral: TREND and TA / PA Always wins!


Follow the charts .. forget fundamentals.

Most of the traders fail because of following the Fundamentals. Even I too felt the pain in early stages... Remembering the message "Data is positive for NG or Crude" I will buy based on this message but will end up in quick heavy losses as stock will fall and vice versa of negative data. That is one of the reason I forget the fundamentals and started trading using the power of charts which is proven to work with 70% accuracy rather than fundamentals poor accuracy. As mentioned by Technical Trader MT4 it is highly recommended to know the job of MM's whom drive this market as per their wish and not fundamentals.

This is the word exactly i started following after repeated failures "Follow the charts .. forget fundamentals". I must also say that i have spent several amount and days in learning technicals to trade on my own..

 

[zabeen2004]

Sell crude oil at 6371 with SL at 6374 and buy if SL hits with SL 6365.

I am on short

 

[zabeen2004]

Sell crude oil at 6371 with SL at 6374 and buy if SL hits with SL 6365.

I am on short

I believe your short trade was correct but too short SL. I believe its going to be a failed breakout on the upper side. Anyways lets wait n watch. I would suggest not to trade with this small volume confirmations as not even a single candle close above the trendline and EMA for a reversal. Here is my screenshot.

 

[zabeen2004]

I believe your short trade was correct but too short SL. I believe its going to be a failed breakout on the upper side. Anyways lets wait n watch. I would suggest not to trade with this small volume confirmations as not even a single candle close above the trendline and EMA for a reversal. Here is my screenshot.

I got confused with the rulz a bit by watching the $ traded crude. I will correct myself. Thanks for sharing your views and pointing out at the right time.

My expected NG tgt fall of 30-50 points after breaking 384 has been achieved and even your tgt of 329.7 achieved. Do you think more downside possible today. I expect 323 for testing EMA but 329 (38.2%) holding strong for hrs now.

 

[Tamil trader]

According to me, There is no short side in crude if it did not close below 6358 for Some minutes

 

[zabeen2004]

According to me, There is no short side in crude if it did not close below 6358 for Some minutes

Welcome Tamil Trader,

The post here is for intraday but yes positional views will be there based on this trading style. I have posted yesterday itself that only a close above 6460 will take the stock more upside until that time its a sell on rally. I believe it will correct again around 6220's is my opinion. The major trend deciding point at this time is 6330's will watch that level closely to see whether it take support for a rise or fails for a fall.