Market Curiosity: Exploring Markets And Systems

January 31, 2011

Bought March natural gas due to very long lower candle wick +0%

Filed under: +0 to +5%, Futures Trades — Tags: , — Jeff Fitzmyers @ 6:29 am

Bought at 4.37.
Stop loss around 4.24.

+ Hammer candle poking into 170 EMA support and trend line support.
+ CCI’s configuration is very bullish and suggests price going to at least 4.76.

The big gap at the lower left in prices is just where the contract rolled over.

References:
Sell UNG natural gas puts

Feb 2: Exited at 4.38 +0%.
– I’m surprised price has not gone higher.
– The falling 34 EMA is acting as resistance.
– Weekly CCI starting to drop below monthly CCI.
– Daily CCI seems to be sluggishly going up. Not that big a deal since price is essentially in a large consolidation. But a lower risk position is likely to be short puts.
– I wanted to use the margin elsewhere.

Feb 3: It appears price is rolling over, or at least not going up.
+ Time to be flat, free up margin.
+ Don’t be sitting with a drawdown.
+ Weekly CCI is headed down. Price could easily drop to 4.24 or even retest recent lows.

Feb 5:

It’s one of the clearest trends on Earth today… In the first 11 months of 2010, China imported 30% more natural gas than the same period in 2009. India’s natural gas demand is also soaring.

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