Well I think the real rollover finally commenced.
It's slicing down thru the 30ema support on the 60min. Next value area by volume isn't until 17.78 ..... If I do anything, it'll be if I can get a dip there.
10 minutes?? haha..
I'm guessing that EIA Natural Gas Report that was released today resulted in the volatility... hope u didn't lose too much though
Nah .... got out virtually unscathed. Too bad too because I was up 80% on them last Friday.
Seriously though I don't stay in trade very long. I'm more of a smash and dash kind of trader. I'm working on developing more patience for longer trades. UNG calls were probably the longest I've ever held a position in a couple years.
so mad at myself.. i had some puts from last friday when UNG was at 18.
for some reason i ditched them on tuesday right before it proceeded to tank 10%or so in 3 days..I guess i was thinking it bottomed out.
Also, i was going to by puts last night on the 1%ish pop but i had too many drinks and decided trading with 5 jack and cokes in my system is a bad idea.
Would have been a good trade as well.
I could see this dropping down to 2.25 by end of next week.
Ill look for the next pop to short yet again..
still in a downward channel though. Global downturn can also hurt NG no?
Kevin, When you trade UNG you watch levels on the spot price or technical levels on UNG?
I figure since the spot price dictates where UNG moves, its better to focus on those levels. Thats what ive been doing at least.
I still think 2.25 is in the cards before a bounce.
commodities across the board have had a crappy May..