UPDATE #2: Stop loss hit. All positions are now closed on this trade.
UPDATE #1: Trade is active now. See the chart in the comment section below for exact entry price.
Hello Traders,
It's been quite some time since I've posted any new idea, especially in Forex. That's mostly due to the situation in Greece and the uncertainty that it has caused in the markets. I didn't really trade that much this past week. I would really like to see the Greece situation to settle down a bit, before starting to risk to much of my capital into the markets. But this does NOT mean that I didn't place any trades at all, I had few positions open but I decreased the position size by half on each trade; therefore risking a lot less than I normally would.
Anyways, coming back to the main point, here we have a valid BEARISH Cypher pattern that has formed on Natural Gas. The key thing to notice for NGAS is that the market has made a new Low on the DAILY time frame, suggesting a possibility of another move to the downside. The risk to reward is also favorable for this setup. See the chart above for more details.
Note: I have attached the Daily chart below, so that you guys can see how the trend line (black) was drawn.
I will keep everyone updated on this setup, so that you guys knows when the trade setup has been invalidated or whether any targets have been hit.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
UPDATE #1: Trade is active now. See the chart in the comment section below for exact entry price.
Hello Traders,
It's been quite some time since I've posted any new idea, especially in Forex. That's mostly due to the situation in Greece and the uncertainty that it has caused in the markets. I didn't really trade that much this past week. I would really like to see the Greece situation to settle down a bit, before starting to risk to much of my capital into the markets. But this does NOT mean that I didn't place any trades at all, I had few positions open but I decreased the position size by half on each trade; therefore risking a lot less than I normally would.
Anyways, coming back to the main point, here we have a valid BEARISH Cypher pattern that has formed on Natural Gas. The key thing to notice for NGAS is that the market has made a new Low on the DAILY time frame, suggesting a possibility of another move to the downside. The risk to reward is also favorable for this setup. See the chart above for more details.
Note: I have attached the Daily chart below, so that you guys can see how the trend line (black) was drawn.
I will keep everyone updated on this setup, so that you guys knows when the trade setup has been invalidated or whether any targets have been hit.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)