Swing
Grade=D
P/L=-1.5R
Entry: Entered based on the daily chart for the swing trade. I saw some support forming at 6.50 and the bottoming pattern looked like a very distinct V pattern with significant volume coming in for the rebound and the beginnings of a higher low being put in.
Stop: 6.35. Below 6.50 and 6.4 with a bit of room.
Result:
3.23 Stopped out. I can see that my entry was late and was depending on the ETF having a lot of strength to rally further to the upside when the market and commodities were getting a bit tired across the board. I still like the idea of buying value in nat gas, but I'll wait for another entry, and perhaps it will put in a double bottom formation on the daily befor rallying again. I will gauge it in the coming days.
3/18 trade still open, in profit. I'm looking at 7.50 as an initial target and am willing to let the other half run with a generous trailing stop.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-03-17 10:08:17 | UNG | buy | $6.659 | long |
2016-03-23 14:01:49 | UNG | sell | $6.350 | 0 |
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