NATURAL GAS SHORT 1 HOUR BREAK AND RETEST TRADE SETUP

Hi everyone:

Here is my view on NATURAL GAS SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #8
Date: 12/08/2016
Time: 08:00 GMT
Forex Pair/Commodity: NATURAL GAS
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:

Daily: over extended run to the upside, now formed tweezers tops, bearish reversal developing
4 Hour: good break down of the support trend line, and retrace to main pivot point
1 Hour: break down the 20/50 EMA, support trend line, then retest the resistance level of 0.382 fibs retracement, 50 EMA, and main pivot point
5 Min: price breaks down, and formed a bearish flag pattern

Looking to take this pair to daily .382 fibs retracement, 50 EMA, and strong horizontal support and resistance line of 3.00 area for more than 3:1 reward risk ratio.

Thank you for your support

Bình luận:

Bình luận:

Move my stop loss to break even once the price has hit 1% profit around 10:00 GMT, then the market turned around to hit my stop loss at break even.