I think I’m going to go long with UNG 10%
Not going long just yet… First off the 2hr chart looks too good to go against.
Clearly in a down trend, and why not, tis the season. Maybe we get a vomit day occurrence in the next couple weeks. I should probably explain that some day. So the weather forecasts are not filling people with holiday cheer nor are they giving traders a reason to hold a long position. Not yet anyway. Price does matter, but I’ve learned it matters less in the face of a solid winter down/up trend. Winter trading doesn’t stay range bound based on price, it’s more about indecision on which way the next wave is.
If you got in DGAZ yesterday and stayed, good for you, wow I missed out. If you’re still holding DGAZ, even better I would let it keep going a bit. Of course I’m not interested in entering now, so I’ll wait for what I think it s a good place to go long. I’ll probably be too early, so be aware of that.
Price is still important, so if we get to $2.5 Jan gas, that’s a big mental number. This area has my attention for now.
As far as daily chart goes, the price has broken through a strong trendline area, and touching the lower BB. I should add that on Aug 5, the price bottomed at $2.475. This would strengthen the argument for chaos in this range.
Again, If you’re short here, great work. If you’re ready to go long, be patient; If you gotta scratch that itch, get UNG as there is plenty of money to be lost in UNG without the decay of UGAZ. You can always switch to UGAZ when the timing is better, like waiting for the turn to happen. Be patient.