Tuesday, October 02, 2007

Natural Gas Trade

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This morning, I went long QGX7 @7.175, stop = 7.15, target 7.25
If all goes well, and in tonight's overnight session, NG behaves like it did in yesterday night's overnight session, then I may hold NG for another swing trade attempt. Yes, it swings around randomly and madly at times, but right now, it is behaving as expected, and that is what matters.

I've mentioned before that I am bullish on Natty Gas. I have been studying it for a few weeks now, and had made a previous swing trade on it (or at least attempted one).
So long as it behaves in an orderly fashion and according to my expectations, then I will continue to trade it. And the immediate plan is to hold it for as long as possible.

UPDATE: I am out of QGX7 @7.23. It stalled @7.245 previously, and so when it couldn't blast right through that level, I decided to exit, no questions asked.
Yeah, it's hard to hold a futures position, let alone a Natty Gas futures position, for any decent length of time.
LOL, now as I type this, Natty gas decides to blast off to new intraday highs. But that is ok since I am following my new rule - everything starts out as a scalp, and I only hold longer if the market proves me correct. I'm not interested in the market proving me wrong before proving me correct (which is what Natty Gas did here), risk control dictates that the market prove me correct first.I will look to see if there is another trading opp.

Anywyas, here is the chart recording my trade for posterity:

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