Need help on a position of natural gas B@333 on 6th.

[@ravikb]

Hello everyone..

Im new to this forum. Firstly, great job done here by everyone on helping fellow members :thumb:

I am in need of guidance on a position of natural gas bought @333 on 6th. Later on 7th, i averaged it @ 308 considering it sustained around 308-309 for quite some time (strong support). When price dropped to around 300, i hedged it at 282.2 in march contract (at that time, price on Feb was @298).

Today, it has opened low and trading at 293-294 levels.

Could you plz help me on how this week will turn out to be? Will it recover to 320+ before the inventory on thursday?

I have 1.4l in my account and already i'm down with some 60k+.

Please guide me. Thanks.

 

[Tamil trader]

Why you hedged NG ?

what was your idea at the time of hedging?

Because, without a clear cut idea, how you hedged?

Dont mistake me sir. Because we cannot recover the losses in the single trade or in the same hedge position

please understand some psychology and do it as a business

my recommendation is to exit the position with current loss. and recover the loss slowly on monthly basis with the correct trend.

Due to weather condition in america, it goes up and down everyday. anyone is not able to predict the perfect trend of natural gas

 

[@ravikb]

Why you hedged NG ?

what was your idea at the time of hedging?

Because, without a clear cut idea, how you hedged?

Since, 297 is the strong support and NG didnt close below that last week fully owing to high demand in US, and last week was about to close lower than Jan 31st week, i was suggested to take the hedge at that levels. All were wrong later.

Sadly, the price is still going down (near 290 now, which if it breaks will see a big downside move )

The loss is now 80k+, more than 50% of my capital. Could you see if any pullbacks could happen so that i recover atleast half this loss!??

Or else, i ll also have to do as you suggested, close the position with such huge loss.

Thanks for your valuable suggestion bro..

 

[maneverfix]

Feeling bad about your loss, have seen similar days. Learnt only one thing that stop loss is the only 100% truth in this market.

Since, 297 is the strong support and NG didnt close below that last week fully owing to high demand in US, and last week was about to close lower than Jan 31st week, i was suggested to take the hedge at that levels. All were wrong later.

Sadly, the price is still going down (near 290 now, which if it breaks will see a big downside move )

The loss is now 80k+, more than 50% of my capital. Could you see if any pullbacks could happen so that i recover atleast half this loss!??

Or else, i ll also have to do as you suggested, close the position with such huge loss.

Thanks for your valuable suggestion bro..

 

[@ravikb]

Feeling bad about your loss, have seen similar days. Learnt only one thing that stop loss is the only 100% truth in this market.

Kudos for your compassion!! Ya, locked up badly! Should go with strict SL from now on...

 

[Rish]

Hello everyone..

Im new to this forum. Firstly, great job done here by everyone on helping fellow members :thumb:

I am in need of guidance on a position of natural gas bought @333 on 6th. Later on 7th, i averaged it @ 308 considering it sustained around 308-309 for quite some time (strong support). When price dropped to around 300, i hedged it at 282.2 in march contract (at that time, price on Feb was @298).

Today, it has opened low and trading at 293-294 levels.

Could you plz help me on how this week will turn out to be? Will it recover to 320+ before the inventory on thursday?

I have 1.4l in my account and already i'm down with some 60k+.

Please guide me. Thanks.

Near 278.20 release your short and hold your long............. Keep s/l for your long 276.80 closing basis.

 

[@ravikb]

Near 278.20 release your short and hold your long............. Keep s/l for your long 276.80 closing basis.

Thanks!!

I closed the shorts @279 sday. As market closed lower than 290 and negative bias all over today, i dont see big prospects in NG turning towards 320 in near future!! So, i am just waiting for a pulback towards 295 and gonna and planning to close the longs. Still a big loss, but atleast i wont bet on uncertain situation any longer.

Pls advice me if you see anything otherwise..!

 

[zabeen2004]

I believe price may test 302,309 as strong resistance in 302 area but price needs to hold 285's. It must not close below 283 on Daily basis. Please note i am sharing just my opinion and kindly take your own decision

 

[@ravikb]

I believe price may test 302,309 as strong resistance in 302 area but price needs to hold 285's. It must not close below 283 on Daily basis

Oh, I am happy to see you mentioning numbers above 300 zabeen

As far as the market has been until now, it is finding itself hard to sustain above 290 for an appreciable time!! Moreover, 297 have stood in the middle like a wall! May I know the basis/info on which you are telling that 302,309 may be possible so that i could also know n build some confidence. Thanks.

 

[zabeen2004]

I trade based on volume analysis and fibo levels. As far as fibo levels are concerned on daily chart based on three recent swing high/lows including the one yesterday which all correlate to 302.1 levels. Different fibo levels (23.6,61.8 etc) which points and lands in 302.1. So i believe price will test back that fibo levels atleast before it falls again. This is just my view based on daily chart