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Re: Natural-gas futures retreat /Hal *PIC*

I considered this bottoming pattern the other day before I got rid of it on the breakdown. Notice the other bottoming patterns also have more of a "V" pattern to them. Unfortunately when I take a position I don't hold a losing one and dump it and wait for a better signal. But I did consider this possibility but didn't wait for it. The signal suggested a run back to the 20ema and when it did that and sold off again plus broke the recent lows I don't stick around. But this bottoming pattern isn't any different than the others and isn't a flat bottomed type with the volatility of NG. So it hasn't really failed as yet unless you see price plunge through it. It is still a countertrend trade which have a bad track record of failing though. And price must clear 11.20 on this ETF to suggest anything more on the upside. That will not be an easy task being in a bear market and with both the 20ema and 50ema falling and acting as resistance as well. I would need more price action to suggest another run up and be convinced this bottoming pattern is going to support another run up like the others.

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Re: Natural-gas futures retreat /Hal *PIC*