lol i did the same thing and then panicked entirely and girled out and covered it for a 1 cent loss....calling it the best 100 bucks ive spent in a long time... i really dunno - thing is psycho!!!!
There have been powerful rallies in NG along the way. Although they have not lasted more than a few weeks, a powerful rally is a powerful rally. I'd rather be long than short at this point, btw. Bottom fishing can be profitable if done patiently and in moderation. When trend followers get caught short, they tend to panic, esp in natural gas. That said, I just went long for a short-term trade. Small position, but one I will closely follow.
if I hadnt decided to trade the spread thing id be in major poop I have been long 7 contracts since 6.8 luckily I decided to short nov for 7 contracts at the last moment a few weeks ago at 8.9 im try to bottom pick here, long 1 at 5 and 1 at 4.88
you know whats funny -- remember that mother rock hedge fund that had to shut down because its shorts failed? if they only could have fed their account more cash just to wait it out, look how they would have done... of course, I assume they were shorting the whole strip, not just one month..
Its very rare for a local or a bank trader to successfully manage money. Their skill rests in the ability to scalp and to make money providing liquidity to traders and fund managers. Running money and holding positions requires having a view beyond the next 5 minutes and to be right - locals and bank traders lack that perspective. On another note, just curious, those long nat gas at +/- 4.9, how long will you hold on?
5.60 is a little ambitious with 10 or so trading days left in the month, with oil already at 62.50 and no good news in sight. My target is 5.10-5.25. I'd be more focused on those rear months falling down.
oh yes, back over 5 already, gonna make a good candle if it closes around here! gap at about 5.35 need to be filled imo if it fills that back to 5.9 i say! so now where should my in your face arrogant TP be? 5.35 or 5.9? lol
I find it amusing that this weekend the WSJ and Barrons have different viewpoints on the next few weeks , months in the natural gas market