SOLD -82 UNG @12.10

My stop at \$12.11 for UNG triggered this morning, just a few minutes after the gap down open. We failed to break above the \$12.65 resistance last week. However, we're also failing to break below the \$12 support as of now. This could go either way right now but I'm keeping my hands off for now.

The problem is that I have had many bad trades in the past few months. I think it's time for me to further ease up on actual trading and concentrate more on the analysis and strategy development. But no, I am not going away from this blog. I'll keep updating as usual but the content will be more on developmental topics for the next little while. Heck, I might stick in a few paper trades or small plays now and then.

[caption id="attachment_1577" align="aligncenter" width="500" caption="U.S. Natural Gas ETF"][U.S. Natural Gas ETF][][/caption]

[U.S. Natural Gas ETF]: http://traderpau.files.wordpress.com/2009/07/2009-07-13-ung.png

Posted 13 July 2009 in stocks.

UNG: Long entry stop $12.17 / Exit stop $12.11

I think I'll stay with equities for the time being as it's where I'm more comfortable with. Taking a hint from Tim Knight over at Slope of Hope, I took a look at UNG and it seems fine to me. Particularly, UNG has been hit hard lately, but on this breakdown day, UNG is holding relatively well.

Long entry stop: \$12.17, above intraday resistance

Exit stop: \$12.11, today's low, which is also a new long term low.

Target: \$13.00. Just to close the gap from earlier this week.

Reward / Risk = 0.83 / 0.06 = 13.83

This is a small position for 82 shares only.

As bad as the market is out there today, we're still not seeing an influx of volume from the morning session. Rather than diving into short positions, bears should be more cautious as the game is only beginning to unfold.

[caption id="attachment_1568" align="aligncenter" width="500" caption="US Natural Gas ETF"][US Natural Gas ETF][][/caption]

[caption id="attachment_1569" align="aligncenter" width="500" caption="US Natural Gas ETF"][US Natural Gas ETF][][/caption]

[US Natural Gas ETF]: http://traderpau.files.wordpress.com/2009/07/2009-07-08-ung.png [US Natural Gas ETF]: http://traderpau.files.wordpress.com/2009/07/2009-07-08-ung_prop.png

Posted 08 July 2009 in stocks.