18Nov1:05 pmEST

Defeated By General Winter

turkey-turkei-istanbul-shopping-hitler-chess-pieces As we zoom closer to winter, natural gas bears are still up against it with the recent strength in the commodity. I went long UGAZ, the triple-levered long natural gas ETF, yesterday at $15.28, amounting to 4% of my trading portfolio capital. I then sold  half of that position at $16.44 to lock in partial gains into a nice rip, timestamped here. With the 2% portfolio position which I retain, I am looking at the 30-minute chart of UNG this afternoon. We have the makings of a bull flag consolidation, which just now flashed a glimpse of potential breaking to the upside. I am opportunistically looking to add back to my UGAZ long if $22.50 on UNG is overtaken to the upside. If not, the discipline of taking partials gains into yesterday's pop is crucial, since I am moving my stop-loss essentially up to my entry on the trade to avoid turning a winner into a loser. Let's see if General Winter has more to say to natural gas bears. ________________________________________________ UNG

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