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With the November Contract Expiring Tomorrow and the December Contract Becoming Front, I believe that what was witnessed today in the markets, were MM's who were short from the 3.36 Top earlier this very month a mere 2 weeks ago finally cover in the last 5 mins of trade.
My personal experience today. I was looking for a bounce off of the 200 DMA on the daily which I had planned to be around the 2.71 area, even though it had pierced the avg, I thought it would return. Well, my 2 contracts turned into 6 and shortly after noon I was all but pulling my hair out wondering when the selling would abate. Possibly never I thought, there was no bottom as I watched my account balance plummet. Down to 2.627 where I added my last contract long at 2.647 most were in the 2.71 2.68 range for a 2.6835 avg. I thought we would probably see some short covering into the close and a bid overnight, but I underestimated how much short covering there would be. When trading neared the last 10 mins NG was bid up. No longer was I down $3500, I was down only $1500, then $1000, then $800 then in last 5 mins It just rocketed up to my entry, where I just closed out as I was sure it would be sold against. What I didn't take into account was just how short everyone was, and tomorrow being the expiry, everyone had to cover. Had I maintained my position I would have been up near $4K at 2.74 but hindsight is 20/20 and honestly I was glad to get out without a large loss.
Barring an outright negative report tomorrow I am bullish NG due to the covering today I don't believe the Dec Contract will be resold. I look for any weakness after tomorrows report to be bought up and the shorts will target January Contract after relief rally.
Wonder if the order flow is pretty clear using bookmap? the last 2 days.. seem that if u can see certain levels hold.. then u can predict.. like the 0.50 cents.. look at today around 3.050.. and the round numbers..
seemed easier to see than some of the other instruments or more orderly
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
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Glad that things worked out for you in the end. Maybe nothing to do with me, but your trading style seems to be a little risky. Adding to losers, multiple times, may have worked out for you in this example, but that's often exactly the type of behavior that will blow an account out.