Natural Gas: Watching For Triangle or Bullish Butterfly
Everything is pretty much shown in the chart. I have heard Natural Gas is hard to technically analyze but in my limited experience patterns seem to work pretty well.
---If price continues to the top trendline, I will look to see if it forms in 3 waves. If so, I will be more confident this is a triangle and will look to long around the E point (perhaps right after a break of the lower trendline)
---If price instead goes down from here I will watch the rectangle which is the completion of the potential Bullish Butterfly pattern.
----Note: both of these scenarios can play out concurrently, which would make me feel even better for this trade!
I am always happy to receive any comments and/or feedback in my ideas. Good luck!
---If price continues to the top trendline, I will look to see if it forms in 3 waves. If so, I will be more confident this is a triangle and will look to long around the E point (perhaps right after a break of the lower trendline)
---If price instead goes down from here I will watch the rectangle which is the completion of the potential Bullish Butterfly pattern.
----Note: both of these scenarios can play out concurrently, which would make me feel even better for this trade!
I am always happy to receive any comments and/or feedback in my ideas. Good luck!
Comment:
The pattern is completed around 3.047. I am watching price action in this rectangle to long. The lower we can buy, the better the risk:reward. The R:R shown in the picture above would be the minimum.
The pattern is completed around 3.047. I am watching price action in this rectangle to long. The lower we can buy, the better the risk:reward. The R:R shown in the picture above would be the minimum.
Found this potential Bullish Crab hiding out within the Bullish Butterfly. I will watch 3.03 area closely