Natural gas is in the process of forming a double bottom (the db is not yet confirmed), and as noted in my BOIL idea has already entered a Bullish butterfly pattern on 4/6/12h timeframes.
pt1=4.984 Expect bearish retracement from that level back to retest the double bottom low before moving to pt2 level. I usually trade bull butterfly by taking 100% profit at pt1, then reentering lower, closer to the butterfly entry price. SL can now be moved up to just below the double bottom level at 3.52, to increase risk reward ratio. The butterfly stop loss is 24% lower at 2.755.
Phoenix and Stock VX3 indicators are also rising from oversold levels on 12h timeframe adding additional supporting data to the trade idea.
pt1=4.984 Expect bearish retracement from that level back to retest the double bottom low before moving to pt2 level. I usually trade bull butterfly by taking 100% profit at pt1, then reentering lower, closer to the butterfly entry price. SL can now be moved up to just below the double bottom level at 3.52, to increase risk reward ratio. The butterfly stop loss is 24% lower at 2.755.
Phoenix and Stock VX3 indicators are also rising from oversold levels on 12h timeframe adding additional supporting data to the trade idea.
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Here's the BOIL (NG 2x) trade details that corresponds to this idea:
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Please note that this is a high risk trade, as NG has high volatility like crypto, manage risk appropriately.
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HIT SL, this trade is no longer valid.
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The trade is still valid if you are using Bull Butterfly's stoploss; however, the double bottom/tight stop loss was invalidated.
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Still valid, possible inv hns forming
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note retracement from pt1 down to near prev low could form a lower low, but still above the 2.75 sl level.
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still valid :)