XPTUSD1! trade ideas
Buy platinum on Strong support Platinum Trading around 914 near its monthly low it can bounce back as corrective move from current level or from 895-900 level toward 950-970
Advice to buy pair in range of 914-890 sl below 870 TP 955
Platinum Makes UptrendPlatinum has been pretty wild for the past few days. True, it is still lower than heck on the daily, but notice how the hourly has started an uptrend. This could be a chance in on the ground floor before a large move upward if the support line holds. Price action is yet to confirm.
$8 Platinum?Long term trend lines needed to make sense of current price action. Can only see this falling further.
sPLAT!?!I'm not sure if a Head & Shoulders pattern is the correct interpretation here, albeit, a neckline is fairly visible. Further, the probability of its breach increases with every re-test.
Platinum at key levelPlatinum "broke" its down trend recently, but it had a dramatic 2 day pullback to the base of the breakout. It is unclear whether the recent upswing was just a mildly longer pullback (see figure for pullback amounts) which will result in another drop in price or whether this is profit taking from the recent upswing.
A break below 930 indicates a continuation of the downtrend. A bounce off the 943 level indicates a new uptrend. These are confirmation signals, but what if you want to enter the trade sooner? See below.
What type of trader are you?
1. The 976 level could be a "loose" neckline (it could be drawn lower of course) to a head and shoulders pattern that had an absurdly abbreviated right shoulder (excellent short signal!)
2. Since the breakout coincided with both the 200 day EMA and the previous low of the downtrend, there is expected to be hard resistance and a pullback before a solid breakout (go long!).
Metals overheated! Two "P" (platinum and palladium) likewiseOpen interests for precious metals are sky-high and Commercials are ensuring themselves against decline prices like crazy.
With all the guaranteed advice for buy by proffesional analysts over the internet right now... I would rather wait with buying for couples of weeks from now...
PlatinumConvincing looking bounce off the 50% retrace. Am watching to see if this retakes the failed double bottom around $10.47 and 100DMA for confirmation of a long back to $11+
Platinum Double Bottom ?Likes W shapes and double bottoms. Looks like we might have another which would give a long trade to around $1160 from here.
98 PL1! Weekly Complex HSB BreakoutWeekly Complex Head and Shoulders Bottom breakout on platinum futures.
According to Bulkowski's chart patterns theory, this security could rise until :
1124: 1st Target
1206 : 2nd Target
1265 : 3rd Target
938 : Invalidation Stop
Warning : Trading involves risks. Be careful to trade only a small amount of your capital on each trade.
Platinum Longfollow up to post from a few days ago. First target of $11.07 hit. Long now to $11.81 to retest the long-term resistance. I suspect it will form an inverse H&S upon hitting that resistance to build strength for potential higher move still.
Platinum LongHeld the 100DMA support (just). Closed well above it however on Friday, stochastic RSI floored but turning nicely. I'd go long here to the Fib at $11.07. Pop a stop on just below the 100DMA just to be safe.
