TPL1! trade ideas
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.
PL1! weekly TAThe monthly look warned us about an imminent reversal, but I have no interest in getting into the train too early. The price has not yet reached the ML. And notice I choose my anchor placed between P1 and P2 of the pitchfork for a better fit, rendering the UMLH as the action line. Thus, I am waiting for a continued bearish action. The final arbiter will be the price behavior at the UMLH. On the other hand, the price may fall down without even reaching the UMLH, in which case the short trades should be led by a lower time frame analysis.
Platinum - Head over ShouldersDear Community,
today we have a quite interesting setup concerning Platinum. It is actually more a possible- than an expected setup but still worth mentioning.
As you can see in the chart we are expecting the formation of a SHOULDER - HEAD - SHOULDER formation, highlighted in red semi-circles. If this scenario kicks in, we could easily dip deep into the intermediate target zone at around $960. However, there is a very good chance that, if all clicks into place, it will fall through the intermediate zone, following our optimal scenario and therefore primary target ay $811.
If you follow us on our premium analysis you will know that we have opened a short position a few days back, aiming for the intermediate and hopefully the primary target. It looks good so far but we need to keep an eye on it for sure.
Good luck.
Platinum: The most bullish precious metalWith Platinum, my long entries in the precious metal market comes to an end. Notice the decisive early break-away happened in this metal, one day prior to Gold and Silver. What a precious metal trader should notice other than this is the congestion which clearly takes place above the bearish TL. This clarity does not exist in other metals, and therefore makes Platinum the most bullish of all. I am getting impatient to go long!
PL1! daily TAThere is a possible EW count for this pair on the chart. If the view in this chart holds true in its entirety, which I think is not very likely, because the lack of a Fib ratio relationship between the waves makes it imperfect, and therefore open to failure, the LMLH will be broken by the W4, which will then visit it again around 23 March 2016. One may wish to wait until that day, or trade it as it breaks the LMLH to the downside, keeping targets tight. If the price leaves its final micro trend before reaching the TL, a short trade is again possible.