Bearish Cypher on Platnum Daily chart! Precious Metals Pullback?
Updated
We have a Daily Bearish Cypher Pattern Completion on Platinum. I am very bullish as mention in my last idea with regards to the precious metals however nothing go's up in a straight line, we are due for a solid pull back and the dollar is due for a short lived rally. right now we are showing a double top and a bearish divergence on the daily chart using the stochastics indicator, we also have a Bearish shooting star at structure (all three of these can be seen on chart 1 below). Next we have a 50 period SMA and a 100 period SMA sitting on the 50% Retracement level which gives me confidence in setting my targets at the .382 level (Shown on chart 2 below).. Last but not least we have a Daily close outside of the upper Bollinger Band followed by a close back inside the bands on the following day which usually signals a retracement to at least the 20 period moving Avg (Shown on Chart 3)..
Reasons for Entry-
1. Bearish Cypher Pattern completion on the daily chart.
2. Double Top Bearish divergence on the Stochastics (Daily Chart)
3. Bearish Candle at previous Structure support and resistance.
4. 50 day and 100 day period moving average confluence with 50% Fibonacci Retracement level (Near Targets)
5. Daily Close outside of upper Bollinger Band followed by a Close back inside the bands the following day (Targets for that trade can be set at the 20 day period moving average).
Thank you everyone and good luck trading!
Remember, no trade is 100% correct! we need to make sure we use risk management during any and all trades. For example: I will be rolling my Stops to break even once we are more than 3/4 of the way to Targets to be in a risk free trade..
$MMAKE SOME MONEY$$
Reasons for Entry-
1. Bearish Cypher Pattern completion on the daily chart.
2. Double Top Bearish divergence on the Stochastics (Daily Chart)
3. Bearish Candle at previous Structure support and resistance.
4. 50 day and 100 day period moving average confluence with 50% Fibonacci Retracement level (Near Targets)
5. Daily Close outside of upper Bollinger Band followed by a Close back inside the bands the following day (Targets for that trade can be set at the 20 day period moving average).
Thank you everyone and good luck trading!
Remember, no trade is 100% correct! we need to make sure we use risk management during any and all trades. For example: I will be rolling my Stops to break even once we are more than 3/4 of the way to Targets to be in a risk free trade..
$MMAKE SOME MONEY$$
Trade closed: target reached
Hi everyone, I shared this idea a little over 2 weeks ago, Targets have been reached and this was another successful Cypher Pattern! I was originally going to role stops to break even if we got close enough to my target however I decided to keep stops above X and close out the position only if we closed above the red zone on the chart. as you can see, we were very close to closing this trade and I am glad I stuck to my red zone plan because shortly there after we got a nice wick where the sellers showed up and finally mustered up enough strength to push price back. I have be waiting for this pullback for a couple weeks now while everyone else kept saying that precious metals would put on the best gains of the year during these 2 weeks. Nothing goes straight up and the Cypher Pattern is very accurate when used correctly and coupled with other reasons for entry. this was a good trade that I hope others took advantage of. I have several other ideas that will be updated soon and I will also be sharing a few more ideas that I am currently looking to trade.Thank you, good luck trading!
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