XPT/USD 7/8/2020
Updated
Welcome to this analysis of XPT/USD.
Platinum has been in an uptrend since the capitulation low on the 19th of March.
Price rallied from 565$ to 860$ but on 21st of May but it faced some resistance there and went sideways for over a month. Looking at the consolidation it looks like the price has made a falling channel Bull flag that got activated yesterday by a break and close above 837$. The target of the Bull flag is around 975$ as long as it stays above 800$.
There are a few levels of resistance between the current price and the target, which are the previous high at 861$, followed by an order block around 910$ which is an equilibrium of a range as well and the 954$ level.
This trade idea has almost 4 rewards to risk ratio.
Good luck trading.
Platinum has been in an uptrend since the capitulation low on the 19th of March.
Price rallied from 565$ to 860$ but on 21st of May but it faced some resistance there and went sideways for over a month. Looking at the consolidation it looks like the price has made a falling channel Bull flag that got activated yesterday by a break and close above 837$. The target of the Bull flag is around 975$ as long as it stays above 800$.
There are a few levels of resistance between the current price and the target, which are the previous high at 861$, followed by an order block around 910$ which is an equilibrium of a range as well and the 954$ level.
This trade idea has almost 4 rewards to risk ratio.
Good luck trading.
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a massive reaction so far :Dthe order block hit it like a truck.
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still holding the pattern as support the trade idea is still valid.Note
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The support of the pattern held up and price made a falling wedge on top of it that broke to the upside. Price has broken above the first resistance level as well if it closes the day above this level and holds it as support then It can finally start moving to the 2nd targets.Note
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2nd target got nuked. price is rising on high volume which is really good for bullish continuation.Note
Trade closed: target reached
I chose the 910 level as our 2nd target because of the order block at that level, I was expecting it to act as resistant for a while but price nuked the level. During the past few days, the price has retested a few times and held it as support (black circle) and now it broke above the highs of the previous candles which is a sign of continuation. The price action looks good to hit our last target. I start to scale out of this trade.
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UP more than 3R on this trade already. :)Note
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Exited the trade to the T :d
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