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Palladium USD per ounce Futures

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XPDUSD1! trade ideas

Palladium Ideal Entry (November)Entry plan is based on the palladium head and shoulder pattern . I'm waiting and watching for price action to signal a top near the dashed line (drawn from left shoulder's high). Ideally we get some deceleration with a doji candle followed by a high test candle to form the right shoulder and signal a reversal to the downside. The bull cycle counts are pointing towards Q4 as a ideal time for a high and the monthly counts confirm that with their November target. Ideally I'd be able to hop in around $800-$850 if/when that confirmation comes with my stop above the high we form. The market still has quite a bit of chart to fill over the next 5~ months so things wont become clear until we get closer to that November target. Reward:risk ratio target would be around 10-12:1 for the first entry. I'll publish a more detailed plan as well as my entry if/when that time comes. For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box. Thanks!
NYMEX:PA1!Short
by patrick186
Palladium: Watching for the Moment to ShortPalladium Futures have been the second strongest performing future in 2017 so far . Yet my analysis is providing me several reasons to begin watching closely for an opportunity to short. I am still a neophyte in Elliott Wave analysis but it seems very possible that we are nearing the end of an three wave correction which began January 2016. In this scenario Wave (C) has recently reached 1.618 * Wave (A), and is taking the form of what seems to be an ending diagonal triangle which looks close to completion. Palladium has retraced and is currently trading at the .786 of the drop from the All-Time High which began in 2014 Two bearish patterns -- shark and bat -- are close to their completion points. A capitulation over the top of the ending diagonal triangle which is apparently typical of the pattern would likely drive the price to these levels. There is bearish divergence in the weekly RSI and AO It is important to wait for the confirmation of this analysis before going short, especially if there may be one more push up. Speculators are currently 72% long and the higher this number the better I will feel going against them (although using the COT is something I am still learning about as well!). I will continue analysis on the daily time frame and perhaps the 4 hour to try and get a more precise entry. If you have any comments or feedback on this idea or your own analysis of Palladium please share!
NYMEX:PA1!Short
by SharkbaitAl