Angloplatinum (AMS) Long and Short PlayAngloAmerican Platinum is flashing a bearish sign early into the weekly cycle, it could be leading platinum metal into a bearish trend. On the daily chart time frame we would have wanted price to not break the low on 22 November but as of today (14 December) price has made a lower low.
The probable route now would be price action guided by the megaphone depicted by the blue lines, this becomes a high probability move if 22 November was not a daily cycle low (NB previous daily cycles out of a weekly cycle were of length 57 days as is 22 November low), then we can expect a daily cycle low of close to 90 days. What to do amid uncertainty:
1. Reaction of price on the lower blue trendline can allow a long position with target orange line, by then RSI 14 should be oversold.
2. Reaction of price action at orange line, if it breaks, hold long & watch for R1735 reaction, rejected, close long & go short.
There is some good money to be made by trading price action this way though it requires one to be of nimble fingers.
