PLATINUM VS PLGLooks like $XPTUSD is outperforming $PLG. $PLG has catching up to do and that shows in a recent 10% run #platinum #gold #silver
PLATINUM trade ideas
XPTUSD About to confirm a bullish break-out.Pattern: Bullish Megaphone on 1D.
Signal: Buy as the RSI broke above its Lower Highs trend-line. For a stronger confirmation you may wait for either a break above the 1D MA50 (blue trend-line) or the Lower Highs trend-line of the price since the February 16 High.
Target: Either the 5.0 or 6.0 Fibonacci extension.
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PLATINUM (update every week)three possibilities:
- sideways into range (purple zone)
- ascending channel rising into grand ascending channel
- break drown and the correction extends below $1050
SILVER a turn at the 0.618 🦐SILVER after the last bearish impulse retraced at the 0.618 first and then retested the 0.5.
Now the market is approaching daily support and according to Plancton's strategy if the market will break below we will set a nice short order.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
2021-06-30 PLATINUM - Support areaPlatinum consolidating around the 61.8% retracement of last upswing.
Weekly resistance level now turning into support.
Looking for long entries in July on daily chart
Platinum could recover soonI see heavy congestion in the price of platinum. It is closing a wedge that began at the end of October last year. It peaked in mid-February and has been falling ever since. The correction may be close and we will see a continuation, remembering that it is still far from its all-time highs.
XPTUSD – bearish continuation …07 June, 2021While Gold had been rising, Platinum has been on a decline recently. It did make a multi-year high on 16 Feb but fell back right away. Recently it has been consolidating within a channel and on Thu last week , it broke out impulsively below it. Friday’s price action was choppy (check out H4 chart) and I see it like a pullback to the channel bottom. I anticipate a bearish continuation in this metal with targets located at $1128 and possibly $1000 area.
As always, watching the price action on a lower time frame before committing to a trade is advisable.
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Always use sound money and risk management in all your trades.
Platinum cant hold support levelsSeveral support levels has failed in Platinum, now testing a declining triangle. Commodity futures should be up because of the pressured fed rates and shortages in supply. However hit in the car manufacturing industry is pressuring platinum levels as well. Platinum prices were above gold and palladium before pandemic and is expected to catch up at some point. However we need to see a definitive price turnaround for that.
Platinum $ spot: targeting $1270?Upside price momentum supports the bullish trend direction.
Lower range of the linear regression channel supports a mean reversion trade.
Above 1180 is a bullish trend applicable.
RSI leaves room for further upside price potential.
PLATINUM Sell IdeaWe are bearish on Platinum and will be looking to take a short position if the price retraces back to the levels on the chart.
XPTUSDprice formed ascending channel and breakout the trendline and i see small correction ,so i set stop entry
XPTUSD bearing signals appearXPTUSD has broken the channel support line indicating a move lower however many key indicators are converging.
A small head and shoulders appears at the same area also indicating a downward move.
Breaking the neckline alone in this case isn't enough because zooming out this is still an bull market and I don't like to go short in a longer term upward move so I'll need to see more evidence of a reversal.
Momentum indicators such as MACD with default settings indicate a move lower (not included as chart is getting busy). However 100 EMA may be acting as support.
I'll be looking for a failed test of the right shoulder of the head and shoulders before going short (indicated by blue direction line) or alternatively a break below of the "support level 1" line and the 100 EMA.
If the longer term bull market continues then for a long trade I'll be conservative and wait for highs above the head (Resistance Level 2), and hopefully make some pips before (Resistance Level 3).
Still learning and new at this so looking for other people's views on how this might materialise.
