PLATINUM trade ideas
Platinum --> Metal Slug 🦐Recently all the metal markets drove by the upmove of gold has risen and created new highs.
Platinum created recently on the daily chart a bull flag.
During this week the market broke the flag and broke the resistance structure.
According with our strategy we can look for a nice long order.
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Follow the Shrimp 🦐
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 Plancton0618 strategy will trigger.
Platinum Update: Profit=128513 SL=19901 Reward/Risk > 6.5:1 Trade Setup summary:
Profit targets=128513 pip (4059 + 6584 + 9744 + 15994 + 23224 + 29189 + 39719)
Stop Loss =19901 pip
Reward/Risk > 6.5: 1
Current Status:
Total Profit: 122387 pip
Closed trade(s): 20387 pip Profit
Open trade(s): 51000 pip Profit
Trade Setup:
We opened 7 BUY trade(s) @ 805.00 based on 'previous Forecast' at 2020.07.06 :
Closed Profit:
TP1 @ 837.90 touched at 2020.07.22 with 4059 pip Profit.
TP2 @ 863.15 touched at 2020.07.21 with 6584 pip Profit.
TP3 @ 894.75 touched at 2020.07.06 with 9744 pip Profit.
4059 + 6584 + 9744 = 20387
Open Profit:
Profit for one trade is 907.00(current price) - 805.00(open price) = 10200 pip
4 trade(s) still open, therefore total profit for open trade(s) is 10200 x 4 = 51000 pip
Break-Even 805.00
Technical analysis:
. Platinum is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 70 .
Trading suggestion:
. There is still a possibility of temporary retracement to suggested support line (863.15) again. if so, traders can set orders based on Price Action and expect to reach short-term targets.
Take Profits:
TP4= @ 957.25
TP5= @ 1029.55
TP6= @ 1089.20
TP7= @ 1194.50
SL= Break below 837.90
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Platinum Update: Profit=128513 SL=19901 Reward/Risk > 6.5:1 Trade Setup summary:
Profit targets=128513 pip (4059 + 6584 + 9744 + 15994 + 23224 + 29189 + 39719)
Stop Loss =19901 pip
Reward/Risk > 6.5: 1
Current Status:
Total Profit: 122387 pip
Closed trade(s): 20387 pip Profit
Open trade(s): 51000 pip Profit
Trade Setup:
We opened 7 BUY trade(s) @ 805.00 based on 'previous Forecast' at 2020.07.06 :
Closed Profit:
TP1 @ 837.90 touched at 2020.07.22 with 4059 pip Profit.
TP2 @ 863.15 touched at 2020.07.21 with 6584 pip Profit.
TP3 @ 894.75 touched at 2020.07.06 with 9744 pip Profit.
4059 + 6584 + 9744 = 20387
Open Profit:
Profit for one trade is 907.00(current price) - 805.00(open price) = 10200 pip
4 trade(s) still open, therefore total profit for open trade(s) is 10200 x 4 = 51000 pip
Break-Even 805.00
Technical analysis:
. Platinum is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 70 .
Trading suggestion:
. There is still a possibility of temporary retracement to suggested support line (863.15) again. if so, traders can set orders based on Price Action and expect to reach short-term targets.
Take Profits:
TP4= @ 957.25
TP5= @ 1029.55
TP6= @ 1089.20
TP7= @ 1194.50
SL= Break below 837.90
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
Metals and #Platinum as the odd oneGold: Nice and smooth bullish trend. Very comfortable long position even in larger size.
Silver: Bullish, maybe a bit of short squeeze too. Momentum is increasing.
Copper: Despite all the fears regarding global real economy, copper is also marching up with strong momentum, it doesn't show too long consolidation periods and dips on profit taking are shallow.
As you see, people just want to be bullish on metals. Investors and speculators use any dips to buy more. But what's the situation with Platinum? It is still sleeping, the question is for how long?
Platinum:
- Bullish bias is increasing slowly. While price is still stuck in a wider range of 790-860, the 100 day WMA is slowly turning up, stregthenning support.
- Ichimoku setup has a bullish bias, but averages are still very close to each other. Price has been swinging around Tenkan and Kijun since May.
- The zone to be watched is 852-883. Once price breaks above these levels, the sleepy Platinum will likely follow the same path as Silver.
This is all a technical view. If 1000 bn USD being printed monthly, and besides the other two precious metals even Copper can go so nicely higher, I just don't see a reason why Platinum should stay at these lows.
Usually when the party heats up, even the ugly ones are taken to dance.
Platinum\Gold ratio at 14 year extremePlatinum relative to gold is now exactly FIVE TIMES CHEAPER than it was at the peak of the commodities bubble back in May - June 2008. It is still in a downtrend, and this study has ZERO validity for short-term trading: extremes can ALWAYS get more extreme, OR they can get stuck at the same "insane" level for an unpredictable long time, so I would advice to pick up some long platinum exposure here due to historic undervaluation, but only as a long-term play. I'm going to look to take a small long position without a stop, one I can just buy-and-forget-about for how small it is, and maybe slowly increase over time. I've looked at the chart of platinum for short-term trading signals, but have been unable to find anything compelling to me, so the only strategy I can personally think of is to accumulate very small positions on the dips, until the technical picture gets more clear, and hopefully a new uptrend starts in this VERY cyclical and ILLIQUID metal. If you're able to better read the chart of Platinum and see some strong evidence for going long OR short, please let me know.
Gold, Platinum, or Both?I think the answer is both. The correlation-coefficient suggests that weak readings between the two metals during clear simultaneous uptrends signal continued strength for both metals.
Thus, my strategy is to buy physical bars of each metal, at a one-to-one ratio. The two metals serve different purposes, but they are continuously increasing in value because their supply is finite and the world has deemed them intrinsically valuable. Gold has proven this concept ever since humanity first adopted the concept of wealth accumulation. Platinum is a fledgling comparatively, but I suspect it will prove-out long-term, even if the concept of marriage is trending bearish.
"Experts" seem to collectively agree that platinum is more speculative than gold because it is used primarily in manufacturing (which is a bet on future economic growth), and not investing nor as a universal store of value. Whenever "Experts" have the same idea, I immediately think the opposite is true (think March 2020 "financial guru" bears).
Thus, I have my ratio set to 1:1 because the benefits of gold are obvious and time-tested. I like both metals equally and buying them both when one is clearly undervalued just makes logical sense in my piggish brain.
I also tend to be a paranoid-ish pig at times, which is why I prefer to purchase the stuff in physical form. I clearly see that fiat currency is becoming more a figurehead and less a de-facto store of value - as it can be printed limitlessly. So long as global government(s) maintain control of their people, fiat currencies have value. Should that change, I'm happy that I have physical assets. Whether you buy physical or prefer paper derivatives, I'd maintain the same outlook of 1:1 buying in the near/midterm.
Whether it is platinum, gold, palladium, rhodium, or silver, it is clear that metal is on the rise once again. I just like these two the most.
- Gilded Pig
TVC:GOLD
CURRENCYCOM:GOLD
TVC:PLATINUM
CURRENCYCOM:PLATINUM
XPT/USD (Platnium)XPTUSD (PLATNIUM) Possible Head and Shoulders Reversal Pattern
Long Period Of Consolidation
Wait for a break of this current consolidation and enter at the Head which is at 910.00 or wait for the confirmation of the Right Shoulder
Patience , let's see what price does
Platinum flag breakBreak of the flat above $840 targets $860 first. Next level of resistance at $900.
XPTUSD or Platinum 1W | Short Momentum- Denser and rarer than gold, platinum is one of our favourite materials for use in healthcare and car manufacturing. Platinum prices are highly volatile, even more so than gold.
- We are looking for short pullback to 808 as a 1st target and 760 swing target.
XPT USD BUY (PLATINUM - US DOLLAR)Hi there. Price is forming a continuation pattern to the upside. Wait for the price to complete the pattern and watch strong price action for buy.
PLATINUM HARMONICSI posted an earlier chart on platinum- disregard that... I realize Platinum has a bit more cook off to do before it sees a rise. But its still good news in the long term for this precious metal.
As price dwindles down it will complete a bullish butterfly and have a big jump to continue the BULLISH GARTLEY (yellow).
Right now we are forming what appears to be a bearish crab (you cant see it well)- due to the scaling of this chart- 4 months.
But its this formation I feel will bring pricing down. But once this has completed your looking at a very Powerful move to the upside.
If you know about Gartley's you know...
This will take time- again another 4 month Chart, but you can see very clearly the Harmonics formed over what has been over 20 yrs!
I understand trading View has not provided us the historicals for this asset (obviously)... but any historic platinum chart you will see the nearest bottom was around 1977 and it has gone up ever since 2008- and we are now in the down wave. I have attempted to extrapolate the timing on this chart.
Check out my Silver Harmonics Patterns for quicker profits. Physical Silver has vanished on the market! Something is brewing!
**CHEERS*
XPTUSD Detailed Analysis - Long SetupYellow zones- critical zones based on the monthly time frame
Red zones- critical zones based on the daily time frame
Blue zones – critical zones based on the 4h time frame
According to the latest COT Report Platinum may be going for some bearish momentum, due to the increase of short contracts. Historically looking, the COT contract size area that we are in, has high chances to reverse towards higher quantities of long contracts.
From a monthly perspective XTPUSD has been in a closed triangle structure since 2008 and we can finally see its end. But before that another touch towards its upper-trendline must happen. The monthly critical plays the role of the bottom part of this closed triangle. On the monthly time frame, February reached new unnatural lows which got rejected strongly and the price returned once again to the monthly critical zone.
Since the end of May, XPTUSD is in a range that formed a wide-angle formation. A critical moment of this scenario will be the 800.000 level. We need to see a strong rejection there. A good entry point will be the correction from the daily critical area towards the 4h critical one.
A second critical point is the daily critical area around the 860.00 mark. It can be viewed not only as a support/resistance zone, but it also aligns perfectly with the 0.618 Fibonacci retracement from the price drop in March.
Our target will be the psychological 1000.000 mark. This needs to happen in order to reach the equilibrium price of this pair.
If the crisis deepens the usage of Platinum will likely jump and logically its price as well. It is used in many industries that will stay unaffected from a future crisis.
If you liked my analysis or you want to continue the discussion- feel free to leave a like and a comment. Thank you!
Happy trading!
XPT/USD 7/8/2020Welcome 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.
