XPDUSD trade ideas
Palladium Longretesting for 3rd time on the top of the wedge, negative momentum has been reduced on the weekly.
taking profits at 1700's on 1.272 fibo extension from 1616 high to 1270 low .
XPD USD SELL (PALLADIUM - US DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Watch strong price action at the current price for sell.
CFD'S ON PALLADIUM RANGE TRADESRanges, Descending Triangles, Triangles, and Ascending Triangle are repeatable trading chart patterns.
Triangles and ranges are consolidation chart patterns that can breakout either direction.
Ascending and descending chart patterns will have a directional bias depending on the previous incoming trend.
Each chart pattern will have defining trendlines of the support/resistance levels creating the pattern.
What ever time frame you are trading this chart pattern, wait for a candle close outside of the trendline in the direction of the breakout candle. (Our time frame preference is the Daily chart).
Add volume indicator - Volume is the amount of $ that went into a particular candle or in Forex the # of trades that took place.
Add ATR indicator - Volatility is the amount of price movement that occurred. Use the ATR to measure the price movement.
When you see descending Volume bars and descending ATR line (which indicates volatility) this shows
a dis-interest in traders to invest in this pair creating consolidation which creates the chart pattern.
Trade Management after there is a breakout candle close.
1 - Position size (compare volume bar to volume ma line).
a - Breakout candle must be 100% of average volume for a full position size.
b - If 75% of average volume then ½ position size. (To find 75% of Volume
look at the charts volume settings – divide smaller # into larger # = 75%+)
2 - Enter two trades.
3 - SL for both trades will be 1.5 x ATR.
4 - 1st trade TP will be 1 x ATR.
5 - No TP on 2nd trade – letting profit run and adjusting SL to follow price.
6 - When 1st TP hit – move 2nd trade SL to breakeven.
7 - Adjust the 2nd trade SL to follow price.
*8 – After Breakout candle – if price closes back into chart pattern close trade
*9 - When breakout candle is more than 1 ATR from breakout candle open.
a - Enter 1st trade at candle close with ½ position size.
b - Enter 2nd trade with a pending limit order that is 1 ATR of breakout candle open.
c – Price should pullback to that pending limit order for 2nd trade.
d – If Price returns back into chart pattern close trade before SL is hit.
Top of channel broken and 76.4 broken - trade void76.4 broken and top of channel too - bull signal identified so trade void
Palladium 'Short' Trade IdeaJust a sweet position to take with such great r:r. It couldn't make a new high yet and has a good probability to turn this a double top swing failure with some resistance confluence, ABCD and some divergences.
palladium : could retrace before new highpalladium : could retrace before new high, redrawing triangle pattern , new high possible
Palladium Update Palladium Jag has not, yet risen into the Clear channel . Note !0 Jul '19 local high establishes the validity of the RS1 bet. However. Now is the moment to push up over Thin Blue, then Dark Red.
Bear pennant forming on daily chart 1st target is 1300 (length of pole) = Zone. As zone is old then could fall through so 2nd target 1200
Palladium : Choice?Palladium B () or C () ?
The Palladium Jag looked to remain on the C () area, and now, right now, it looks like it is making a dash to RS1, along the Bold Purple curve. Seen prosaically Palladium seems to not gained since mid March. Down Up, maybe the speculators profited. OK. This model has proven it self to be predictive.
Metals are increasingly seen as a hedge against geopolitical instability.
palladium to attempt new ATH?Ascending triangle forming on PALLADIUM which could lead to a new high of 1919 if it pans out and stays on target. This would also be in line with the parabolic price rise that palladium has been having the last decade.
Entry on close above 1620 or on retest of support if it breaks
[Idea Long] PalladiumPalladium has been on an absolute tear recently, its massive rally in the second half of last year puts even gold to shame. It's one I wish I didn't miss out on.
Could it be consolidating, in this bull flag, for another major move higher? After all, Platinum is catching a bid too. They could all rally together on a precious metal bid. Or, it could be overextended, and need a pullback to 1150.
One could attempt a long with a tight stop under 1400. But definitely I think one should set an alert if it drops to 1150 as a strong buy level.
Is correction ending on Palladium?Palladium reached downtrend and preparing for the third test. 1500 dollar level will be the most important resistance to watch. As long as the resistance still valid price might break 1460 dollar bottom.
