Platinum has formed a strong baseAs I said yesterday, I expect Platinum to rise and reach the 1020-1030 resistance zone, and price evolution in the past 24h adds more confidence in this trade.
Looking at the daily posted chart we can see that the drop started in mid-March has stopped in important daily support at around 900 and last week we have a sequence of Doji candles in this zone. Friday we have a strong bull candle and yesterday we have a Pin Bar that is diverging with Gold evolution (hard drop).
Going further my expectations are strongly bullish and only a drop under support would change my opinion.
XPTUSD trade ideas
Platinum- Good 1:3 R:R tradeAfter rising above 1k in mid-April, Platinum has started to roll back down and has dropped to 900 zone important support (see daily chart).
After reaching this support the price started to consolidate last week and finally has broken up.
Now the price came to confirm this break and is trading in the last resistance now support zone.
I expect a new leg up above 1k and I will remain bullish as long as the price is above daily support
Jamie Gun2Head - Buying the Break of PlatinumTrade Idea: Buying Platinum
Reasoning: Retesting key resistance on intraday chart. Looking for a break higher.
Entry Level: 928
Take Profit Level: 961
Stop Loss: 920
Risk/Reward: 4.13R
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Commo-trade!Another commodity trade but I like this one because we seem to be on the verge on a kijun bounce on the Monthly. Confluence comes in with the bullish HnS on weekly. To reduce risk again I put in a buy stop to only take me in IF I am right. This could potentially go up to 2000 but I will bow out 1175 zone.
Entry: 982.57 (buy stop)
SL : 940.00 (Just below the monthly kijun)
TP1 : 1080
TP2 : 1174
R : 4.5
Risk management the cornerstone!
XPTUSD ABC BULLISH PATTERN PLATINUM has formed an ABC bullish pattern on its daily chart.
The price is trading above the entry level EL 978.964.
ABCs pattern are only valid when the price closes above the entry level with a progressive with a progressive uptrend.
PLATINUM ABC BULLISH PATTERN
💼EL 978.964
⚠️SL 948.933
🎯TP1 1151.031 61.8% ABC
🎯TP2 1203.759 78.6% ABC
🎯TP3 1271.571 100% SYMMETRY ABC
Consolidation after breakout. Platinum is consolidating after a breakout of a descending triangle that spans two decades. Eyeing a breakout of descending channel.
RSI approaching bullish territory.
Volume is very strong and has been since the retest of triangle pattern .
Will be looking at buying all dips on weakness.
Consolidation after breakout. Platinum is consolidating after a breakout of a descending triangle that spans two decades. Holding the .382 retracement swing low to high. Eyeing a breakout of descending channel.
RSI approaching bullish territory.
Volume is very strong and has been since the retest of triangle pattern.
Will be looking at buying all dips.
Time Wave analysis of Platinum (XPTUSD)Hello.
Time Wave analysis of Platinum (XPTUSD) as of March 31st.
The platinum peak is the starting line of the yearly correction trend of the downward wave, and a monthly downward wave proceeded below it. Since I recently broke the last monthly correction trend line, the monthly upward wave has ended, and the W-X-Y correction pattern will be created here. Because it is a very large pattern, it can be seen as a temporary uptrend or downtrend. If a support line is formed near the current monthly demand zone, it is highly likely to rise again.
Conversely, if the monthly support starting line of the upswing wave does not build or breaks, the yearly downtrend will continue.
Look for buying opportunities near the monthly demand zone in April.
good luck.
PLATINUM LONG TERM WEEKLY TIMEFRAME
Corrective move down
Currently at wave (B) while wave A was a 3 Wave daily move down. What I expect to be wave C could also be a 3 wave (Y) down.
Either way the weekly timeframe is a corrective move down.
DAILY TIMEFRAME
Trading with the weekly trend down.
5 Wave move down was completed and noted as wave 1
A corrective (3-3-3-3-3) noted as wave 2 is complete
expecting a wave 3 daily down or a 5 wave down.
4 HOUR
Ideal entry zone
Probable time holding of this trade is 1-5 months : Not guaranteed just a projection depending on the timeframes
PLATINUM - READY TO BOUNCEMonthly graph of platinum
- crossed over 14 yr trend rezistance
- higher high
- now fighting for higher low - if 885$ stand
- extreme buy volume around support - 950$-1023$
- long term bullish accumulation possible
- targets 1417$ (38%), 1690$ (65%), 1880$ (83%)
Time will show, but this is excellent setup imo.
#PLATINUM #XPT in a Perfect long-term Channel with 2 extremesPlatinum got rejected two weeks ago on the 'war candle' on the 1W time-frame and is on the 3rd straight red week since. The importance of that rejection, is that the candle closed within the metal's long-term (almost 4 year) Channel Up that started half-way through 2018. As you see XPTUSD tends to trade exclusively within this Channel Up structure, unless a 1W candles closes outside (either above or below) the pattern.
In almost 4 years we had two such 'extreme' cases, one was the March 2020 market crash due to the COVID pandemic, which was the bearish extreme that reached as low as (marginally breaking) the -1.0 Fibonacci extension level and the other the Q1 2021 bullish extreme that reached as high as (marginally breaking) the 2.0 Fibonacci extension level. Notice who both distances are symmetrical on the extremes and that in both cases the candles, despite breaking marginally below/ above, they managed to close back inside the Fibonacci extensions.