XPTUSD trade ideas
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Platinum looks like it's trading in a long term bull flag. I find it hard to believe this pattern is a descending triangle, we've just seen the dark blue baseline of the pattern hold support, considering the Macro environment I'm expecting this pattern to finish with a bullish outcome.
The RSI is slowly starting to create a Macro higher high, if we see the RSI continue to creep above the blue line we will see some strong price action to the upside, potentially parabolically given how other metals like gold, silver & palladium have been trading recently.
The DPO is closing above 0 for the first time since roughly 2012, we have seen the DPO touch 0 multiple times over the years but the DPO has never really closed above it since 2010 until more recently, very interestingly bullish.
It's always possible this pattern plays out bearishly, nobody knows for sure, safe trading.
Out of PlatinumI went ahead and sold all of my platinum. I don't really see a point.
It moves at the same time as silver. And there is already a gold.
I don't think I really need to worry about 3 metals.
It looks like silver always has more volatility.
I'll just stick to gold and silver.
made about 25%
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 ❤️