patrick186
Short

Palladium Ideal Entry (November)

NYMEX:PA1!   Palladium Futures
Entry plan is based on the palladium head and shoulder pattern.

I'm waiting and watching for price action to signal a top near the dashed line (drawn from left shoulder's high). Ideally we get some deceleration with a doji candle followed by a high test candle to form the right shoulder and signal a reversal to the downside.

The bull cycle counts are pointing towards Q4 as a ideal time for a high and the monthly counts confirm that with their November target.

Ideally I'd be able to hop in around $800-$850 if/when that confirmation comes with my stop above the high we form. The market still has quite a bit of chart to fill over the next 5~ months so things wont become clear until we get closer to that November target. Reward:risk ratio target would be around 10-12:1 for the first entry.

I'll publish a more detailed plan as well as my entry if/when that time comes.

For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.

Thanks!

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