Good weekend everyone, lets look at Palladium, a metal similar to platinum and very used on eletromechanics system like relays, also used on OIL industry as a catalyst.
This metal has been on a very long term rally upside that never seens to stop, but, nothing go up or down forever.
This week candle closed as a bearish pin bar and as we can see the volume is getting smaller and smaller, now, of course i'll not trade based ONLY on a simple pin bar, and since we are at ATH we dont have previous resistances to analyse =)
Daily chart is where im looking forward a short opportunity, if the price break and close below orange line i may short with good RxR targeting fico retracement zones and weekly 50ema.
The low volume on last wave say that maybe the demand is slowly decreasing, maybe its too expensive now our beloved palladium ?
And now we have a beautiful RSI BEARISH DIVERGENCE which give us confluence to try this one.
Anyway remember, trade AGAINST the main trend is always dangerous and the main trend for palladium right now is BULLISH, thats why always trade with proper money management.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
This metal has been on a very long term rally upside that never seens to stop, but, nothing go up or down forever.
This week candle closed as a bearish pin bar and as we can see the volume is getting smaller and smaller, now, of course i'll not trade based ONLY on a simple pin bar, and since we are at ATH we dont have previous resistances to analyse =)
Daily chart is where im looking forward a short opportunity, if the price break and close below orange line i may short with good RxR targeting fico retracement zones and weekly 50ema.
The low volume on last wave say that maybe the demand is slowly decreasing, maybe its too expensive now our beloved palladium ?
And now we have a beautiful RSI BEARISH DIVERGENCE which give us confluence to try this one.
Anyway remember, trade AGAINST the main trend is always dangerous and the main trend for palladium right now is BULLISH, thats why always trade with proper money management.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Good breakdown today! reasonable volume
Comment:
A pullback is expected but there is still room to go down.
Comment:
Good rally toward .382 fibo zone, now i expect some sideways movement before another big move.