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Technician
Nov 13, 2019 9:59 PM

Just Shorted Palladium  Short

PalladiumOANDA

Description

The most recent bearish wave looks impulsive for me, usually impulsive strong waves are followed by short pullbacks and at least a resumption attempt of the initial impulse wave. The wave has taken the short to medium term trend line and printed a Gravestone doji candle.
My targets are outlined on chart.

Best
Tech

Trade closed: stop reached

Comments
nuttydave
Looking at the set up, you were totally correct in your initial idea. Selling the first rally after any major drop almost always works. In addition, you had the gravestone dojis and the correct pull back to the trend line. The only potential warning of underlying strength is found on the weekly chart where the last double top did not create a serious reversal and the move continued up indicating a serious bull market. But that is far from a serious indicator of future trends. It was one of those trades where everything was done right but the market had other ideas. Life of a trader.
Technician
@nuttydave, great input dave. Thank you.
vaicru
VandK
Thank you
Technician
@VandK, Welcome
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