Kumowizard

Pull back or just top consolidation? (Multi time frame update)

FX_IDC:XPTUSD   PLATINUM / US DOLLAR
54 4 6
Weekly:
- Very promising in the long term, we likely see the start of a new major bullish trend . However for strategic bulls Ichimoku needs to give one more confirmation: Chikou cross above Kumo cloud.
- Heikin-Ashi signals minor loss of momentum after decent rally from Kijun to a new high above 1100. haDelta/SMA3 cross down, but still weell above zero.
- EWO and MACD are bullish .
- Supports: 1029 (Tenkan) / 1005 (100wma and Senkou A) / 970 (Kijun)

Daily:
- Ichimoku setup is bullish on daily time frame too: Price is above Kijun and Kumo, Tenkan-Kijun-Chikou all above Kumo, averages point up.
- Heikin-Ashi has delieverd warning about momentum loss and a possible local top for 4 days. Today candle may confirm pull back if stays red without upper wick and closes below Tenkan (9 days avg). PSAR is hit.
haDelta/SMA3 dips below zero line
-EWO is bullish

4H
- Ichimoku turned neutral: price in Kumo and below Kijun. Averages are flat. Chikou below past candles
- Heikin-Ashi has bearish bias with a new haDelta/SMA bearish cross below zero line!
Profit taking and CT             Selling can accelerate below 1075!
- EWO slips into negative

Strategy:
For about a week now I called your attention to take profit and lighten up long positions. Now we have more warning signals that it may be a prudent decision to at least take partial profit.
As I said, the long term picture remains very supportive for bullish investors, but short term we can see more profit taking.
We have following choices:
1. Strategic investors may consider selling slightly OTM short dated calls on their long positions.
2. Swing traders should close longs for now, and look to re-enter at major strategic supports in case mkt delivers bullish signals again.
3. More advanced/experienced traders who are really disciplined and have sound risk management system can try 0,5 risk unit swing short with tigh trailing stop starting at 1100, possible tgt             1035.

P.s.: What did I do? As I hold my startegic metal long position in Gold             , I closed all my longs in Platinum             . But as usual, it was a bit too early (1076 avg), mkt moved slihgtly higher from there. Now I have 0,5 unit CT             short, which I opened in last few days at 1096 avg. This short is more or less safe already with its stop loss at 1100.
Great analysis and well timed short imo
The next pullback is a buy for a long term swing :-)
Reply
Kumowizard PRO sugardaddyFED
4 months ago
agree! just like in case of silver ard 18, and Gold ard 1280-1300, long term strategy must be buy in platinum to ard 1015-1020.
Probably that's what most of investors and traders wish for, that's why it is struggling to accelerate in this pull back. But I still think even if slowly, it will come lower.
Reply
purpurato59 PRO
4 months ago
Weekly and daily both show overbought conditions, this is a clear short.
Reply
Kumowizard PRO purpurato59
4 months ago
yes, hopefully. I got stopped on the short as I had a trailing stop with too quick trail steps :-). But I managed to resell it slightly higher (1,5 USD higher only). So I am still in the game
Reply
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