Platinum Lost Cause

FX:XPTUSD   Platinum/U.S. Dollar
74 2 3
Yesterday 1120 high was a good entry to short and we may have miss it. However, we believe that the market will let us enter again albeit at a less favourable price.
Remember, we wait for price to hit 20 dma as confirmation and only once it fail to close of 20 dma then the big size short is warranted.
Therefore, it pays to be patience and wait for all of the planets to align.
Looks ok to short since it is under yesterday's range. Usually Platinum is a predictor of auto sales. Maybe I'll look to short the various major automakers: GM, VLKAY, TM, HMC...
+1 Reply
Thanks for your input Tim. It meant a lot since you have much broader experience. Indeed warrant small position short (for good risk management purposes) and add along the way. Conservative stop at 1141.4 which is the 61.8% while aggressive stop is the next Fib level. Lets see how this pans out and as they say we study historical price action to help improve future probabilities - human nature tend to repeat ourselves. I shall put that to the test here.
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