(TF 1D): Palladium. Wait for 1650 TriggerIn the long-term outlook, Palladium looks long. In the medium and short term, the price has to get confirmation before trend continuation.
1. Global Trend: Bullish. Medium-term: Bearish. Short-term: Bullish. The price is trading around the Support/Resistance zone which has existed since Mar. 2019. Along the distance, this S/R zone played out as an important targeting point for price movements; therefore, it is assumed that the current price fluctuations around the zone are the big capital accumulating a position.
2. The exact next movement will be seen after the price either breaks and closes above 1650 or below 1480 . It is possible to see a squeeze to the opposite side of the movement, so be aware of setting the stop-loss aside the stop-limit orders on a breakout—because the price can do a quick turnaround.
3. There are significant liquidity pockets which the HFT robots can set as targets, so I will set 1300 and 1150 as the targets for short and 1900 , 2150 , and 2350 as targets for long.
4. The price has recently corrected to a healthy 0.618 Fibonacci; therefore, I assume that the probability of long continuation might overwhelm the short continuation, but with one (1) important BUT: the price has to close 1 or 2 1D candles above 1650 . Otherwise, the same scenario applies for short, but with closes below 1480 .
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Long Scenario:
🟢 Entry (LONG): Trigger: 1650
🔴 Stop: 1415
🟡 Target 1: 1900
🟡 Target 2: 2150
🟡 Target 3: 2350
🔵 Risk/Reward: 1:3.13
Short Scenario:
🟢 Entry (SHORT): Trigger: 1480
🔴 Stop: 1615
🟡 Target 1: 1300
🟡 Target 2: 1150
🔵 Risk/Reward: 1:2.37
Good Luck! ☺️
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DISCLAIMER: Not financial advice. Everyone must make trading decisions at their own risk, guided only by their own criteria and strategy for opening or not opening a trade.
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P.S. What do you think where the Palladium will go? Leave your thoughts below 👇
Long
