Platinium is to buy nowHello guys, please support this work with the LIKE
we have a confirmed gowing up level
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TPLM1! trade ideas
Pole/Flag pattern broken thus created the upsideI think this upside is formed by the pole created earlier, and my target price for the short term is $761. Long term could be $835, though I don't think it's too possible. Bullish in the short term, and waiting on the sidelines for the long term movements.
Platinum (Daily Chart Outlook)
Platinum up against strong dual resistance. What happens here could determine the trend for the medium to long term. A strong close above 23.6 fib level (taken from August highs 2011, and the lows of August 2018) on the weekly time frame, could entice more bulls to board the uptrend which began in August 2018.
If resistance holds here throughout February 2020, a bearish outlook will probably be on the cards for the spring season.
Platinum Breaks Out Strongly, Above $1000Platinum has broken out above $1000, in futures and cash trading
during the last week of trading, and is holding support on a retest above that important big number.
Commercials have been net short according to the Commitment of Traders,
so the move above $1000 has forced some big money traders to start covering their bets.
I am long platinum with PPLT, the Platinum Cash ETF,
and would use any declines back towards $1000,
to accumulate additional long position in this very precious metal.
Keep in mind,Platinum moves very quickly,
when size, or big money is added to the trade, in an otherwise thin market.
A breakout above $1016, from the "Base Pattern: building above $1000
could soon move Platinum back towards the January High near $1040
PLJ20 Last 1012.00
THE_UNWIND
1/24/20
NEW YORK
Platinum Jan entries (new strategy compared to old strategy)Trade 1
Target is 2 x the size of the candle (this strategy already appears to be more successful) = 973.8
entry is 1/3 of the size of the candle =958.2
stop order = 956.8
Trade 2
Target = 999.4
entry 983.5
stop order = 975.2
Trade 3
Target = 988.2
entry = 979.2
stop order =973.5
Although the targets are smaller, they are easier to accumulate over the time period, as they have all succeeded. Using pips will also be easier to analyse when it comes to my monthly profit/loss analysis.
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I stuck to my original strategy. I already appear to be struggling to achieve my target. Perhaps from now on I should stick to a no. of pips based target than a % based target.
Trade 4
Entry = 1002.2
Stop Order =994.1
Target (4%) = 1040.4
The reason why I placed such a high target was that the trend was so bullish, 3% was already achieved by the succeeding candlestick, I therefore increased my target by an extra 1%.
I also indicated other suitable entries. Platinum is certainly an area I will take a great deal of interest in.
Platinum entriesEntry = 1002.2
Stop Order =994.1
Target (4%) = 1040.4
The reason why I placed such a high target was that the trend was so bullish, 3% was already achieved by the succeeding candlestick, I therefore increased my target by an extra 1%.
I also indicated other suitable entries. Platinum is certainly an area I will take a great deal of interest in.
Platinum struggles with $1000 levelI've been watching the $1000 level in #platinum since the Sept blow-off. This morning we ticked that level, plus the top of the channel, and we are getting a hard rejection (shooting star candle so far). Big supply area. Needs a hard break above $1000 before next big move. $PL
