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Platinum (XPTUSD)

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PLATINUM trade ideas

Just wait for the zone! Technically despite the December bull run on platinum we are still in bearish territory. On the monthly we actually have a thick cloud to go through which at the moment is acting as a good resistance. So my overall bias is bearish for platinum. The weekly candle closed just below the tenkan,which strengthens my bias but however does not allow me act on it just yet. My trading zone is 950-960 area shaded in yellow. If on the daily we break that zone and retest it with failure then il get in and my target will be the 900 area which coincides with the monthly kijun. So the strategy is similar to that for the rand,basically wait for break , retest, confirmatory rejection then bang!!
OANDA:XPTUSDShort
by taftrader
platinum Platinum has sold quite aggressively for the past couple of days. We are back on that demand line we have been founding support for the last few weeks now. If buyers continue finding value on these levels we will finally pass the high at 985 and eventually the higher resistance level at 1020 IF not next stop bellow is the 940s level . As we can see on the MACD negative momentum so far has been building up with no signals of divergence . Also the more price bounces on a trend line the buying power reduces and looking left we have been bouncing on this trend line for a while. Good sing though is that we are now sitting just above the average price of Platinum that the last 50 days give as the 50 day MA on the Daily confirms and that has been a strong support so far . Signals on this are mixed right now.
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by django2
Platinum update Attempting to take that 0.618 fib level at 992 that we got rejected from couple of weeks ago. That will negate the head and shoulders pattern shown on the right on the 4H chart, Histogram on MACD on the right has a bit more way to go , staying on these levels it will just give a bearish divergence between A and B Good news on the Daily -left - negative momentum is just about to start turning positive - MACD - and RSI has reached bullish area above 50 Looking at the 4H - right - RSI looks like while price is moving upwards it will have to rest just above this 0.618 Fib level to catch up momentum again before moving higher .
TVC:PLATINUMLong
by django2
Platinum There is a head and Shoulders formation on platinum that could keep bulls on the hold, One thing about price action and TA though is that what can not evolve vertical in price it can evolve sideways in time. What I mean here is one would expect according to that H&S for price to go in lower levels, instead of that though and because of the strong support we found on the 50MA on the daily - marked by the green line on chart - price has been moving sideways using that level as a good buy zone Also the down slopping trend line underneath is the trend we broke out after that multiyear bear market taken from that pick we had back on end of February 2008 , so we see that having all this support underneath we have a good reason to believe that price is set to go to the upside on the long term. Forming that sideways move as we do at the moment negates the bearish sentiment of the H&S formation . A spike up will not favor the bulls at the moment as it will valid the bearish pattern. I would like to see the price moving sideways for a while reversing slowly to the upside as it actually does for the last couple of days.
TVC:PLATINUMLong
by django2