Platinum backtest complete. Violent rallies ahead for 2022.Platinum has completed a backtest on the upward resistance line (now support) of the bearish wedge pattern it has been trapped in for 12 years.
A breakout and a retest is incredibly bullish and i'd expect the price to reflect the set up we are seeing by 2023/2024 by reaching old highs.
XPTUSD trade ideas
PLATINUM moving higher 🦐PLATINUM on the daily chart tested a few times the weekly dynamic support before moving to the upside.
The price is moving into a descending channel and is currently testing a daily resistance.
According to Plancton's strategy IF the price will break above and satisfy the Academy rules we will set a nice long order.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Platinum to 1506 (minimum)As you ca see Platinum has broken out of a descending triangle within a upward channel which has been well respected so far.
There was recently a false break out of that channel but has since regain it's poisiton.
Target @ 0.786 fib extension level which is rather conservative within the daily time frame.
On a weekly this looks even more enormous as show n in the screen shots below.
Platinum Prices Bounce After Nearly Breaching Triangle Support Platinum prices bounce off Symmetrical Triangle support after nearly piercing below the key level. The falling 50- and 100-day Simple Moving Averages may cap upside within the triangle, with the 61.8% Fibonacci retracement sitting above those SMAs. A fresh low following the September swing low points at a bearish bias within the triangle, but overall the neutral posture remains.
The MACD and RSI oscillators are showing positive momentum. Triangle resistance may prove a hard level to break with confluent resistance offered by the falling 200-day SMA if prices rally. A reversal lower would warrant caution given the recent test of support.
Looking to Short and Follow the TrendStrong support at $895
We are currently overbought on the RSI - looking at previous action at this level we continue to head down.
Looking at the downward trend line it was a fake out and buyers had a good attempt of pushing up but it could not hold. This shows selling strength is strong.
Looking to sell once bearish engulfing confirmation candle closes inside the trend line with a TP at $895
PLATINUM - 8H GRAPHI expect an upward (BUY) move. The target is 1130. This is a short-term target with %20 gain potential
Platinum case study: geometry, divergence, volumeI am primarily a platinum trader
As you can see from this site: Action-reaction is used infrequently nowadays
Which is a shame because it still clearly applies to price action
And now we have better software
So am starting to backtest pitchforks on the momentum indicators
As you see here- pitchforks would have kept you in on the uptrend
Combined with volume and divergence they would also have got you out before the downtrend
TRADE AT YOUR OWN RISK
PLATINUM for a lower low 🦐 PLATINUM on the daily chart is trading over a weekly dynamic support.
The price after the test of the 0.5 Fib level has been rejected and potentially can create a lower low.
According to Plancton's strategy if the market will break below and satisfy the ACADEMY rules we will set a nice short order.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.