XPTUSD trade ideas
Platinum- Can it Bridge the Gap with Gold?For the past 10 months, OANDA:XPTUSD has been trading within a range between approximately 850 to 1000.
However, upon closer examination of this range, it appears to resemble a rounded bottom formation and also after dipping below 900 at the beginning of March, Platinum has been establishing higher lows, suggesting that the price is ready for a strong rise.
Conservative traders may want to consider waiting for a break above 1000.
In such an instance, the price could potentially accelerate and reach 1300 in the medium term.
On the other hand, more aggressive traders could opt to buy dips near 950.
With a stop loss set below 850 and a target of 1300, this strategy could potentially yield a risk-to-reward ratio of more than 1:3.
PLatinum Quick Video Idea - -2024.04.08EASYMARKETS:XPTUSD
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Continuation upside move and a break of this daily level?As we start a new week, we seem to be ascending to the upside and potentially testing the daily resistance level (934) again. Whoever said XPT is correlated with XAU, I don't see it. Weekly time frame, still scream a slow bear trend for me. Hence why I'm still looking for a long term bear play. For now I will ride up this uptrend for now
Plat, time to join the party with gold and silver.Gold is leading the gains in the basket of precious metals and it is only a matter of time before the rest of the metals follow and break higher. The move higher in precious metal prices is immensely rand positive but we will have to see platinum come to the party for sustained rand gains before the local elections. Platinum has broken above the 50-day and 200-day MA’s and it is looking set to test the 61.8% Fibo rate of $957 per ounce and the major downward trend line in the days to come if it maintains levels above $915 per ounce.
XPTUSD Monthly Chart Symmetrical Triangle - Play on BreakMonthly Chart Symmetrical Triangle
Break of 8030 or 1030 will create a strong trend
As of April 2024, trend is positive for XPTUSD
being green 70% for April last 10 years and testing
bottom of the symmetrical triangle and nearing monthly support
Can buy dips down. As long as 850 holds can play long if it breaks, switch bias
Descending trend?Hope all is well traders! As we observe XPT on the hourly, I do see a descending trend line here. As it continues to create lower highs, the past couple hourly candles have been very flat. We can possibly see it climb up toward 903.69 or even up to 905 (top of the trend line) But I'm aiming for the long term short on here and break below the 891 support.
XPTUSD - IN BEARISH TRENDXPTUSD is trading in bearish trend in 4hr time frame as it is showing lower highs lower lows and confirmed by the formation of Bearish Engulfing Candlestick.
A rally back up to create this downtrendAs we observe XPT break the ascending TL on the 4h. It has tested the weekly resistance and has reversed the trend. I'm looking for it to rally back up at 927 to potentially create a lower high.
Are we going to continue to moon? As we observe the hourly, we have created a slightly higher high. Like I mentioned on my last analysis, we're in a nice uptrend on the 4h. Zoom in the smaller time frame, it seems to be ranging around the 942 and I would need it for it to crack above for a buy. If it doesn't, we might see a pullback
XPTUSD broke above the 1D MA200 and is ready to rally.Platinum (XPTUSD) broke above the 1D MA200 (orange trend-line), and being on 1D RSI Higher Lows, we may be having a strong rally in its early stages. At least this is what the very same Higher Lows RSI pattern has led to when Platinum made the very same 1D MA200 break-out on October 26 2022.
The result was a +28.50% instant rally from the bottom and then a finaly blow-out just below the 1.382 Fibonacci extension. As a result, we are bullish on Platinum targeting a minimum at 1060 (sub 1.382 Fib), even though it may very well reach the upper (red) Resistance Zone.
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Continuation to this steep up-trend We approach the previous daily highs @ the 932. 4h shows a continuation uptrend so we might see a test and potential breakout of this daily high.
XPTUSD Bearish Divergence Hourly Chart - Sell on RetracementPlatinum has been trading in a range on hourly and 4 hour chart
Hourly Chart Bearish Divergence
Sell on retracement to 0.382 fib level
Stop Loss set above the highs and
TP set with 1:1 ratio and previous resistance
turned support
Trade Idea: Go Long Up To 1100$Rationale:
COT sentiment
The last COT report shows that Commercials' net short positions have been decreasing, which could indicate a shift in sentiment towards the bullish side.
The COT report can be used as a tool to gauge the market sentiment of traders. When Commercials' net short positions decrease, it could signal a potential shift in sentiment towards the bullish side. This could be due to factors such as improving economic conditions, increased demand for platinum, or geopolitical events that could impact the price of platinum.
Option Sentiment
There has been a significant increase in insider option activity, with a notable number of calls being purchased at 100$ strike price. This bullish sentiment has been further corroborated by the options open interest, which has also increased.
Technical Analysis
From a technical perspective, Platinum breakthroug range.
Platinum Trade Idea: Go Long with a Price Target of $1,100Rationale:
COT sentiment
The last COT report shows that Commercials' net short positions have been decreasing, which could indicate a shift in sentiment towards the bullish side.
The COT report can be used as a tool to gauge the market sentiment of traders. When Commercials' net short positions decrease, it could signal a potential shift in sentiment towards the bullish side. This could be due to factors such as improving economic conditions, increased demand for platinum, or geopolitical events that could impact the price of platinum.
Option Sentiment
There has been a significant increase in insider option activity, with a notable number of calls being purchased at 100$ strike price. This bullish sentiment has been further corroborated by the options open interest, which has also increased.
Technical Analysis
From a technical perspective, Platinum breakthroug range.
XPTUSD(Platinum) Bullish Divergence Double Bottom-Buy Above LHHourly Chart Bullish Divergence
Double Bottom
98% Long Bias on Myfxbook.com
Buy Above the LH for TP1 and TP2
calculated based on risk taken (SL)
set below the low
1:1.5 RR Trade
XPTUSDPlatinum might be charging up for one of it's biggest rallies all time. Looking for breakout above neckline and/or channel and then take the right inverted shoulder as the stoploss. Target is over 100%!
Platinum Turns Bearish As It Fails a CycleThe price of platinum went below 17 January ($880.51), this represent a cycle failure so we expect price to continue maintaining a bearish drop into a weekly low price.The previous 10 weekly cycles had an average of 32 weeks, we are currently at week 12 so it might be a long way to go unless we have a very short weekly cycle of around 20-22 weeks.
Platinum Possible Bearish RunPrice have alot of liquidity built up and untested at the bottom side. More than likely could reach down there to clear it while making a NEW EXTERNAL LOW just to buy up clearing all INTERNAL range liquidity while on its way BU to form a NEW EXTERNAL high. Which will TAKE TIME.
Platinum - Goldybug eying the potential for an upside swingGoldybug's is watching the activity of his cousin Platibug.
He's been a bit down lately but all bad times come to an end as they say.
On the 5 year chart, Goldybug notices that there have been 3 instances
when platinum has crossed it's lower BB line and then risen rapidly.
Knowing when to exit is as important as knowing when to enter.
Goldybug exits when the price crosses the upper BB twice on multiple time frames.
He might lose out on a bit of profit but rarely makes a loss.
Goldybug is looking for platinum to cross the lower BB again on multiple time frames to re-enter.
profits running good profits every trade Understanding how the market operates. Keeping up with global news events which impact financial markets'. Monitoring your open positions.
You make money if the price moves either up or down's. If the price decreases in value, your position makes a profit.
Has Platinum Found Temporary Bottom @880?Two daily rejections at 880 is likely what Platinum needed to commence a bullish trend towards the descending trendline above 990. A price close above 917.441 is what is left for the metal now.
N.B!
- XPTUSD price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
#xptusd
#platinum
