Platinum Long
Looking to go long on Platinum/XPTUSD.
The metal market is now declining on some profit taking as all have done extremely well in the last month in percentage gain.
With fundamentals aligning cross the metal markets, pre election period, inflation dropping etc. Metals are still bullish, until the narrative has changed officially. This would most likely change if gold breaks below 2700.
While I would normally buy platinum on the 38% fib with the key level present, due to most of the precious metals declining I am avoiding this zone and going for the stronger one.
Confluences for the trade:
- Intra Key level
- Trendline Break Retest
- 50% Fibo
- Palladium Alignment at 50% fibo and Intra Key Level
Entry- 994.72
Stop Loss- 65 pips or $6.50
Take Profit- 1014.86
RR of 3.1
Trade safe and risk managed as always no matter what ya'll are trading, catch you later traders ▲
The metal market is now declining on some profit taking as all have done extremely well in the last month in percentage gain.
With fundamentals aligning cross the metal markets, pre election period, inflation dropping etc. Metals are still bullish, until the narrative has changed officially. This would most likely change if gold breaks below 2700.
While I would normally buy platinum on the 38% fib with the key level present, due to most of the precious metals declining I am avoiding this zone and going for the stronger one.
Confluences for the trade:
- Intra Key level
- Trendline Break Retest
- 50% Fibo
- Palladium Alignment at 50% fibo and Intra Key Level
Entry- 994.72
Stop Loss- 65 pips or $6.50
Take Profit- 1014.86
RR of 3.1
Trade safe and risk managed as always no matter what ya'll are trading, catch you later traders ▲
הערה
So, a pullback did occur from the 38 fibo and gold has bounced back up for what looks like another push to the highs.. For now this idea remains valid as the move was still 120 pips away from my zone for the trade, will need to have alignment with palladium for a bit of extra confluence.
Let me know what your thoughts are on the metal market :)
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.