Platinum

[Joules MM1]

platinum
appears to have another upleg underway, we maybe in a larger bounce from an over-extended bear trend or we maybe seeing the new gold, whatever, good transactional structure at play for mine
..i say presently while long am still looking for context to give (structurally) to the anecdotal view

 

[Joules MM1]

taking out the 868 level in front month connie would bring BTO liquidity, the current price structure favours a follow-thru upside, risk defined 856's

 

[NatWhote]

taking out the 868 level in front month connie would bring BTO liquidity, the current price structure favours a follow-thru upside, risk defined 856's
View attachment 104560

Is this ETPMPT that you are looking at?

 

[Joules MM1]

Is this ETPMPT that you are looking at?

front month cfd, Nat
both TVC and CMC front month contracts
variations in levels not that relevant to price structure
....anyways my play was wrong in the lower time frames but still holds well in the daily weekly structures

 

[Joules MM1]

bids are keen to get a continuation of the upswing

 

[Joules MM1]

looking for the context

 

[peter2]

Wow, platinum is a very volatile market at the moment. Makes oil and gold look very tame.

 

[Joules MM1]

Wow, platinum is a very volatile market at the moment. Makes oil and gold look very tame.

price is establishing another zone, pricing still suggests to me we're headed higher about to confirm weekly>monthly rotation ^

 

[peter2]

All good so far. Although provider has restricted trading hours and the spread to close position out of hours is equal to initial stop size (=1R). Has to be a swing trade not a day trade.
Note: Sell stop not itm with provider ( ).

 

[peter2]

Daily chart - showing swing trade targets.
(Another provider with more accessible market - sprd = 2pt)

 

[peter2]

Very timely analysis on platinum @Joules MM1 . Thanks.

I can follow this position on the tradingview platform instead of the broker platform. The volume bars show the open pit sessions and there was some follow up buying today taking price up to my 161.8% extension (855). This level was higher than the equal move off the pull-back low. Gold also going higher no doubt helps.

This chart shows my entry at the 50% fib level. The limit buy order was placed well before the classic abc correction back down to my order. I might have been lucky to have been filled but there was a method for putting the buy order there (*). Open trade is +3.5R at 855. I'm very tempted to sell at this level but have decided to "let it ride" (as long as I don't open my broker platform).



(*) I've been using this entry tactic (at the 50 - 62% PB level) more often lately. As a former exclusive BO trader it's been hard to recondition myself to start bullish trades when price is going down. However the W% I'm having using this entry tactic in these volatile markets has been very impressive. Plus I'm earning more with the winners as the ave win is >2.5R. I'm almost a convert.

I've also found a platinum ETF (PPLT) with sufficient volume (spread is 0.30 though) to swing trade as well.

 

[Joules MM1]

after compact area we have another bite at the bid .....shorts are most in danger here, bids still have to prove the case albeit looking the well constructed .......been a case of best patience best reward for bids

 

[peter2]

Aha, I see that gold is going up now also. Missed it as I was posting about the oil sector.

I think palladium is looking much stronger than platinum. It's moving higher now also.

 

[Joules MM1]

Aha, I see that gold is going up now also. Missed it as I was posting about the oil sector.

I think palladium is looking much stronger than platinum. It's moving higher now also.

Platinum's challenge wont dissipate until above the 1020 area as the last vpoc vestige and we should see strong momo thru there otherwise we'll probably see a very wide trading range over the next couple/five years, which is fine if the construct can be nailed down as it prints
putting aside the obvious games and thin trade (which allows thin trades to get whipped)
i think this simple view makes the whole game look different:
https://www.tradingview.com/x/BLlQbAPr/

both xauusd (GC) and palladium (PL) are in small upward channels
palladium looks on track for 2200-2290's
palladium channel https://www.tradingview.com/x/ptvPr4wI/
xauusd channel https://www.tradingview.com/x/j1EFi7EV/

the difference for mine between xauusd/palladium channels is: impulsive gold, corrective palladium,
from a trend point of view, gold is not in a distribution climb but the mess that is PL is clearly not impulsive, sure it can take off but more likely trudge uphill and be convincing enough the bull is still raging and COT report suggests commercials are keen to keep the price level slopping around where it is

the major challenge with PA/PL is the thin trade exagerates* moves, makes for more alerts!
also distorts the sentiment read with platinum regularly at 98% long both retail and top clients (much like silver at regular 96/98% longs)

*instant American dictionary(exagerate has one G not two, if it had two G's it would sound like the word egg, you muppets)

 

[Joules MM1]

micro overnight channels PL, PA and GC all same signals

not a lot to do guvna

 

[peter2]

Looking good with all precious metals. Tues's push to higher values has been reflected in all of them. Silver shining the brightest.

 

[Joules MM1]

Looking good with all precious metals. Tues's push to higher values has been reflected in all of them. Silver shining the brightest.

Pete
PA has two targets for mine in the front month 2265 and 2254 that swing up looks prime strength to be sold into, above that zone i wont be selling the next risk level is too far and this is still cannon fodder

 

[Joules MM1]

for the sake of continuity, palladium
https://www.tradingview.com/x/UXKMwz45/
did it hit a wall at the 1:1 high ?