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 Replies: 154 / Views: 31,253 |
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Pillar of the Community
 United States
3789 Posts |
So far so good... lets review quickly again-
1- broke out at 688 last week
2- had follow through, reversed and retested break out area, and the original break out area held...
3- today, it has bounced higher but even more importantly, the HOD is higher than yesterday high of day.
therefore, buyers are in control as a series of higher highs and higher lows in terms of price are being put in place.
key take away here- palladium tested the break out area, which again, is normal, it happens. what is important tho is how the buyers respond, do they come in again at the break out area or do they abandon it,,, this is a good measure or way to observe how committed the buying is.
DOnt forget as always, overhead resistance at one point will eventually kick in.
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Pillar of the Community
United States
3789 Posts |
another pull back, getting closer to the b/o area. Not really what you want to see. However, overall market conditions are pretty much like this, where breakouts and break downs have a hard time sticking around for much..
lets see how far it pulls back...
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Pillar of the Community
United States
7390 Posts |
Your head must spin with all this volatility yup.
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Pillar of the Community
United States
3789 Posts |
@Cascade
not really, no. One reason is I stay out of markets, such as this year, when volatility starts up. How do I know markets are volatile and stay out? Simple, set ups for my time frame do not materialize and therefore I do not force anything or attempt to trade anything outside of my time frame, especially when I am sitting on large gains,, which I am protecting as the money is sitting all in cash.
Failed b/o are part of the business of trading. We had a nice b/o here with palladium, had some follow through but it was all over short lived so one would have to be an extremely nimble trader with a shorter time frame to extract gains.
For my part, I was stopped out on my palladium trade which is OK, part of the business. Furthermore, another way to avoid the stress of volatility is all trades in this kind of environment, if I take one, I am trading very small in size.
It will be interesting to see how far this pulls back and where do buyers step in again.
Edited by yup7676
10/07/2015 10:44 am
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Pillar of the Community
United States
3789 Posts |
Still (palladium) managing to stay above 688.... tho the more the break out area keeps getting test, the higher the chances 688 gives in and it doesn't bounce anymore from there...
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Pillar of the Community
United States
3789 Posts |
Palladium still above 688 and managing to put in higher highs and higher lows.... still looks strong despite the continued pull backs, price action looks good thus far.
The dips so far are being bought up. Constructive price action however we arent out of the woods.
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Pillar of the Community
United States
3789 Posts |
Palladium really struggling with the 688 area and all during its session it just kept grinding lower.
So while we observed a nice break out last week, just as fast as the break out happened, it has quickly worked on giving back its gains.
Remember, however, that above these prices is a lot of overhead supply in palladium and has price runs higher, trying to work out of a downtrend, it will run into resistance.
LEts see how palladium handles these hurdles. Can the buying absorb the overhead supply in terms of price?
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Pillar of the Community
United States
3789 Posts |
a ton of volatility... but we remain range bound still here and palladium continues to run above the 688 area from where it broke out weeks ago.
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Pillar of the Community
United States
3789 Posts |
I wanted to also make a note here,, platinum is also starting to move up here... looks constructive in terms of recent price action.
i would say if platinum gets over 1038.50, we get some interesting possibilities.
Over all, the price action is constructive here. What I am interested to see is how do these two metals and also gold, silver... how do they handle over head supply. Again I am referring to the over head supply in terms of price.
There will be hiccups in a downtrend, but the more the buyers keep stepping in at certain areas, the better. Lets see if the small momentum can hold here or if we are going to see experience yet another counter trend move that fizzles out.
One final observation is that slowly but surely I am seeing more and more commodities moving higher in tandem.... perhaps the commodity downtrend is starting to turn? I dont know but I will continue to look for clues....
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Pillar of the Community
United States
3789 Posts |
Range bound..... is how we can AGAIN describe palladium. Been some dips, bounces and sideways action but palladium continues to trade range bound.
I repeat this a ton and its because its always the same thing in markets: eventually the range/sideways price action will break in one direction and will tell us ultimately where the asset is heading.
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Pillar of the Community
United States
3789 Posts |
Palladium broke the range today finally.. lower. Its recent rally has stalled and broken down for now and it has lost its previous break out areas.
this gap down today certain changes the technical picture and increase the probability for lower prices ahead.
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Pillar of the Community
United States
3789 Posts |
Might as well bump this up.
In terms of price..
Platinum looks constructive, might be setting up to break out again. over 970.80 should bring higher prices.
Palladium looks the worst, looking at it right now. Past two days here looks like it just wants to roll over and go lower.
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Pillar of the Community
United States
3789 Posts |
as always things change....
first lets talk Plat.. nice breakout today ... price action is very constructive so far. Acting better than silver...
Palladium really has been set on fire the past week. it also has been moving up tho looks like its going to need more time and a breather before we see some higher levels get tested.
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Pillar of the Community
United States
1205 Posts |
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Pillar of the Community
United States
3789 Posts |
Figured I would bump this up, was just doing some scans tonight and been meaning to mention these.
Both are at yearly highs and have pulled back, still in uptrends. Are you looking too add these PMs to your portfolio and not buy the coins? This is a good solution. Personally, I would be interested in these in just playing the 52 high b/o.
Keep them on your radar.... they are PALL for palladium and PPLT for platinum.
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Replies: 154 / Views: 31,253 |
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Posted 10/06/2015 10:48 am
