PLATINUM - Short Term Whipsaw Trade

16 ต.ค.

These upper wicked candles (red arrows) have my attention and notice that they make a slightly higher high whereas the RSI makes a slightly lower high.

I have the RSI source set to "high" so that the upper wicks are recorded.

And also a slightly higher high is often Wyckoff liquidity tapping.

Then check the fib retracement and notice that this is all happening at the 0.786 overshoot ratio.

This is an ideal ratio because any higher and then I know the probability of a slump dwindles.

So this is quite a nice setup here I think.

In higher time frame I am bullish Platinum.

But these coiling whipsaws have been going on a very long time so I would be somewhat unlucky if this is leading to a breakout here.

And the wicked candles are signalling this is a point of resistance.

...

So a very short term trade here.

Notice that on the 4 hour chart, every pivot low has been caught by the lower Bollinger Band.

That will be my target.

I will aim slightly higher than the lower band because it is rising @ $973.

Sometimes these trends do move above the 0.786 but anything above around 0.81 generally signals a full retracement will occur ( and so invalidate the trade)...

But even with the stop level as high as 0.84 ratio @$1006, this is still a 3:1 RR trade.

So this is what I'll go with.

A 3:1 trade

TP: $973.
SL: $1006 👍.

Not advice

16 ต.ค.

การซื้อขายยังคงดำเนินอยู่

In the time it took me to copy this across to TradingView, it has moved slightly. What can I do 😅.

Here it was 2 minutes ago

17 ต.ค.

บันทึกช่วยจำ

PLATINUM

I got stopped at @ $1006 but now it has printed a large upper wicked candle through the long term trendline.

So it wasn't a retracement top; that was incorrect.

But it looks like it has a good chance of forming a top through this trendline.

And so I have re-entered a short here👍.