I have been watching palladium since i got stopped out of my earlier short(see attachment). Now seems like the perfect inflexion point to get in for another short . The Monthly is showing a very slender hanging man after 2 months of strong bullish momentum.This is an early signal for bears to come. This bullish momentum broke the 1550-1570 zone (shaded in blue) and we expect test of that zone in December or January. This is the basis of our trades.The weekly has a double to forming and adds to confluence for a short on this commodity.
I like the H1 because just as i was looking for an entry a hanging man formed this past hour and that is an ideal place to start our shorts on Palladium. The blue resistance zone is the barrier at which all our stop losses should be located. The 1st part of our trades is up to the daily kijun zone then later on we will engage for the zone i mentioned above (1550-1570).
Entry: 2 positions @ 1805
SL: 1824
TP1: 1779
TP2: 1754
NB: Remember to manage risk and position size appropriately
I like the H1 because just as i was looking for an entry a hanging man formed this past hour and that is an ideal place to start our shorts on Palladium. The blue resistance zone is the barrier at which all our stop losses should be located. The 1st part of our trades is up to the daily kijun zone then later on we will engage for the zone i mentioned above (1550-1570).
Entry: 2 positions @ 1805
SL: 1824
TP1: 1779
TP2: 1754
NB: Remember to manage risk and position size appropriately
Trade closed: stop reached:
Dramatically stopped out!
