UPDATE: Closed out, stop was too tight, should've been at 583.
Entry at 652.6 (market price at time of order) Stop at 610.9, just below X Target 736.4
Explanation: We have a gartley pattern formation on the Weekly chart with D placed at the 127.2 of AB which is 678.8. As you can see price fell a slight bit below that level on the chart, but most Harmonic Patterns tend to do just that (see related idea for a good example). Had I traded this before having reached D (aka an uncompleted Pattern) I would've placed the stop just below X, as with all Patterns, and the Target at the 38.2 of AD. As shown by the Long position on the right hand side.
I bought this now however purely because i just spotted this pattern and it hadn't yet reached the stop. So this trade will take on the same Stop Loss, however the Target will be the 38.2 of A to the lowest point from the week 06/07/2015.
I know absolutely nothing about the economics of Palladium, but this is a brilliant risk to reward no matter the outcome.
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.