Feel free to skip a trade if your account is in drawdown or if you’re not ready to take on more risk than usual.
There are days when trading opportunities exist, and days when they simply don’t. Right now is not the best time to trade. Precious metals are stuck in no man’s land — no clear signs for movement in either direction. The same goes for oil, gas, and cryptocurrencies.
Platinum looks relatively decent. My expectation is that the dollar will weaken, which should fuel growth in metals. Still, it’s better to wait a bit, preserve capital, and keep it for high-quality trades — which, I believe, will show up in September.
There is some support around 1305, but it’s very weak. Last time it acted as support was back in June 2013, and later in December 2020 it flipped into resistance. So we can’t really call it a strong level.
As I write this, I realize that according to my trading system, there’s simply no setup here. On top of that, over the past few sessions I haven’t managed to secure any meaningful results. Maybe I’m trying to squeeze a trade where it doesn’t exist. But that burning desire to go long on metals is still here.
So:
I’ll take a very small position.
If I get stopped out — I’ll take a break from metals. I’m already getting mentally stuck on them.
📝Trading Plan
🟢Entry: 1305
🔴Stop: Stop under today’s low at 1290
🎯Target: 1340 / 1370 / 1415 / 1500 and beyond
There are days when trading opportunities exist, and days when they simply don’t. Right now is not the best time to trade. Precious metals are stuck in no man’s land — no clear signs for movement in either direction. The same goes for oil, gas, and cryptocurrencies.
Platinum looks relatively decent. My expectation is that the dollar will weaken, which should fuel growth in metals. Still, it’s better to wait a bit, preserve capital, and keep it for high-quality trades — which, I believe, will show up in September.
There is some support around 1305, but it’s very weak. Last time it acted as support was back in June 2013, and later in December 2020 it flipped into resistance. So we can’t really call it a strong level.
As I write this, I realize that according to my trading system, there’s simply no setup here. On top of that, over the past few sessions I haven’t managed to secure any meaningful results. Maybe I’m trying to squeeze a trade where it doesn’t exist. But that burning desire to go long on metals is still here.
So:
I’ll take a very small position.
If I get stopped out — I’ll take a break from metals. I’m already getting mentally stuck on them.
📝Trading Plan
🟢Entry: 1305
🔴Stop: Stop under today’s low at 1290
🎯Target: 1340 / 1370 / 1415 / 1500 and beyond
Trade closed manually
I'm closing+2%
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.