Interesting charts as always. One question. Any thoughts on platinum? I'm noticing a momentum divergence in the latest runup. Is this a valid momentum divergence? Any analysis is appreciated.
Corey Rosenbloom
· 2 years ago
Hey Jonathan,
Yes, the Platinum futures contract is showing very similar characteristics to gold and oil for that matter. All are showing daily momentum swing (sell) divergences. These divergences are appearing to work themselves out on the lower time frames, and we have just recently (almost) pulled back totally to the rising 20 period daily EMA, which would be the initial target for an observed momentum sell divergence.
For those who follow Linda Raschke's work, a "Holy Grail Buy" may be forming on - at least - the platinum futures contract because the 14 period ADX stands at 45, well above the 30 threshold to trigger the Grail Buy setup. I'm honestly not a fan of the Holy Grails, because too much 'trend action' has elapsed before these initial trade setups develop. I haven't had much success trading them, but some people love them and there's a clear one forming here.
I may post a chart analysis later this evening. It looks like a good educational lesson here.
All Comments
Interesting charts as always. One question. Any thoughts on platinum? I'm noticing a momentum divergence in the latest runup. Is this a valid momentum divergence? Any analysis is appreciated.
Yes, the Platinum futures contract is showing very similar characteristics to gold and oil for that matter. All are showing daily momentum swing (sell) divergences. These divergences are appearing to work themselves out on the lower time frames, and we have just recently (almost) pulled back totally to the rising 20 period daily EMA, which would be the initial target for an observed momentum sell divergence.
For those who follow Linda Raschke's work, a "Holy Grail Buy" may be forming on - at least - the platinum futures contract because the 14 period ADX stands at 45, well above the 30 threshold to trigger the Grail Buy setup. I'm honestly not a fan of the Holy Grails, because too much 'trend action' has elapsed before these initial trade setups develop. I haven't had much success trading them, but some people love them and there's a clear one forming here.
I may post a chart analysis later this evening. It looks like a good educational lesson here.
Thanks!