The Perfect Setup: Palladium

Tuesday, September 14, 2010

Palladium - New highs?

The odds went way down today that Palladium will sell off. I actually took the other side of the trade and went long this morning on PAL and SWC once $550 was taken out. Although the wave count can be re-labeled to show a sell off forthcoming, the odds switched today this metal following Gold and Silver to new highs. I'll leave the chart up just in case, and I have no idea how to count the pattern as an impulse, but odds are greater now for more rally. EW can be used to show when you are wrong just as much as when you are right. It's up to us to adjust and trade accordingly.

2 comments:

ewfaithful said...: I have been following your comments on PA for some time. I do not think it will make a new high. It should sell off from here. From EW perspective it perfectly retraced in ZZZ to the top of the 4th wave, and into the price zone of the second wave of the extended fifth wave. I will wait for confirmation tomorrow before shorting. I think this is a trade of life time.; September 14, 2010 at 3:53 PM
Repo 105 said...: You know what, from the price action tonight looks like I was fooled. I am going to put my original labeling back on the chart right now instead of that 1-2, 1-2 I changed it to. Thanks for the comment and the confirmation.; September 14, 2010 at 9:04 PM

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Personal Setup

I am a full time trader and have been for 3 years using my own money. I don't see how anyone trades without using EW. How do you know when you are wrong? I'm only interested in taking entries when the set ups are perfect in price and time. I will trade any futures market as long as the EW pattern is clear. If I can see the trade from across the room and it's grabbing me by the throat, I'm interested. I'll leave all the fancy wave counting to those that want to prove how smart they are, and want to lose money. The main reason for the blog is because I'm tired of reading about how EW is useless, how you can't time the markets, Prechter is a idiot, on and on. I'll prove you wrong on this blog, or go broke trying. Yes, the market will either go up or down, we can't predict the future. But, if you use low risk entries you can stay in the game and make yourself a nice living.

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