Chris Capre’s current live open price action & ichimoku trades: USDMXN, EURRUB, EURMXN, BIG, SIG, DIS, ISD
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Commodity Trade Idea: XPDUSD (Palladium) – Potential Breakout Setup After Parabolic Price Action (1hr chart)
Price Action Context
As we recently covered in our weekly market commentary, palladium was forming a parabolic price action move and likely pulling back.
As you can see from the chart below, the precious metal dropped over $160 (over 6%) by early next week offering a great day trading setup.
For now, the PM has built up a higher low while maintaining the prior high, so a potential breakout setup is forming.
Watch for the pattern to continue. Any breakdown of the pattern suggests a corrective structure is in play.
MT bullish while 2360 is maintained on a daily closing basis. ST watching the price action to see if the breakout pattern plays out or breaks down.
Key Support & Resistance Levels
R: 2520, 2600
S: 2360, 2136
Stay tuned with our members market commentary for updates.