Tuesday, October 13, 2009

Platinum long update

At last Platinum broke through 1,345$.

The current price is 1,355$ so when you entered the trade you currently have a profit of 4.31% without, or about 38% with the leverage of 9.

Today platinum had a high of 1,360. If you took the leverage you can always exit the trade and take your profit. 38% is a nice profit for such a short time. The trend for Platinum still looks strong and will probably go to 1,360$ and beyond, but at some point there will be a pullback because the RSI approaches the 70 level meaning it may be getting overvalue. So plan your exit when there appear signs of weakness!

Chart courtesy of: Market club tools for the trader

1 comment:

  1. CLOSED:
    I warned you all at the first point of weakness, plan your exit, so I hope that around 1,355$ to 1,355$ you took your profit.

    I'm not here to dazzly people with unbelievable results so I'm just going to put 38% (1,355$) under results in the column at the right, and not the high of 1,361$.

    We are just here to make you a better trader and now and then post a trade that we like.

    The trend still looks up, but if there is a nice profit I tend to take the money off the table and move on.

    About the results:, some costs are not included in the calculation:
    - transaction costs
    - leverage that changes over time
    - current price and price you can sell it for (mostly less)