Platinum (Comex)

Daily Platinum Chart showing recent ML set working to some degree but no great accuracy. Forget the big red line across the top( for the moment) but the reason of this daily chart is to illustrate my point about the value of very long term ML's & is perfectly shown here. How many times was i told "choose your time frame you feel comfortable trading and stick to it" and do not trade in more than one time frame. Well fair enough to some degree BUT for ML traders to trade anything over 1hr charts and not to be at least familiar with the longer term charts seems crazy to me and it is like walking without a map.

The reason here is clearly shown in the weekly Platinum showing both long term ML set in RED and our short term daily ML set in BLUE (from above chart). Prior knowledge of the red centre line is crucial re exiting any positions you may have and offers possible trading entry setups, and also the correlation with Gold and other precious metals gives you advance warning in these associated markets. Price quite simply touches/kisses the line and turns round and returns to the LMLP.............. will it hold here or as i suspect start to look vulnerable after what is a good run-up to the centre line without too much trouble. What we do know is that the Andrews rules state if price reaches the centre( median) line; price will touch and reverse or accelerate/gap through or price may will make various swings about the median centre line and re-touch several times before moving on. Whatever price does in Platinum i feel that prior knowledge of a long term ML is a valuable thing. (There is one problem with all this which is that your chart simply cannot hold 15+ median line sets plus ll your other studies without becoming too congested. For this reason i have at least 4 to 5 charts for each instrument traded in different time intervals with different ML's marked on each )