{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/platinum-break-engulfingbar-25th\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/platinum-break-engulfingbar-25th\/","headline":"Is Platinum About to Break a Major Price Action Level With an Engulfing Bar? | 25th May 2016","name":"Is Platinum About to Break a Major Price Action Level With an Engulfing Bar? | 25th May 2016","description":"Price has fired off a Bearish Engulfing Bar (BEEB) on the 4-hour price action chart, breaking through both the major support price flip level and also the Very Big Round Number of 1000.00. On Monday I\u00a0wrote here\u00a0about this market, and how both this Very Big Round Number and price flip are going to be crucial […]","datePublished":"2016-05-26","dateModified":"2019-08-05","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2016\/05\/1-plt-cif-daily.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2016\/05\/1-plt-cif-daily.png","height":"800","width":"1600"},"url":"https:\/\/forexschoolonline.com\/platinum-break-engulfingbar-25th\/","about":["Price Action Charts in Focus"],"wordCount":355,"articleBody":"Price has fired off a Bearish Engulfing Bar (BEEB) on the 4-hour price action chart, breaking through both the major support price flip level and also the Very Big Round Number of 1000.00.On Monday I\u00a0wrote here\u00a0about this market, and how both this Very Big Round Number and price flip are going to be crucial in deciding where price goes over the coming sessions. You can read that post at:Is the ‘Very Big Round Number’ the Key to Price Flipping on Platinum? | 23rd May 2016After making that post, price has broken lower and is attempting to break through the major support level.\u00a0As yet, the daily close has not been below the VBRN and support level. Like I discuss in the lesson “What Traders Can Learn From Candlesticks and Price Action”, seeing a strong close either above, or in this case, below the major level is an important clue for where price is looking to go.Whilst it’s often important to wait, we do not always need to\u00a0do so\u00a0– the more aggressive intraday traders can go hunting for their intraday trade setups once they start to see price breaking out. As is the case with this market, now that price has broken lower price action traders can start watching the price action on the smaller intraday time frames.The 4-hour chart has fired off this breakout engulfing bar. It is going to be extremely interesting to see if price continues on with this new momentum or if price makes a snap back higher\u00a0to re-test the Very Big Round Number and the price flip area, as is so often the case.The first test of a major area is very often the strongest and the one we wanting be hunting in our trades. I highly recommend you read this lesson if you have not done so already:Making High Probability Trade Setups From the First Test of Support or Resistance Daily Platinum Chart 4 Hour Platinum Chart 4 Hour Platinum Chart Related Forex Trading EducationMaking High Probability Trade Setups From the First Test of Support or Resistance "}