PALLADIUM indecisive at the moment

TVC:PALLADIUM   CFDs on Palladium (US$ / OZ)
Someone asked an advice in chat about Palladium LONG (with TP@756.00) and thought to provide my personal point of view with a more organic answer...

The instrument is uptrend on the long term, but it looks indecisive at the moment; from the chart we can see it is in a range between two Fibonacci levels (and one of them is a resistance as well).
If we entered LONG at the bottom of the retracement the trade would be risky might be somewhat safe (with a SL just below the Fibonacci line serving as support.

The price bounced a few times around the ~756.13 line as well: last but not least, the pin-bar reversal on Thursday (see the lower red line in the next chart, orange line in the others)

Note that there is also an historical support on the Daily/Weekly (the higher blue line ~767.99 in the chart).

If we bought it around 748 (I am just guessing an entry point) we would have a 1:1 risk-reward-ratio which is not ideal given the conditions.
If we really wanted a 1:1 risk-reward-ratio, the entry point should have been put just above the Fibonacci level where the price bounced and the SL accordingly.

I do not want to be dragged into the philosophical discussion if it is worth trading commodities for short-term, relatively little movements :)
I would just stick to the technical and say that not advise to enter a trade in the middle of a Fibonacci level or between two support/resistance levels (even more if one confirms the other).

Hope that helps
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