so once again our hunch on LTC move was spot on, it just that it moved way too much and we arent complaining :)
Now, we need to spot a possible trade in LTC with limited downside. LTC plays well when you combine Fib with MA and right now on a 2hr chart, we see LTC resisting 9MA with reduced volume, clear sign of exhaustion. We are not saying that the upside is done, but it should settle down a bit before deciding next move.
I am looking at the possible collision of 50% fib level and 26MA around 245-255 USD level. I have scattered my orders between that limit to get the best average buy price (hopefully!). One Target will be the 9MA (so keep a watch where it moves), others are the Fib levels with stoploss defined at or below 242.
Happy trading :)
Now, we need to spot a possible trade in LTC with limited downside. LTC plays well when you combine Fib with MA and right now on a 2hr chart, we see LTC resisting 9MA with reduced volume, clear sign of exhaustion. We are not saying that the upside is done, but it should settle down a bit before deciding next move.
I am looking at the possible collision of 50% fib level and 26MA around 245-255 USD level. I have scattered my orders between that limit to get the best average buy price (hopefully!). One Target will be the 9MA (so keep a watch where it moves), others are the Fib levels with stoploss defined at or below 242.
Happy trading :)
Comment:
Bought at 255 on average but the target MA has come down a lot so closing this trade at 268-271 level
