DollarsAndSense

Tick Tock! Is it time to buy???

Long
BITFINEX:LTCBTC   Litecoin / Bitcoin
Hey Followers,

Many are falling by the LTC sell off, I am not nor should you, if we have a look at the chart, we have hit the bottom of the range.

Its a great place to look for a bounce. LTCBTC is in an extended range, with the top at 0.0238 and the base a tight area between 0.0186 and 0.188. This level is also the 50% Fib Retracement of the last move up. Price on the 4H chart has just hit the bottom of the range and this 50% Fibonacci Retracement and created a double bottom (Circled in Blue) and appears to now be putting in a first higher low.

We are looking for a buying bar closing above 0.0190 on an Hourly or 4 Hourly chart.

Its important we wait for the buyer bar as confirmation the market is watching this level. A close below 0.0186 would invalidate the trade and open up the possibility of looking for a Bearish entry.

Entry High of the first bar to close above 0.0190
Slop loss is 0.0185
Target 1 is the first bar on the timeframe we trade to close above our entry
Targets from there Just before the blue dotted lines on my chart at

0.0194 Target 1
0.0201 Target 2
0.0210 Target 3
0.0238 Target 4 - the black line

I hope you all enjoy this trade, we hit some massive profits yesterday around 90% and if you can continue to follow we are going to see many more of these days ahead with the market repairing and improving new trades are jumping out.

Comment: We are still waiting for an entry on LTC. Patience always pays great dividends
Comment: As this stage we do not have an entry on this trade we did not get a buying bar so we will come back to this coin.

This is why patience saves us money and when in a trade earns us more profits

Comments

bearish trend?
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HI $&S ... can you explain to me how much profit to take at each target? Maybe take 25% profit, move the stop loss up and wait for next target?
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