Im going to do 2 charts on LTC here and there works for the H19 chart as well, this one is based on the current supply level not breaking, the next chart will be based on the supply being broken
Ltc has had a really good run with plenty of trading opportunities, its gearing up again on the smaller time frames for a push back to this top which is previous supply levels.
A fail to break this level with a clear double top and looking for bearish divergence on the CCI i can see this rejection being a descent down turn.
ideal strong demand between the 50/618 so this will be the ideal spot for a bullish bounce to test those levels again at .01260 ish
if we break though refer to next chart, but if the volume is not there it will most likely form a bearflag following a further drop the the 786, and most likely another bearflag drop back to a 100% retrace.
In a long at the moment with that double top as my area of interest to flip the trade and go short to the 50%
risk management is key, have a plan for both ways, buy stops if we break above or bag flip to ride it down.
Ltc has had a really good run with plenty of trading opportunities, its gearing up again on the smaller time frames for a push back to this top which is previous supply levels.
A fail to break this level with a clear double top and looking for bearish divergence on the CCI i can see this rejection being a descent down turn.
ideal strong demand between the 50/618 so this will be the ideal spot for a bullish bounce to test those levels again at .01260 ish
if we break though refer to next chart, but if the volume is not there it will most likely form a bearflag following a further drop the the 786, and most likely another bearflag drop back to a 100% retrace.
In a long at the moment with that double top as my area of interest to flip the trade and go short to the 50%
risk management is key, have a plan for both ways, buy stops if we break above or bag flip to ride it down.
Trade active:
We are in for the short, Yes i know slight price difference between the H19 chart but i like to use the BTC chart for more market data and overall direction then use the H19 to break down and find entrys on smaller time frames.
Either way LTC has hit our first target for short entry with a few more orders higher up at 5x for now, will wait for the trade to take place before adjusting leverage as imo there could be another small spike but alot of people calling big bull run on LTC so kind of counter trading this one, but im calling it how i see it for now with proper risk management if this does spike up im out for low risk.
Both the 4hr and daily giving us bearish divergence signals with higher high in price action and lower highs on the CCI swing highs.
I will keep a close eye on this to make sure this rejection is solid, if volume picks up and the rejection at this resistance does not look like it will hold i may flip my order to long it to the next level of resistance.
Although risk to reward is sound on this trade its still a "risky" rade going against the trend.
What we are looking for is a trend reversal....and im thinking this may be it.
Either way LTC has hit our first target for short entry with a few more orders higher up at 5x for now, will wait for the trade to take place before adjusting leverage as imo there could be another small spike but alot of people calling big bull run on LTC so kind of counter trading this one, but im calling it how i see it for now with proper risk management if this does spike up im out for low risk.
Both the 4hr and daily giving us bearish divergence signals with higher high in price action and lower highs on the CCI swing highs.
I will keep a close eye on this to make sure this rejection is solid, if volume picks up and the rejection at this resistance does not look like it will hold i may flip my order to long it to the next level of resistance.
Although risk to reward is sound on this trade its still a "risky" rade going against the trend.
What we are looking for is a trend reversal....and im thinking this may be it.
Trade closed manually:
LTC Update
Although we have a larger target in mind we have jumped out at 45% here at this current trend line and waiting for a break down from the support line.
If we start moving up again to test that supply and it looks like a weak push we may open another short again, if we break down this support then we are in again.
Although we have a larger target in mind we have jumped out at 45% here at this current trend line and waiting for a break down from the support line.
If we start moving up again to test that supply and it looks like a weak push we may open another short again, if we break down this support then we are in again.
Trade closed manually:
BANG LTC playing out like a champion so far, hit our first profit take for 45% and reentered on the break down again for 60% so far on 50% of our order and stop losses moved down to ensure profit take only.
expecting a small breather again of the next few days building another nice little bear flag and look to re-enter another trade on the break again while keeping out current trade open for the longer term goal at the strong demand around .00990
This is where it pays to have 2 bitmex accounts, one for longer term trades with lower leverage and another account for short term scalps on higher leverage and play both ways if need be.
www.bitmex.com/register/9LTM06
Open a second account if you havent already done so, it takes more focus to play 2 accounts but if your a dedicated trader its a great strategy for playing both sides of the market on the one instrument.
www.bitmex.com/register/9LTM06
expecting a small breather again of the next few days building another nice little bear flag and look to re-enter another trade on the break again while keeping out current trade open for the longer term goal at the strong demand around .00990
This is where it pays to have 2 bitmex accounts, one for longer term trades with lower leverage and another account for short term scalps on higher leverage and play both ways if need be.
www.bitmex.com/register/9LTM06
Open a second account if you havent already done so, it takes more focus to play 2 accounts but if your a dedicated trader its a great strategy for playing both sides of the market on the one instrument.
www.bitmex.com/register/9LTM06
Trade active:
If we get those signals its short time, if it looks strong we may look to run buy stops above this level of resistance.
Look left for previous structure to define new targets on a long, im looking at .0145-.0147