If you have to buy Litecoins for EURO, probably this trading idea will be interesting for you. The market moves upward in the borders of the ascending price channel. We had a good entry level based on a reversal signal in the support zone. This zone was formed by the trend line and 35.00 support level. It was our first opportunity to buy Litecoin. Now we have a new entry level but this time we should trade based on a breakout signal. If the market breaks 40.00 resistance level, we'll have an additional confirmation for further upward movement. Pending orders for buy should be placed at 40.10 level. Stop orders must be below the local swing low and it's 31.90 level. Profit target should be at 48.50 resistance level.
Hello @DLavrov currently LTC is at $46. Is it a good buy ?
Also can someone please explain me what does "Stop orders must be below the localswing low and it's 31.90 level" this sentence mean ?
Thank you sir and love your posts.
JPTradeCrypto
⋅
Just broke the 40 resistance level.
etomayorov
⋅
EURO and USDT the same price?
R0w
⋅
Hi DLavrov,
Could you shortly describe how to set up such a sell order at kraken?
What he means is that you should wait for LTC to break through the 40.00 level, which will indicate a new uptrend.
So you should ideally buy when the price reaches around 40.10. You should place a Stop Order at 31.90 for if the market reverse against your long position and you should take profit (meaning sell or close your long trade) when the price reaches 48.50.
Thank you for your help, but that point was already clear for me.
My question was how to setup such a sell order at kraken ? is it the Trailing Stop Limit Order?
Rudsto
⋅
@R0w, O sorry. I misunderstood your question then. I am not familiar with Kraken, so can't help you on that point
onionion
⋅
@R0w, in the chart view you can set a 'Stop Loss, Take Profit Lmt' sell order with a stop price of 31.90 and a limt price of 48.50
cryptoking500
⋅
@onionion, I have the same question. I'll look forward for an answer!
miro-kahanek
⋅
Thank you Mr. Lavrov, looks promising.
However if BTC corrects, don't you think it will take LTC down as well?
Also can someone please explain me what does "Stop orders must be below the localswing low and it's 31.90 level" this sentence mean ?
Thank you sir and love your posts.