LTCUSD has presented us with a brilliant looking trade scenario.
Price is trading in a pennant, and will eventually break to the upside or downside.
General rule suggests pennants of this form will break to the upside, but LTC may be due some downside to meet a key level, so we keep the possibility open.
If price breaks to the downside, 180 pips downside towards $70.60 will be due.
On the contrary, an upside break of the formation will provide a 600 pip long opportunity.
The best entry here would be upon a retest of $74.00 - targeting $80.25 for profit taking.
Trade safe & manage risk!
Price is trading in a pennant, and will eventually break to the upside or downside.
General rule suggests pennants of this form will break to the upside, but LTC may be due some downside to meet a key level, so we keep the possibility open.
If price breaks to the downside, 180 pips downside towards $70.60 will be due.
On the contrary, an upside break of the formation will provide a 600 pip long opportunity.
The best entry here would be upon a retest of $74.00 - targeting $80.25 for profit taking.
Trade safe & manage risk!
Trade closed: target reached:
Perfect $74 retest provided an amazing entry for a 180 pip downside move.
Absolute success!
Absolute success!