semasters

LTC Bull Flag with 3 Drives to Bottom

Long
COINBASE:LTCUSD   Litecoin / U.S. Dollar
Suggested Entry, Target, and Stops are shown on chart.
Comment: Updated for new drive 3 low. Note also that 3 drive pattern might terminate on the blue support trendline.

Trade active: Note the clear signs shown on the chart that indicate this trade was going to liftoff on a break of the 12:00 bar (GMT). Would have posteded at the time, but was 5AM.

Comment: Bull Flag...buy market now...low, low, low risk!
Comment: Bull Flag Add-On stopped for tiny loss. Original position stop moved to just beneath 252.22 low and support trendline.

Trade active: When LTC hit the 380 high, it was within $5.00 of the .786 rettracement. We now have a minor testback to the 380 high. The .786 is usually a good profit taking point when the market reacts off of it. Especially when there is a possibility that the 380 high is the high of a B wave in a larger ABC correction, which would mean the C wave take out the 252 low. The 3rd indication of that would be taking out either trendline shown, the 1st and 2nd being i) reaction off the .786 and 2) minor testback to the 380 high. So at this point, consider staying in for tor the target (or higher) only if the trendlines hold. If the trendlines break, and the market sets up a buy pattern, I will post a reentry. Adjusted stops are shown on chart below.

Trade closed: stop reached: trailing stop reached. Max profit, out in area of .786 retracement = 24%
profit, out at Stop1 = 10%
Min profit, out at Stop2 = 5%

Comments

Well done! looking spot on so far.
Reply
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