Strategy: LTC breaking out, but which way? Very low risk!

BITTREX:LTCUSD   Litecoin / U.S. Dollar
Risk: Low

Dear followers,

First of all: Don't forget that I also provide you with ideas and important market information on my Twitter page ;)

What we see is that LTC is trading within its symetrical triangle. This is a pattern I really like, because it gives us the chance to enter a (long term) trade with a low risk and high profit chances. We don't see clear signals which way it's going to be yet. I expect a breakout before the 9 t h of March, so let's prepare for this trade. :) Resistance (1) and support (2) are going to be key levels in this trade. Support levels (A) and (B) could be new main support levels, if we break out downwards. If we breakout with a big red or green candle. We are able to transform our SL in a TP almost immediately! Sometimes trading is very simple, so I provide you with the following strategy:

Buy strategy:
Buy: If we close with a daily candle above resistance (1)
SL: Below support (2)*

*Support (2) is a raising line. So modify the SL upwards every day, but always below support (2)

Short strategy:
Sell: If we close with a daily candle below support (2)
SL: Above resistance (1)*

*Resistance (1) is a declining resistance. So modify your SL downwards every day, but always above resistance (1).

We can stay in this trade as long as the key levels keep holding. It could be 3 days, a week, a month but also a 3 years period. I hope that you invest your profits wisely :)

Please, follow and like for more trading ideas.

Questions? Feel free to ask and your feedback is welcome!

Trade active:
Trade active: Congrats with your first profits. If you modify your SL as planned. A loss isn't possible anymore ;)
Trade closed: target reached: I'm still short. But I won't update this idea anymore. Congratulations all.
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