Litecoin price Action (LTC) Possible Outcome Going Forward
We all make dumb mistakes when we make biased decisions. For me, trading is about removing my personal biases (or what I think the market should do) from my trades. I change my mind about my trades fast and can change to being a bear very easily if price action shows me a different outcome. Removing these biases is what saves me from holding the bag when price action doesn't support my views. Proper stop losses are always in place to make sure that my bias doesn't get in the way. I do not want to trade based on what I think market should or will do. I want to trade based on what price action is telling me.
Current set up is telling me that we need to get to the upper boundary resistance line, breakout of it, re-test it and go from there. I am targeting $120 but I may and will change my mind if price action is telling me otherwise.
Always be loyal to your capital and not your views. Remember one thing when you trade "Your views will not be hurt if you are "wrong". Your capital will be hurt if you are "wrong". Your capital needs you to preserve it and grow it, you can change your views at your ego expense. You can change your capital at your "views" expense. Proper risk management, proper stop losses, elimination of bias - the only thing that will make you successful.
Although this looks bullish AF - keep in mind we are still below the major breakout resistance, chart can morph into another structure so make sure you are not going to let your views hurt your capital. Dont let one day off gains make your next year's decisions.
Happy Sunday and good luck to you traders!
#litecoin #ltc
Current set up is telling me that we need to get to the upper boundary resistance line, breakout of it, re-test it and go from there. I am targeting $120 but I may and will change my mind if price action is telling me otherwise.
Always be loyal to your capital and not your views. Remember one thing when you trade "Your views will not be hurt if you are "wrong". Your capital will be hurt if you are "wrong". Your capital needs you to preserve it and grow it, you can change your views at your ego expense. You can change your capital at your "views" expense. Proper risk management, proper stop losses, elimination of bias - the only thing that will make you successful.
Although this looks bullish AF - keep in mind we are still below the major breakout resistance, chart can morph into another structure so make sure you are not going to let your views hurt your capital. Dont let one day off gains make your next year's decisions.
Happy Sunday and good luck to you traders!
#litecoin #ltc
Comment:
Stopp loss in tact, retrace3 hit my support line, still in the trade, happy and sane
Comment:
I will be out at $79.50 and will rebuy if it dumps. Price action is looking weak. However, we broke out at breakout #3 point, we are currently re-testing the resistance line which now is support. If it hold we are going to $90 and watching same pattern - break out, retest and bounce.
Trade closed: stop reached:
Trade closed at $82. Not a bad run for a week
