Buying Litecoin Soon For A Target Of ~$200 - But Not Ready Yet
Hello Traders,
Here is a short trading idea. After LTC/USD broke 167.023 highs, it has confirmed my inverse head and shoulders pattern, which you can see in the chart. The target for this pattern is the length of the head projected to the upside.
Therefore, LTC/USD is bullish in my opinion. I like to buy it at around 155.797 for another move higher based on the head and shoulders pattern. My stop will be below the right shoulder low of 139.015. My target will be at around $200. Which gives me a risk to reward of around 2.87, IF I get filled. I will risk 1% of my capital on this one. You should not risk more than 2% of your capital because every trade can fail and we need to protect us in such case.
If Litecoin breaks 168.527 high without getting filled I will delete this trading idea.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Here is a short trading idea. After LTC/USD broke 167.023 highs, it has confirmed my inverse head and shoulders pattern, which you can see in the chart. The target for this pattern is the length of the head projected to the upside.
Therefore, LTC/USD is bullish in my opinion. I like to buy it at around 155.797 for another move higher based on the head and shoulders pattern. My stop will be below the right shoulder low of 139.015. My target will be at around $200. Which gives me a risk to reward of around 2.87, IF I get filled. I will risk 1% of my capital on this one. You should not risk more than 2% of your capital because every trade can fail and we need to protect us in such case.
If Litecoin breaks 168.527 high without getting filled I will delete this trading idea.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Trade active:
Like i explained yesterday.
Comment:
Update:
Trade closed: stop reached:
-2%
Comment:
So the head and shoulders pattern got denied. I am not afraid of saying that I was wrong. So, in this case, it didn't play out well that is how trading is. Let's move to the next trade.
