This is my first shared idea on TradingView, would appreciate any feedback/critiques, thanks!
Essentially I've spent the last two years trading full time but only recent started expanding to new setups/patterns such as the cup and handle.
After reading up on it I noticed Litecoin seems to be in a text book example.
We had our cup from May 2018 - April 2019.
We entered the "handle" channel from April - May and seem to have broke out on or about May 8th.
The rule of thumb for these patterns is the break out will be roughly equal to the distance from the bottom of the cup to the breakout.
As such, I drew was able to draw a line from the breakout to a profit target of $133.71.
This level lines up key resistances/supports from May 2018.
**I can't stress enough I'm not telling anyone to take this trade. This idea is being shared for entertainment purposes only. (Yes, I"m taking it but that's me, I'd never tell a complete stranger to do the same)
Essentially I've spent the last two years trading full time but only recent started expanding to new setups/patterns such as the cup and handle.
After reading up on it I noticed Litecoin seems to be in a text book example.
We had our cup from May 2018 - April 2019.
We entered the "handle" channel from April - May and seem to have broke out on or about May 8th.
The rule of thumb for these patterns is the break out will be roughly equal to the distance from the bottom of the cup to the breakout.
As such, I drew was able to draw a line from the breakout to a profit target of $133.71.
This level lines up key resistances/supports from May 2018.
**I can't stress enough I'm not telling anyone to take this trade. This idea is being shared for entertainment purposes only. (Yes, I"m taking it but that's me, I'd never tell a complete stranger to do the same)
Comment:
**Typo - we broke out on May 10th, not May 8th.
Comment:
**Just wanted to add, the one X factor to this trade that could ruin the whole theory is if Bitcoin chooses to correct before it plays out, historically Btc pulls alts down with it which could negate the entire idea.
Trade closed: target reached:
Target Hit 2nd Week of June.