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Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on LTCUSD. Here as you can see, the market broke above the previous highs of 299.76 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ 293.83. Since my entry got hit, I put my stop loss below the most recent low @ 267.76, and my target @ 322.78.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation, advice or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Trade closed: target reached
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Nice! I love it when I get an answer on my analysis right away.
@ArtfulDodger1974, Asian markets ?? Interesting , what time do the asian markets usually start up ??? Sorry im new to crypto only been trading since september
yyifly
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@MoneyBagGreg, around 4-6 pm mountain time. that when they are super active
Matthew_Spositi
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@ArtfulDodger1974, Ohhh yeah, a lot of movement can happen during the Asian session. Sometimes I find that more movement occurs during the Asia session than during the New York London crossover. But I've always thought that was due to lower volume in the Asia session.