IvanLabrie
Long

LTCUSD: Buy stop above resistance

BTCE:LTCUSD   Litecoin / Dollar
a year ago
Here we have an interesting setup. We can attempt to go long if LTCUSD             breaks above the resistance, expanding this week's range.
A stop loss at 2.969 and a target at 3.819 gives us a very nice risk to reward ratio.

Rgmov indicates trend is up, and we have a weekly downtrend that has expired, triggering a range expansion up bar.
After more than 5 weeks without new lows, volatility is very low, which is the right enviroment for a breakout trade, which also aims to capture the move when LTC             catches up with BTC , in dollar terms.

If you are a LTC             holder, once the target's hit, you can sell your Litecoins for dollar AND sell short with margin.
Good luck if taking it. Make sure to check out Tim West's "Key Hidden Levels" chatroom for more trade setups and insightful discussion with other traders and with Tim himself.

If you want live updates and more information, make sure to follow me at collective2, where I provide signals for auto trading and via email for a monthly fee.
I'm also providing access to a live trading chatroom free of charge for concordbay.com customers, contact me via skype for more details.

Cheers,

Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
a year ago
Trade closed: target reached: Spot on...
a year ago
Comment: Monitor for new weekly highs, it's unlikely but possible.
a year ago
Comment: Strong moves here, massive resistance to the left, keep that in mind.
Trail stops using the 10 period moving average of the lows in the 4h or daily to be safe.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
Alekznder
a year ago
Considering the same buy stop setup! Cheers!
+2 Reply
IvanLabrie PRO Alekznder
a year ago
Good luck!
Reply
759820 PRO
a year ago
I think we coould see 9 if we have another bullish day tomrw
+2 Reply
Ingemkts 759820
a year ago
I am thinking it is possible a retracement
Reply
IvanLabrie PRO Ingemkts
a year ago
I'd just let it do its thing now. It hit the first target, most likely retracing next. If it doesn't drop under the mode (red line), we could buy the retracement.
+1 Reply
Ingemkts IvanLabrie
a year ago
:)
Reply
Beautiful..!
+1 Reply
Galvin
a year ago
So looking at this chart. If btc keeps going up I see litecoin may reach the tops of the old weekly candles, around 4.4 or so?
Reply
rivet.popper
a year ago
Why are new weekly highs unlikely? LTC follows BTC almost every time.
Reply
IvanLabrie PRO rivet.popper
a year ago
Because the rally in btc already has some warning signals for bulls, and the ltc chart is considerably more bearish from the get go.
Let's wait and see, there's nothing more to do here, shorting is pretty dangerous, expecting big moves.
Thanks for stopping by, cheers!
Reply
rivet.popper IvanLabrie
a year ago
Nah, I think Chinese traders will get jump right from BTC to LTC like they always do on a runup. As you say, wait and see...
Reply
rivet.popper rivet.popper
a year ago
*...will jump right from BTC to LTC...
Reply
rivet.popper IvanLabrie
a year ago
MACD crossover, new weekly high. Lookin' good.
Reply
IvanLabrie PRO rivet.popper
a year ago
Yes sir.
+1 Reply
Galvin IvanLabrie
a year ago
6.8 bfx the next target if ltc pops again?
Reply
rivet.popper Galvin
a year ago
I second this question.
Reply
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