IvanLabrie
Long

LTCUSD: Buy stop above resistance

BTCE:LTCUSD   Litecoin / Dollar
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
Trade closed: target reached: Spot on...
Comment: Monitor for new weekly highs, it's unlikely but possible.
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.
Considering the same buy stop setup! Cheers!
+2 Reply
Good luck!
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I think we coould see 9 if we have another bullish day tomrw
+2 Reply
Ingemkts 759820
I am thinking it is possible a retracement
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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
:)
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Beautiful..!
+1 Reply
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?
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Why are new weekly highs unlikely? LTC follows BTC almost every time.
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IvanLabrie PRO rivet.popper
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!
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rivet.popper IvanLabrie
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...
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rivet.popper rivet.popper
*...will jump right from BTC to LTC...
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rivet.popper IvanLabrie
MACD crossover, new weekly high. Lookin' good.
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IvanLabrie PRO rivet.popper
Yes sir.
+1 Reply
Galvin IvanLabrie
6.8 bfx the next target if ltc pops again?
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I second this question.
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