This is another classic 'A' up trade with the price action rule to trade above the 'A' value line (green line) for half the Opening Range (white dots) time to validate a long signal. Yes we are extended on the upside but the signal is setting up clearly. All other resistance is breached above the Daily Pivot range (blue dots) with the Daily Pivot Moving Averages pointed up at a strong upward angle.
The first rule is met so we can go long. The rule for entry is the price action has to trade at or above the 'A' value line (green line) for at least half the Opening Range. In this case we are using a 30 minute Opening Range time period. So after 15 minutes of trading at or above the 'A' value line we can go long.
A very similar setup is occurring in ETHUSD at the publishing of this chart.
Here is the ETHUSD setup not yet confirmed but setting up for a long position:
Trade closed: target reached:
We came within a tick of that nice round number of 200 profit target, which will now be the new target going forward. Stay tuned as LTCUSD sets up again for a move up.