Hello, I will try to do my first publication here. Actually this is my first analysis ever so I do not recommend to do the same =), but I appreciate your comments about this idea.
So I suppose we have Support Level at 221$ level as the price bounce from it for 2 times, also we can speak about local resistance that is demonstrated with black line on the chart.
So my idea is to open Long position and buy near 221$ level for TG1 on 246$ (I do not think that Litecoin will go up further during short term), just in case further up trend lets make TG2 and TG3 on 275$ and 310$.
According my opinion stop loss should be on 216$, cause on this level Support and Resistance will be broken and we will see down trend next.
As I said this is Short Term (1-2 days) strategy and I do not think that we go further by Local Resistance Line, that is why the stop loss level is not so deep.
Trade closed: stop reached
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The trade was closed because my stop loss was reached
Comment
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Sorry but all this not about Litecoin, it is about Zcash.
One more thing I suppose that in this trade I set very tight Stop Loss level, also my trade has some difference with this one, as the chart is from Kraken and I trade on Bitfinex. On Bitfinex my stop loss was reached, on this chart not. During typing this comment (18:15), 216$ is Bitfinex price and 223 is Kraken price. Miracle, maybe...
Trade active
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I suppose this Idea will work, so I will open long again with deeper stop loss 210$, other parameters are the same
Trade active
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So it is look like my idea is working, maybe it's not so fast as I imagine... the real up trend starts with the up trend of other alt coins and some of them growth more rapid. Also I loose some money during my first attempt...
It's night in Moscow, so I set trailing stop order and go to sleep.