Link is on Wave 4 of Wave C on the final leg of the larger Wave B correction.
How to trade this? You can trade the bounce off the bottom part of triangle during Wave E or wait for break out of upper triangle trend line.
Personally, I'd rather wait for short opportunity because the reward would potentially be larger.
I have been staying off bitmex a little lately since all the drama around Arthur but slowly edging back into it now after a short stint on binance futures.
Watching LTC closely here for a short term short play.
We have retraced past the 618 and sitting on a significant EQ right now and the MACD looks to have some descent momentum to continue selling further.
*** Stops need to be re-adjusted and R:R reassessed at point of entry. As a guide, I usually count 6-8 candles back from my entry point on the timeframe I’m trading on and place my stop just below the lowest wick within those 8 candles in the case of a short, or above the highest wick of the last 8 candles in the case of the long. If this rule means your R:R to...
There is still room for further downward action
I am publishing this trade early due to the pop on the oscillator
It is our rule to protect capital first rather than trading with hope
Enjoy your profit!