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Here is the top-down analysis for LITECOIN, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
Bitcoin is a small 2% away from all time high. Now is a good time to look back on the past 3 years since it has gone mainstream. Many "strong hands" ended up selling right before the explosion up (the same people that criticized, insulted, reported and mocked me, while let me remind you I bought at the bottom of this explosion at ~12750 when many of them were...
Long idea from a 3 confluence setup:
1 - Trendline 3rd touch
2 - Break and retest of structure
3 - Fib level confluence
Entry on the wick after a bullish engulfing was formed on the lower time frames.
This is a long idea, the daily has rejected a double bottom liquidity zone, expecting the pair to push higher. Got in on an impulse and correction with a 1HR break and retest entry. Targeting the -0.27.
- Fundamentally the EUR has been very weak with some very poor changes to the overall data releases. Whilst the USD is the same, the USD could be used as the safe heaven.
- Technically we have come into a valid minor supply zone after breaking structure and once my rules were met, I entered a short position.
1. alligator on dailes sleeping ( range bound market)
2. strong trend down previously on 2 hourlies - Volume POC GAP is very large between left eye and mouth;
3. Volume POC each day in white - should make pattern of "clown face frown "
4. First trigger is VPOC move up to "top of LIP ( right part of face crease)
5....
we are still waiting for an objective break below our green trendline last swing standing (blue zone) to sell this one.
keeping in mind that price can still test the upper red resistance/supply zone before going downward.
but we will only look for sell opportunities on AUDUSD as price is approaching a rejection zone in red.
I give you 5 important trading rules this week. You have seen them time and time again on many trading educational programs but they show up often because they are important.
SMP TRADING
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Chart time frame - H4
Timeframe - 1-3 days
Actions on -
A – Activating Event
Market will meet resistance in zone @1.864 - .... and fall to the @1.79. In order to enter, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market move towards the first Target 1 level @ 1.79
FX:GBPAUD...
IF !! we still are in a big bullish flag, we will still need to finish the last C wave off the 5 wave. and remeber the rule. the C wave in the finishing 5 wave can be very LONG! wich means we will drop a lot. if this is what this pair is doing.
we can begin to by back in 0.31300 - 0.31150 range
if this scenario is playing out. I think we will go very green in next...
