The price for LTCUSD remains with a bias is to the downside with the price trading below the 3 day Rolling Pivot Range (green, yellow dots). However the Daily Pivot Range (blue dots) are neutral at the time of this writing with the price action staying inside the range for the past few hours.
With today’s Opening Range (whiter background) also holding...
With the market trading in a narrow channel for days now, the time was ripe for a strong move. The key support of the Daily Pivot Range and Opening Range provides the bias to the upside with price holding above this support.
What gives this trade even more catalyst is the narrowness of the Pivot and Opening ranges. With the new session opening with another set...
Take a look at the chart and see analysis. By our first rule, the entry needs to be confirmed by trading at or above the 'A' level. However this breakout is happening with new all time highs and would warrant entry at this time with the nature of cryptocurrencies, particularly the inability to short this market.
Here you can see the setup occurring if the entry rule is met. The price must trade at or above the 'A' value line for a minimum 15 minutes to validate a long signal. Beware the 800 level which could be the catalyst to explosive upside or provide an 'A' up failure trade which would make a significant correction to the downside.
The price action is setting up for a renewed bullish move up. Our entry rule must be met in order to go long. The rule is: the price must trade at or above the 'A' value line of 17850 for at least half the Opening Range of 30 minutes. So, if in 15 minutes the price completes this action, we can go long. Then place stop loss at the Opening Range low of 17734. Stay...
This shows you the importance of these price action indicators. The Daily Pivot low is capping the price with resistance for the last many hours and the Opening Range high is supporting the price. Tells you something about the value of these 2 price indicators.
This chart shows the importance of the Opening Range, Daily Pivot Range and the Daily Pivot Moving Averages, particularly in unison. Setting up nicely for a good move up if the key resistance level 720 can be broken.
See the setup for a bullish scenario with pullbacks possible to cover previous gaps up, creating buying opportunities. Often times the gaps in price action will have a tendency to be covered by future price action. These areas act as support and resistance and magnets for price action to retrace and afterward continue the underlying trend.
Similar to the LTCUSD trade setup occurring here:
See if you can identify the same rules in the setup we see in the LTCUSD chart on this setup with ETHUSD.
This is the value of this system, very easy to identify high probability trades with excellent risk reward.
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...
This is a classic 'A' up trade. Good risk reward ratio of 3.1:1
Stop loss at 11530.51 and trail your stop once it takes off. Profit target is somewhat open at this point - uncharted territory!
Learn more at my site on how to trade this method.
As price has moved through the Pivot Range and the Opening Range, with Pivot Moving Averages pointing up and good separation, this is a clear buy signal. A little premature without the confirmation of 15 minutes for the 'A' value line to give the proper 'A' up signal.
This is what I call a Fortitude trade if it were piercing our daily Pivots or Opening Range levels. However, this still looks favorable without these levels in play with a risk reward ratio of 2.18:1
The rule is to go long on a break above the hammer candle high.