LTC/USDreload, setup your position
Last time I tried to play with the break-out of Cup-Handle pattern, but it ended up with hitting the stop-loss. We experienced deep correction all the way from $183 to $132. However, we saw LTC found $130 as a really strong support. It is a good sign we can still try to find the bullish signal and set up our buy position.
Let's look at the daily chart. If we look left, we can see a structure(red box) there in bottom. I treat that structure as our universal accumulation zone. We broke that structure and soared up to $183, now been pull backed to the up-boundary of that structure and now ready to rally again. So it is also a very typical "Buy pull-back trade"
Our MACD is neutral, RSI is turning up, we shall be confident that we can set this trade.
I set three take profit target there. They are major structure confluence with fib extension level.
Especially, if we do climb to $203 level, I will set a short position there, because that is a formation of AB=CD, and also a start of a correction wave if you do wave analysis.
Happy trading, Stay profit~
Let's look at the daily chart. If we look left, we can see a structure(red box) there in bottom. I treat that structure as our universal accumulation zone. We broke that structure and soared up to $183, now been pull backed to the up-boundary of that structure and now ready to rally again. So it is also a very typical "Buy pull-back trade"
Our MACD is neutral, RSI is turning up, we shall be confident that we can set this trade.
I set three take profit target there. They are major structure confluence with fib extension level.
Especially, if we do climb to $203 level, I will set a short position there, because that is a formation of AB=CD, and also a start of a correction wave if you do wave analysis.
Happy trading, Stay profit~
Note
Srr for late update, Stop loss hitted days ago
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.