LTC goes to the North Pole to meet Santa
Datetime: 23 Feb, 22:00 Berlin Time
Since LTC seems to follow big daddy XBTEUR, I went bullish on LTC since I was bullish on XBTEUR. See my thought process on XBTEUR on 24 Feb in the related ideas section to find out why I was bullish on XBT. Also, note that that LTC clearly shows massive upward momentum following the downtrend with significant high on the MACD. This is a clearer sign of an upcoming uptrend.
What trade did I execute?
Time of entry: 22:09 Berlin Time
Trade type: Limit Buy
Direction: Long
Trading pattern: Anti
Entry: 164.8
Stop Loss: 132 (Last time I traded LTC, I got washed out by volatility caused by a failed breakout, so this time I made sure my stop is far away from the last low of the downtrend and even below the next support level at 137.9)
Take Profit : 25 % at 182 (estimated end of next trend leg) and 75% at 192 (estimated end of the third trend leg). This last Take Profit level is subject to change later depending on market action.
Results will be posted when the trade concludes.
Disclaimer: If you trade based on this idea, you are solely responsible for any profit or losses that result.
Since LTC seems to follow big daddy XBTEUR, I went bullish on LTC since I was bullish on XBTEUR. See my thought process on XBTEUR on 24 Feb in the related ideas section to find out why I was bullish on XBT. Also, note that that LTC clearly shows massive upward momentum following the downtrend with significant high on the MACD. This is a clearer sign of an upcoming uptrend.
What trade did I execute?
Time of entry: 22:09 Berlin Time
Trade type: Limit Buy
Direction: Long
Trading pattern: Anti
Entry: 164.8
Stop Loss: 132 (Last time I traded LTC, I got washed out by volatility caused by a failed breakout, so this time I made sure my stop is far away from the last low of the downtrend and even below the next support level at 137.9)
Take Profit : 25 % at 182 (estimated end of next trend leg) and 75% at 192 (estimated end of the third trend leg). This last Take Profit level is subject to change later depending on market action.
Results will be posted when the trade concludes.
Disclaimer: If you trade based on this idea, you are solely responsible for any profit or losses that result.
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