Long
LTC Turning Around
LTC is currently posting a big fuck off morning star on the daily's, taking place in a very significant previous liquidity zone where buyers have shown interest.
The 4hr's show a brief consolidation followed by a solid push out, currently rejecting off the 38.2 of the recent downwards push.
Massive Engulfings like this are often followed by a wick down to the top of the zone to confirm it, with a solid buyback and push off.
CCI on the daily's has formed a solid V bottom, and this is a logical place for a reversal. Logic doesn't always win out though.
RRR is unreal , 2.8:1 to my first target at the EQ level and 50 fib, a whopping 6 to my final target at the supply zone formed by the recent drop, I think it's possible we'll see a channel form between these two levels, but I'll be moving stop up with market structure formations.
The daily trend is Bearish, so this is counter trend and as such I'm going in for 0.5R
The 4hr's show a brief consolidation followed by a solid push out, currently rejecting off the 38.2 of the recent downwards push.
Massive Engulfings like this are often followed by a wick down to the top of the zone to confirm it, with a solid buyback and push off.
CCI on the daily's has formed a solid V bottom, and this is a logical place for a reversal. Logic doesn't always win out though.
RRR is unreal , 2.8:1 to my first target at the EQ level and 50 fib, a whopping 6 to my final target at the supply zone formed by the recent drop, I think it's possible we'll see a channel form between these two levels, but I'll be moving stop up with market structure formations.
The daily trend is Bearish, so this is counter trend and as such I'm going in for 0.5R
Trade closed: stop reached
Looked the goods, got a wick down to entry, but no real buyer momentum came in and we dribbled down through demand and into my stop
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