Litecoin short triggered, ready for the dip!
So last time I prepared for a movement either bullish or bearish, and this time it seems the bear won and triggered my short!
In a perfect world, the price from here should keep heading down, following the channel downwards, but we gotta prepare for an invalidation too.
Here's the game plan:
1. Aim to take profit just above the lower channel to make sure we secure wins safely
2. If the price reverses, our invalidation is if the bulls break the channel + resistances, so I put my stop loss just above the daily resistance (red line)
In a perfect world, the price from here should keep heading down, following the channel downwards, but we gotta prepare for an invalidation too.
Here's the game plan:
1. Aim to take profit just above the lower channel to make sure we secure wins safely
2. If the price reverses, our invalidation is if the bulls break the channel + resistances, so I put my stop loss just above the daily resistance (red line)
Note
Looking at the candles from yesterday it seems that the bearish channel is being tested and holding!In terms of short position, we are still negative open profit, but the trade is not yet invalidated until we get clearer signs of a reversal (breaking daily red line, or breaking the bear channel)
In the meantime I still believe the bears are in control this week.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.