LTCUSD 1D RANGE SHORT BREAKOUT TRADE
Updated
While making this post price broke out of range bottom
Range bottom is at 133.20
Daily breakout candle open was at 135.50
Daily ATR is 8.66
1H chart found range levels
Range Trade Rules
Daily candle did not close yet but broke out of range bottom
Breakout candle low was greater than 1 ATR so special entry rules now
Breakout candle open - 1 ATR = Sell Limit Order
135.50 - 8.66 = 126.84 Sell Limit Order which was hit
Further money mgmt of trade in update followup
Range bottom is at 133.20
Daily breakout candle open was at 135.50
Daily ATR is 8.66
1H chart found range levels
Range Trade Rules
Daily candle did not close yet but broke out of range bottom
Breakout candle low was greater than 1 ATR so special entry rules now
Breakout candle open - 1 ATR = Sell Limit Order
135.50 - 8.66 = 126.84 Sell Limit Order which was hit
Further money mgmt of trade in update followup
Note
I have gone to a 4H chart to watch this tradeMoney mangement values are taken from the Daily chart
SL = 1.5 x Daily ATR
TP = 1 x Daily ATR
Note
1st TP HIT2nd trade SL adjusted to breakeven
2nd trade no TP let profit run
Note
When price closes below this support levelI will move 2nd trade SL to 1st TP level
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