Buy above listed trigger by $10. If you buy on the break of the blue resistance trendline, the risk is pretty steep all the way back to the low. So I would suggest a trailing stop based on the previous 120m or 240m bars. Beneath Point A at 272.79 could also be a possible stop. This trade is cancelled if we take out the testback low at 174.78 (Bitfinex) prior to hitting your chosen buy trigger. PLEASE NOTE that all BUYS are ALWAYS on STRENGTH. They are always Buy Stops! If you see this pattern and just jump in, then you are NOT trading this idea.
Trade active
Both buy points have now triggered. Stops can be adjusted now to below 174.78 (the low of the 12:00pm bar on 12/22/17. The 370 area is an obvious resistance level and profits need to be protected if it reaches towards that level.Trade active
LTC has retraced 50% from the 293.22 high to the open/close support line shown in red. If this trade is going up to the target areas, it should move from here. So the suggested stop is now adjusted to just beneath the .618 retracement and the 240M bar low at 12/22/2017 @ 16:00. Otherwise, we run the risk of LTC making another leg down.Trade active
We now have a testback to the 293.22 high. At this point, we do NOT want LTC to make a lower low than the 223.40 low. Again, this trade really needs to go up from here; otherwise, the probabilities of a successful trade turn against us. So a revised suggested stop is shown just beneath the 223.400 low. Also, since the testback bar, the 12:00 12/25 bar, is a bearish outside reversal bar, you may want an even tighter stop just beneath that bar low (255.180) , giving you a small win or a small loss, depending where you entered.
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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.