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Lrcusd

LRCUSDT - Potential buy entry 🔼Analysis 🔎: LRCUSDT bounced off the major ascending channel support and brokeout above the symmetrical triangle's inclined resistance. It also brokeout above the previous swing high. Price is heading to the major ascending channel resistance. The impulsive move is supported by an ascending trendline support. Price is retracing to the ascending trendline support. The pullback is resisted by a descending trendline resistance. Potential bounce off the ascending trendline + key fibonacci retracement levels. Buy entry ⬆️: breakout above the descending trendline resistance. Targets 🎯: horizontal resistance level (R1), fibonacci extension levels. Setup invalidation ❌: breakdown below the ascending trendline support. Enjoy 🥂
Long
by Chibuike_Odoh
LRCUSDT - Possible uptrend continuation 🔼Analysis 🔎: LRCUSDT brokeout above the symmetrical triangle's inclined resistance. Price hit a new All Time High (ATH) and retraced. Price is testing the flip horizontal support + key fibonacci retracement levels. Price action is printing the inverse head and shoulders trend reversal pattern. A bullish pin bar (hammer) was formed at the swing low (inversed Head). Possible uptrend continuation. Buy entry ⬆️: breakout above the inverse head and shoulders neckline resistance. Targets 🎯: previous swing high (ATH), fibonacci extension level (1.0). Setup invalidation ❌: breakdown below the right shoulder support level.
Long
by Chibuike_Odoh
3
LRCUSDT - Dailly analysisLRCUSDT brokeout above the symmetrical triangle pattern as expected from my previous analysis. Price hit the ATH and retraced. Price is testing the flip horizontal support + 0.618 fibonacci retracement level. A bullish pin bar ( hammer ) was formed on the Daily timeframe. Price action is printing the inverse head and shoulders reversal pattern. Possible uptrend continuation. Buy entry ⬆️ - breakout above the inverse head and shoulders neckline resistance. Targets 🎯 - previous swing high (ATH), fibonacci extension levels. Setup invalidation ❌ - breakdown below the inverse shoulders support level.
Long
by Chibuike_Odoh
LRCUSDT - Educational review 📚Good day everyone. Today I'll be discussing on symmetrical triangle patterns. How it looks, builds up, and plays out. 1.DEFINITION First of all, what is a symmetrical triangle? A symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. What’s happening during this formation is that the market is making lower highs and higher lows. This means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend. If this were a battle between the buyers and sellers, then this would be a draw. This is also a type of consolidation. Symmetrical triangles can play out both ways - equilibrium consolidation (buyers = sellers). This mean there's a possibility a breakout ⬆️ and a breakdown ⬇️. 2. ENTRY (TRIGGER ENTRY SIGNAL) In a symmetrical triangle pattern, you're to trade the breakout or breakdown. So your trigger entry is basically when the inclined resistance (for a breakout ⬆️) or inclined support (for a breakdown ⬇️) is broken by the market price. 3. TARGET (TAKE PROFIT) Here, I'll be discussing on your profit target levels in the case of a symmetrical triangle pattern. Basically your take profit levels should be where there's a high concentration of sellers ( sell orders ) or buyers (buy orders). And this is basically your resistance levels (in the case of a breakout) and your support levels (in the case of a breakdown). 4. STOP LOSS AND SETUP INVALIDATION Stop loss and setup invalidation are quite similar terms but different. Stop loss is simply a level where you cut your losses. It's like a breathing space for your trade. Your stop losses shouldn't be too tight ( to avoid being hit by stop loss hunting or market noise). It shouldn't be too far also (to give you a good risk to reward ratio (R:R)). Setup invalidation is your last hope of validation. It's the last point that keeps a trade setup valid. When broken, the setup is invalidated ( no longer useful, you'll need to run another analysis). Setup invalidation in a symmetrical triangle pattern is usually below the previous swing low ( for a breakout ⬆️) or the previous swing high (for a breakdown ⬇️). Note: Your stop loss can be less or equal to your setup invalidation, but not greater. 5. TRADE EXAMPLE I'll be using my analysis on LRCUSDT as example of a symmetrical triangle pattern. Trade entry (long order ⬆️) - price breakout above the symmetrical triangle inclined resistance as expected from my previous analysis. Target (take profits levels 🎯) - horizontal resistance / projected ascending channel resistance. Stop loss - Setup invalidation /2 Setup invalidation - breakdown below the previous swing low. Price brokeout as expected from my previous analysis and went on to double my expectations. That's that for symmetrical triangle pattern. Thank you.
Education
by Chibuike_Odoh
LRC Long Trade 20201112Symbol: LRCUSD, LRCUSDT Indicator: 9 Seasons Rainbow Multi TimeFrames Pattern PRO Timeframes:15M - 2H Blue -> Green I appreciate your like or comment. Welcome to share your idea here. PM the author for a trial of "9 Seasons Rainbow Multi TimeFrames Pattern". DISCLAIMER This is only a personal opinion and does NOT serve as investing NOR trading advice. Please make your own decisions and be responsible for your own investing and trading Activities. Trade closed manually: Closed when the above ribbons turns Yellow or Better the Red.
Long
by go8686