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Priecaction

Chf/jpy - Short Another set up was provided today. I took this trade on the retest of a 15m level after getting confirmation on the 1D, 4H and 1H. Very simply, i waited for a key level to be broken on a clear trend and then went short once the retest of that key level started to show rejection. If you can keep your strategy simple you can repeat it easily, and this is key to staying consistent. My risk s 1% and i will be seeking 2x my risk, once the trade gets half way to my TP i will lock in stops at break even. I hope this helps.
Short
by ProsperousTechnician
Litecoin - I was wrong. Now what?Rookie mistake folks. I jumped the gun. In fact, if you read my last few posts, you'll observe that I had this suspicion. I was too impulsive with my Litecoin buy and bought all in at $50. I should have exercised sound discipline as all good traders do and simply started my buy in at this price point. If I would have dollar cost averaged in from there to where we went low (as I expected was possible), my average cost would have been somewhere around $43 instead of $50. It doesn't feel good to admit your error. But I want to post this so that I am not the only one who learns from it. Maybe I can save others from the same mistake. Since I am a swing trader (as I mentioned previously), sometimes holding positions for months on end, I don't think I will lose money. I DO THINK we will still hit our $60-75 price target sometime withing the next (2) two months. However, I will be missing that extra $7 per LTC for not being more patient. Let's take a look back and evaluate my mistake a little further. Where I went wrong: My biggest mistake was to allow an underlying assumption regarding Litecoin taint my bias. I had said that Bitcoin will fall before Aug. 1st but because coin purest would be looking for alternatives, I had thought that Litecoin would hold the $46 support as Bitcoiners would now move their money into Litecoin. While some of this did happen, it was not to the extent I had expected. Litecoin did not hold it's $46 support. Where I was right: I had said that if we fall further the bottom of the Bollinger Band and 50 MA would help give us a lift. It did. What I've learned: How much this whole crypto market still follows and is heavily, heavily influenced by the price action of our leader, Bitcoin. Where we go from here: I do believe Litecoin has neared it's bottom at $34.78. You can see from my green channel that there is still more room down in the short term (next 4 days), however, I don't think well get there. GOOD NEWS: We are still in the green channel, which means the bulls are still in control of Litecoin, unlike with Bitcoin. Happy trading friends.
COINBASE:LTCUSDLong
by stewdamus
18
Potential Inverse Head And Shoulders Pattern on CADJPYHey all! I've been tracking a few pairs for a little while now waiting for them to 'cook' a little longer, and this is the first idea that has formed solid potential. What we see here is a potential inverse head and shoulders pattern on the daily chart that seems to have begun in late 2015. The price fell to form a new low forming the left shoulder, then rebounded and the 88.962 point which will act as the neckline in the scenario. Following the forming of the 'head' i.e. the new low, the price rebounded once again to the neckline thereby giving us more incentive to pursue this pattern. Assuming it goes to completion, I predict that its most likely target will be ~93.387 (marked by the blue line) due to it being a very strong S&R level that extends back several years. The only contention at this point comes from whether or not the 'right shoulder' is correct or if a new shoulder will form (hence the mildly transparent green arrows). Despite this, I'm quite confident in the overall structure and will be monitoring this closely. Two setups are possible here. Conservative setup: Entry: 88.962 TP: 93.387 SL: 87.516 Aggressive setup: Entry: 83.858 TP: 93.387 SL: 83.092 Good luck and always take the necessary precautions when trading!
Long
by Cohiba93