SYMMETRICAL TRIANGLE REVERSAL?! -LTC/BTC 1H (26 JUL 2018)
Updated
With a prior downtrend, you would think that a good looking symmetrical like this would send us into the warm embrace of the bears, but you could be wrong!?
We have had a closes above the resistance line (purple trend line) of the symmetrical on the 5m, 15m and 30m charts with what it looks like plenty of gas in the tank on the 1h stoch and the MACD and RSI flatlining. Additionally, the 4h and 1d are looking promising with the their RSI, MACD and Stoch all malingering at the bottoms for some time now.
Will be waiting for the 1h close above the resistance line for further confirmation before entering a trade. Will also be keeping an eye on the volume. In the case there is a decrease, it may be a false breakout; an increase would solidify a true breakout.
Enter Trade: after 1h close above resistance line (purple line)
-Initial Stop Loss: Close below light blue trend line (15m)
Target 1: 0.010873 (50% of position)
-New Stop Loss: Initial buy price.
Target 2: Sell the rest on a break in trend.
Remember, don't drink and trade...always ask someone to hold your beer first!
DYOR and goodluck!
We have had a closes above the resistance line (purple trend line) of the symmetrical on the 5m, 15m and 30m charts with what it looks like plenty of gas in the tank on the 1h stoch and the MACD and RSI flatlining. Additionally, the 4h and 1d are looking promising with the their RSI, MACD and Stoch all malingering at the bottoms for some time now.
Will be waiting for the 1h close above the resistance line for further confirmation before entering a trade. Will also be keeping an eye on the volume. In the case there is a decrease, it may be a false breakout; an increase would solidify a true breakout.
Enter Trade: after 1h close above resistance line (purple line)
-Initial Stop Loss: Close below light blue trend line (15m)
Target 1: 0.010873 (50% of position)
-New Stop Loss: Initial buy price.
Target 2: Sell the rest on a break in trend.
Remember, don't drink and trade...always ask someone to hold your beer first!
DYOR and goodluck!
Trade active
Bought: 0.10580 BTCTarget 1: 0.010873
Trade closed: stop reached
Sold: 0.010395Loss of 1.75%
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.