LTC V BTC & USD - Buy high or wait
Updated
After many years of training long hours and reading lots of books about trading I still manage to fall into the state of FOMO. or Fear of Missing Out.
It's hard not to get caught up in all the hype at the moment about Litepay and Litecoin.
I want to buy more LTC but it cannot be here at this level.
So I have planned how to trade this and what to trade LTC against even though one would imagine that BTC would be the stronger of the pair so that would favour LTCVUSD. This is why it's so important to trade plan and taket the trade or just wait for another train.
I like LTC at the 50% level of this last move that signifies a COT or a change of trend on the 4hr time frame - good enough for me to take a risk - as my bias is bullish so I will only be buying.
Price has reached resistance and we have seen a significant leg up in the last few days from the low at $106 to the high at $252.
The reason I cannot buy here is because we have achieved our first profit target 200% fib extension - buyers beware.
At the 50% level of this last move fib or swing is also the last swing high before price made one last leg down before reversing.
I am looking for a test of this area to the left(role reversal) of my (A) to mitigate my risk.
The fib extension of this level is 227% 161.8% and 381.8 (a nice cluster of resistance) $297 then $359 = 93% profit. A nice little trade and profit a reward for being patient and that buys you a lot of confidence to bank for life.
Just my plan and in no way is this to be construed as advice or signals.
It's hard not to get caught up in all the hype at the moment about Litepay and Litecoin.
I want to buy more LTC but it cannot be here at this level.
So I have planned how to trade this and what to trade LTC against even though one would imagine that BTC would be the stronger of the pair so that would favour LTCVUSD. This is why it's so important to trade plan and taket the trade or just wait for another train.
I like LTC at the 50% level of this last move that signifies a COT or a change of trend on the 4hr time frame - good enough for me to take a risk - as my bias is bullish so I will only be buying.
Price has reached resistance and we have seen a significant leg up in the last few days from the low at $106 to the high at $252.
The reason I cannot buy here is because we have achieved our first profit target 200% fib extension - buyers beware.
At the 50% level of this last move fib or swing is also the last swing high before price made one last leg down before reversing.
I am looking for a test of this area to the left(role reversal) of my (A) to mitigate my risk.
The fib extension of this level is 227% 161.8% and 381.8 (a nice cluster of resistance) $297 then $359 = 93% profit. A nice little trade and profit a reward for being patient and that buys you a lot of confidence to bank for life.
Just my plan and in no way is this to be construed as advice or signals.
Trade closed: target reached
Price has reached our 1st level of support - time to see what occurs on our lower time frame - say 2hr or hourly to look for a sign a change-of-trend or a 1-2-3 pattern. Stay tune.Trade closed: target reached
Price hit support and headed up. We have not reached the projected target and price is consolidating. No signs say the trade or plan is over.
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