LTC Longterm Long
Updated
Might be biased towards seeing daily demand/supply blocks on LTC because I rode it halfway down.
I see either a large demand block off the 8th jan candle, or a smaller demand block 2 at the 26th december 2019. They are daily blocks so I feel comfortable placing lots of weight on them. I decided to set up a longer term trade to get into an early long position, with staggered entries from the 61.8% to the 78.6%, with stops below 88.6%.
I will not place the stop below the huge wick down, because the reason for "stops below previous high/low" comes from concept of market structure (HL/HH), which that wick was not following anyway so why bother lowering position size that much.
Still, it's an attempt at a simple set and forget trade.
0.38% risk to account for getting wicked out. Might be waiting for an entry for up to a month.
I see either a large demand block off the 8th jan candle, or a smaller demand block 2 at the 26th december 2019. They are daily blocks so I feel comfortable placing lots of weight on them. I decided to set up a longer term trade to get into an early long position, with staggered entries from the 61.8% to the 78.6%, with stops below 88.6%.
I will not place the stop below the huge wick down, because the reason for "stops below previous high/low" comes from concept of market structure (HL/HH), which that wick was not following anyway so why bother lowering position size that much.
Still, it's an attempt at a simple set and forget trade.
0.38% risk to account for getting wicked out. Might be waiting for an entry for up to a month.
Note
So i just remembered the thing about order blocks not existing anymore after being filled by that big wick. Would just waiting for bullish market structure to form on the daily be a safer way to enter? I mean, the benefits of swing trades is a higher RR but a 5-6% stoploss in this trade isnt all that exciting.
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