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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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.