LitecoinUpdated Litecoin Trade Ideas - Long & Short
LTCUSD has presented us with a brilliant looking trade scenario.
Price is trading in a pennant, and will eventually break to the upside or downside.
General rule suggests pennants of this form will break to the upside, but LTC may be due some downside to meet a key level, so we keep the possibility open.
If price breaks to the downside, 180 pips downside towards $70.60 will be due.
On the contrary, an upside break of the formation will provide a 600 pip long opportunity.
The best entry here would be upon a retest of $74.00 - targeting $80.25 for profit taking.
Trade safe & manage risk!
Price is trading in a pennant, and will eventually break to the upside or downside.
General rule suggests pennants of this form will break to the upside, but LTC may be due some downside to meet a key level, so we keep the possibility open.
If price breaks to the downside, 180 pips downside towards $70.60 will be due.
On the contrary, an upside break of the formation will provide a 600 pip long opportunity.
The best entry here would be upon a retest of $74.00 - targeting $80.25 for profit taking.
Trade safe & manage risk!
Trade closed: target reached
Perfect $74 retest provided an amazing entry for a 180 pip downside move.Absolute success!
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.
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.