Long

LTCUSD setting up for a moonshot?

Updated

We've got:

A good series of up thrust days presenting a strong upward trend in progress
A spike day on the 6th, suggesting a reverse in trend and a new relative bottom in place
A cross over on the 10/20 moving averages
A wide ranging day with a strong close (on an upthrust day!) further enforcing our trend
and to top it all off - a classic flag pattern!

All in all pretty bullish - almost too good to be true. Maybe a couple of days before it breaks out, maybe sooner.

With today's pull back, it's possibly a good entry.

Note

Uhm. A little premature - should have waited for the bar to close and bought at around todays open :-) Retrospectively that was somewhat obvious, I blame lack of sleep - trade is still open and valid though, just would have been nice to squeeze a few extra % from it.

Note

A little spooked by the failed break out and the potential formation of a down thrust day on today's candle/bar - but keeping my long open for now, with a keen eye out for any downside risk.

Should this break down entirely - I'll be looking at potentially reversing this position.

Have moved the flag around a bit, technically probably not really valid now, but I'll stand by it until the lower 'trend line' breaks down (or not)

Trade closed: stop reached

Yesterday's spike down hit my stop.

Given the failed break up-wards and the subsequent break-down, I will be considering reversing this position to a short depending on where today's candle closes.

Such is life!

lvturner

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