LTC Forming Potential Diamond for 10% swing.

Updated

LTC and BTC have repeatedly formed diamond patterns that have been very accurate in predicting price action.

I'm watching LTC for another potential diamond which appears to be forming. IF it completes, measure height would be 12.15, for a 10% swing.

If it completes and breaks up, and confirms above 124.95 then TP is 137.1. If it breaks down and confirms below 112.8 then TP is 100.65.

More on the diamond here: thepatternsite.com/diamondb.html

Note

A new lower has been made, but potential diamond still in play. TPs should be slightly adjusted if pattern forms. Will update price targets if pattern completes.

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A nested diamond fractal has formed inside the larger potential diamond. An attempted breakout above 118.11 has pulled back. Upper TP would be 124.22 for the inner diamond and Lower TP 105.89

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A nested diamond fractal has formed inside the larger potential diamond. An attempted breakout above 118.11 has pulled back. Upper TP would be 124.22 for the inner diamond and Lower TP 105.89

Trade active

Long position entered on pullback to inner diamond trendline @115.31. Expecting at minimum a test of the inner diamond tip at 118.11.

Note

Moving toward tip. Lets see if we can get a confirmation and move to the 124 TP for the inner diamond. Following trade here with a tight S/L because market conditions are ripe for a dump at any moment.

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TIP tested and broke. Should move to 124 now.

Trade closed: stop reached

Stopped out at 118. Breakout failed.

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Potentially, just a (sucessful) stop hunt but market is too risky to hold.

Trade active

Long entered at 117.25, again will protect with a tight stop, and will up the stop as price moves up at the risk of being stop hunted.

Trade closed: stop reached

Stopped out at 118.75. This is fun. Not. Oh well, will rebuy another dip. with another stop. Small profits are better than none.

Note

It TP1 hits of this inner diamond it will complete the larger diamond. Price still pulling back here though.

Trade active

Long entered at 115.5. Yet another diamond has formed. Looks like bulls are trying to put in a bottom here. Still downside potential risk so tight stops are mandatory.

Trade closed: stop reached

Trailing stop hit at 116.8.

Trade active

Re-entered at 116.05. S/L at 116 and will again trail to protect against loss.

Trade closed: stop reached

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Falling out of inner diamond. Updated Price Targets.

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LTC Big picture TPs

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LTC falling out of inner Diamond expect to test support at 112 and will take long position if it holds. It would indicate we are range bound for 112 to 119.73 until it decides where to go. If it breaks, price should move toward 104.27 were price action will determine next swing.

Note

LTC 112 did not hold. Odds are any bounce from here would be just shorts covering. I am going to resist temptation to go long until we get down into the 100s.

Trade active

High risk. Playing a dead cat from 111.25 expecting .5 local fib retrace for a small scalp.

Trade closed manually

Stopped dead in tracks. Took profit at 112.99

Trade active

Round 2 111.05 long. This is not a good idea BTW. Tight stops mandatory.

Trade closed: stop reached

Trade active

Looking for a 119 TP for an exit here. Trailing stop in place

Trade closed manually

TP reached. Expecting move to up to 119.73 before retrace, but took profit while on table.

Note

Red line breached.

Trade active

RE-entered at 119.73

Trade closed: target reached

TP hit. Watching price action.

Trade active

123, re-entered long.

Note

Stopped out. Rebought at 121

Trade closed: stop reached

Sopped at 125.5

Trade active

Limit buy at 124 hit.

Trade closed: stop reached

Stop hit

Trade active

Long at 121

Trade closed manually

Took profit at 123.73. Setting limit buy at 122

Trade active

Limit hit. Trade active.

Trade closed: stop reached

Big buy wall put up. Exited at 122.5.

Note

10% swing achieved. Looks like consolidation will lead to a larger diamond is forming. Will publish new idea with further price action.

Note

As expected, the larger diamond has formed. You can follow my new idea for a 15-25% swing coming out of the larger diamond.

LTC Nearing Decision Time for 15-25% Swing

alexhiggins732

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