LTC On the Daily with Trading Ideas
Updated
Housekeeping
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume analysis bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals:
I will profile 3-nodes, A, B, C, as both support and resistance price levels for this analysis on the daily candles.
LTC is moving into another volume profile area inside a bullish channel price distribution.
Primary Orange Dotted Trendline is intact (3-data points, confirmed).
Secondary Orange Dashed trendline (2-data points)
The volume is above the average.
We are on the third green volume bar, indicating accumulation.
Conclusion:
I am seeing a bull flag price pattern. I purposely did not chart it because there is one green candle with an extended wick that violates my rules for trend charting.
There are two nodes, A, and B between two significant trading price levels noted in the price labels; upper resistance $53.29 and lower price level $39.42
The current price distribution is Bullish with some weakness entering Node A. We can presume there are short-seller waiting to enter between Node A and the upper green resistance price level at $53.49.
Node C located right on the POC and should be close to where you are Dollar Cost Averaged in.
Trading Ideas:
Looking to go long? Notice we are having some issues entering Node A price area and with the recent consecutive green volume candles at greater then usual volume, I would suggest you wait to see if the secondary dashed trendline holds as support. If that fails, you have the area at Node B price area to catch a few here and there.
Short entry?
I would think that based on the data from October 11, 2018, LTC is has been above $53.49, 4-times and that is in the most recent month. Anywhere above node A, and as close to the upper green resistance trendline would be a good place to considering entering a shot position.
Catching the extreme trade:
I stated in my last chart analysis I would share my thoughts on practical extreme volatility trades that are unlikely, but probable. So, if you are not interested in making a move at this price level and want to try and get in at a better price… Enter a buy order at $33.00 for a small amount.
If you’re in long at a good price level and don’t want to miss a selling opportunity in a price spike, I suggest a sell order with a small amount of your holdings, at $57.00 and that could also include a short entry as well.
How did I come up with the extreme trading price levels? This is rather simple, so here are my guidelines that you can consider when calculating extreme price entry and exits. The expanded candle on February 8th is about $12.00 and the expanded red candle on February 24th is about $12.00. Using today's candle low of $45.25 and subtracting the $12.00 from it, gives us an extremely probable, but unlikely price entry of $33.00. Using the same formula but adding $12.00 we get $57.00 as an extreme selling price.
Please consider there are no hard and fast rules about this extreme buying and selling trade possibilities. Also note it’s not my job to tell you when to enter and exit trades, especially for free! So the idea is to learn new ideas and refine them to fit your own trading style.
What’s Biff doing?
I think we are a bit over-extended and I am hoping to see the price action fall to Node B in the short -term and will get serious if we can get nearer the lower green trendline at $39.42. Meanwhile, It sure looks like we will trade in between the two green upper and lower trendlines for another 20 days (my estimation, of course). If I see a volatility squeeze coming, I will update this chart using the 4hr timeframe.
I hope this gives you insight on my trading style and helps you refine and or learn new trading ideas to incorporate into your trading techniques. Give Biff a thumbs up if you find this information helpful. Consider follow me to learn new and interesting chart techniques. What you will learn from me is how and why I chart the way I do, and not leave one of my analysis confused. Well, hopefully. Don’t forget to follow me on Twitter where I am quite active posting my thoughts on various cryptos, crypto news, and various social issues! I am quite active on Twitter.
Best,
Biff
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume analysis bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals:
I will profile 3-nodes, A, B, C, as both support and resistance price levels for this analysis on the daily candles.
LTC is moving into another volume profile area inside a bullish channel price distribution.
Primary Orange Dotted Trendline is intact (3-data points, confirmed).
Secondary Orange Dashed trendline (2-data points)
The volume is above the average.
We are on the third green volume bar, indicating accumulation.
Conclusion:
I am seeing a bull flag price pattern. I purposely did not chart it because there is one green candle with an extended wick that violates my rules for trend charting.
There are two nodes, A, and B between two significant trading price levels noted in the price labels; upper resistance $53.29 and lower price level $39.42
The current price distribution is Bullish with some weakness entering Node A. We can presume there are short-seller waiting to enter between Node A and the upper green resistance price level at $53.49.
Node C located right on the POC and should be close to where you are Dollar Cost Averaged in.
Trading Ideas:
Looking to go long? Notice we are having some issues entering Node A price area and with the recent consecutive green volume candles at greater then usual volume, I would suggest you wait to see if the secondary dashed trendline holds as support. If that fails, you have the area at Node B price area to catch a few here and there.
Short entry?
I would think that based on the data from October 11, 2018, LTC is has been above $53.49, 4-times and that is in the most recent month. Anywhere above node A, and as close to the upper green resistance trendline would be a good place to considering entering a shot position.
Catching the extreme trade:
I stated in my last chart analysis I would share my thoughts on practical extreme volatility trades that are unlikely, but probable. So, if you are not interested in making a move at this price level and want to try and get in at a better price… Enter a buy order at $33.00 for a small amount.
If you’re in long at a good price level and don’t want to miss a selling opportunity in a price spike, I suggest a sell order with a small amount of your holdings, at $57.00 and that could also include a short entry as well.
How did I come up with the extreme trading price levels? This is rather simple, so here are my guidelines that you can consider when calculating extreme price entry and exits. The expanded candle on February 8th is about $12.00 and the expanded red candle on February 24th is about $12.00. Using today's candle low of $45.25 and subtracting the $12.00 from it, gives us an extremely probable, but unlikely price entry of $33.00. Using the same formula but adding $12.00 we get $57.00 as an extreme selling price.
Please consider there are no hard and fast rules about this extreme buying and selling trade possibilities. Also note it’s not my job to tell you when to enter and exit trades, especially for free! So the idea is to learn new ideas and refine them to fit your own trading style.
What’s Biff doing?
I think we are a bit over-extended and I am hoping to see the price action fall to Node B in the short -term and will get serious if we can get nearer the lower green trendline at $39.42. Meanwhile, It sure looks like we will trade in between the two green upper and lower trendlines for another 20 days (my estimation, of course). If I see a volatility squeeze coming, I will update this chart using the 4hr timeframe.
I hope this gives you insight on my trading style and helps you refine and or learn new trading ideas to incorporate into your trading techniques. Give Biff a thumbs up if you find this information helpful. Consider follow me to learn new and interesting chart techniques. What you will learn from me is how and why I chart the way I do, and not leave one of my analysis confused. Well, hopefully. Don’t forget to follow me on Twitter where I am quite active posting my thoughts on various cryptos, crypto news, and various social issues! I am quite active on Twitter.
Best,
Biff
Note
There is trendline support! Choose your entry wisely!Note
Very Interesting!Note
If you took Biff's trading advice and purchased on the trendline as suggested, you would be up %15. Don't get too excited because the $50.00 level seems to be the dead zone!
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