I have identified a short opportunity for Litecoin (LTCUSDT) on the 30-minute chart using Elliott Wave analysis.
The current price level is around 73.35 USDT, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of wave (a), indicating a downward movement.
My target is set at the 1.618 Fibonacci extension level of wave (a), which is approximately 71.25 USDT. This target is based on the typical extension seen in the corrective wave (c) of Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 74.80 USDT. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of support or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in Litecoin while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 73.35 USDT, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of wave (a), indicating a downward movement.
My target is set at the 1.618 Fibonacci extension level of wave (a), which is approximately 71.25 USDT. This target is based on the typical extension seen in the corrective wave (c) of Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 74.80 USDT. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of support or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in Litecoin while effectively managing risk with clear entry, target, and stop loss levels.
Trade closed: target reached
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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.
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.