How to juggle firesaws and not stress!! LTC - Litecoin If you follow me, you know that I am not about looking into the "crystal ball" and seeing what could be. A lot of people say, here is a glimpse into the future! Really cute, it really is. That's how you lose a lot of money as a TRADER (If you are a long term investor, that's an entirely different ball of wax). As a TRADER, I look at what the charts are telling me currently and go off of that to look for high probability trades.
IT'S NOT ABOUT BEING RIGHT . It's about taking high probability trades that can lead to profit and minimizing trades that go against us. Right now, I don't see anything manifesting itself with a high probability that can be profitable. Could the market move up? Absolutely. And I am fine with that. I would rather be out of the market than in a losing trade any day of the week. I don't want to stress over why the market isn't going up on a daily basis, it's just not worth it. I look for reasons to make me comfortable with a buy FOR ME . And you need to do the same. I am simply not comfortable at this juncture entering in just for the sake of doing so.
Here are some possibilities:
1. LTC breaks to the upside after forming this ascending wedge pattern.
2. LTC confirms this double top and breaks down.
Both of these are entirely possible in my opinion, but i don't know what's going to happen so I wait
I will sit on my hands and wait for more patterns to form. If it breaks to the upside, great! If it breaks down, great! We can be prepared if it breaks down and we can wait for a better entry point if it breaks up.
Here are a few reasons why I am not in LTC right now:
1. The advent of litepay sent litecoin up a lot. But there has been no follow through.
2. (I am using Coinbase's chart because whether you like it or not, they do the most Fiat to crypto volume, it just is what it is)Volume: Because there has been no follow up and no price push upwards, why should it go higher? Look at the volume the last 2 major times this thing spiked. It then goes in a lull for an extended period of time and the market moves down or sideways. Not up in a significant way.
3. That ascending wedge does not give me confidence that we are going up to $300 in a low volume market. Could it? Sure. But it's not worth the risk for me right now.
4. Are we just in a simple Double top formation?
I will be putting martingale orders in starting at the 170 area all the way down to the 115 area for the time being. (Read up on the martingale patterns if you haven't!!!!) Unless a pattern forms otherwise, there is no reason for me to enter into the market at this juncture.
Don't stress, make sure you are comfortable with the trades that YOU CHOOSE. If you are getting stressed out, you didn't work out your plan enough.
-Sherem
