Gordonrmck
Short

LTC / USD Short and then Long.

BITFINEX:LTCUSD   Litecoin / Dollar
This is a possible short and then long opportunity on LTC / USD
This is not financial advice
Just recognising Patterns. This looks like a Bearish rectangle is forming.
Possible short opportunity from around 288 down to around 258 before continuing up to around 340.

Please give me any ideas or feedback you have. I'm eager to learn and share trading ideas.
Kommentar: This movement should be complete within 2 and a half days.
Kommentar: Waves in the rectangle are losing momentum. I'm moving my sells to 287 to catch the last wave before the possible fall.
A safer strategy is to wait for conformation of a new candle opening and closing below the line of support.
Trade geschlossen: Ziel wurde erreicht: I don't believe LTC is going to drop any further than 265 Now.
I've moved a few of my buy orders up and laddered them down from 269 to 255 just in case.
Kommentar: I am learning as I go and will update as I see things developing.
There may yet be another wave down, on the 1 hour chart, bringing the price as low as 255.
This is the .618 using the Fibs tool.
If this happens the wave should reach it's lowest point within the next 10 hours.
If you have any tips for me I'd love the feedback.
Kommentar
Kommentar: !(http://i68.tinypic.com/10dxkir.png)
Kommentar: Please excuse all the links. I'm trying to work out how to post a screen shot of the updated chart into the comments.
!(http://i68.tinypic.com/10dxkir.png)
Kommentar: !(http://tinypic.com/r/10dxkir/9)
Kommentar: Due to seeing the price action of BTC and most Alts at the moment. I am not recommending any buys. LTC may have further to fall. If you have bought at the bottom LTC may retrace past your buy in point before falling. If it falls.
Kommentar: As always. This isn't advice.
It is just how I will be trading.
so, "ladder buys" does that mean its gonna fall? by 8th
Antworten
Gordonrmck atharvalawate9
@atharvalawate9, Hey mate, I'm in Australia so it's already the 8th here. I do think the price will fall again before heading up however. So I have laddered my buys to make sure I get a decent base price.
It may go as low as 250 before continuing on it's upward trend.
The last wave down took 15Hours.
There could be another wave down over the next 15.
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