POLONIEX:LTCBTC   Litecoin / Bitcoin
Swing Trade (D, 240)

Price is in overall seller territory from D perspective, we broke the major S & R (green line) and price rejected twice going through that area and left a probe. We turned people into buyers so that we can sell for higher price. On 240 sellers shows an aggressive sign of coming back swiftly challenging the buyers who started this movement. We didn't make an HH or LL between 0.0093 and 0.0078 so, we can anticipate a Range. So, I anticipate that price can hit the recent Support 0.0078, we have much room to do this sell. We have BTC strength in our favour so, Short can go well. Reason for SL above 0.01 is that price can move up to that area because they are making HH on 240 and looks so desperate and I anticipate that they have weakened their power. Proper Risk management should be taken as below.

Entry: 0.009299
TP: 0.0078
Stop loss: 0.01
Position Size: 1% Risk on your capital/350.5
Risk/Reward: 1:2 So, HH RR.
If TP is hit then we will be at 16% profit.

Buy from Sellers and Sell from Buyers.
Dec 05
Trade active: I am taking out partial profits and rest of my position to stop loss. At important support area ( green dotted lines ) sellers have been taken out by the buyers on H4.
Dec 06
Trade active
Dec 06
Trade closed: target reached: TP hit, gauge the momentum and then close the trade.

Comments

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