LitecoinEducation
LTCUSD: Al Po's Bands side notes
Updated
Al Po's Bands - why I love it so much? It gives me great indication for long term trading.
1. Open any chart (I prefer weekly or monthly timeframes)
2. Switch Global Overbuy/Oversell boxes inside your settings to "On"
3. Reset both Deltas to 1
4. Check Basic Sequence Length(default 4) Setup(default 9) and Countdown(default 13)
That's it!
Let's trade :
+ buy when price below Global Oversell(ideally, when unmet expectation below the price)
- sell when price above Global Overbuy(ideally, when unmet expectation above the price)
Near term:
$ 55(top from Nov 2013)
Most likely are going to test the Global Overbuy, and if the price fails to reach it on the first attempt, then, most likely, we will again test $ 55 (from above);
Otherwise, Oversell may strike in search of a better level and reach new heights as a matter of urgency.
1. Open any chart (I prefer weekly or monthly timeframes)
2. Switch Global Overbuy/Oversell boxes inside your settings to "On"
3. Reset both Deltas to 1
4. Check Basic Sequence Length(default 4) Setup(default 9) and Countdown(default 13)
That's it!
Let's trade :
+ buy when price below Global Oversell(ideally, when unmet expectation below the price)
- sell when price above Global Overbuy(ideally, when unmet expectation above the price)
Near term:
$ 55(top from Nov 2013)
Most likely are going to test the Global Overbuy, and if the price fails to reach it on the first attempt, then, most likely, we will again test $ 55 (from above);
Otherwise, Oversell may strike in search of a better level and reach new heights as a matter of urgency.
Note
this is where you take at least some profit
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