rony.kris
Long

LTC Short Term Trade - Flag Formation

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
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This is going to be a risky short term trade. I see a flag formation in the 1 hr chart.
MACD is about to get into a +ve divergence.
The pole length is ~77 points.
In the 4hr chart MACD is still in a bullish divergence .
RSI is over bought, but my guess is it still has some room for buyers.
That said, I'd recommend to enter ~336
Target ~418
Stop Loss ~320

As always please provide your feedback and thank you.
Dec 14
Order cancelled: The ticker detracted and went bearish. Canceling trade.
How are you predicting 420$ and by when ?
+1 Reply
rony.kris abhishekumar94
@abhishekumar94,
At the time of writing the trade I couldn't predict the time duration of achieving the target. If it had stabilized around 336 then there was a high likelihood of it going up by close to 75 to 77 points. This was the length of the flag pole. Look at the price ranges in blue in the chart for the calculation.
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