I identified the top- Trade LTC like a boss- Martingale style
Updated
Chart update. Position: Very Bearish with a chance of bounces
Technicals. Day and Weekly Chart.
1. RSI is in negative territory
2. MACD looking vicious to the downside.
3. Breaking lows.
It's clear we are in a bear market. No question at this point. We want to look for signs of a reversal, but there are none and we will continue looking. With all of that down pressure, What's a trader to do? Profit, of course! There are a lot of ways you can do it, the methodology I will be going over in this post is the Martingale Strategy and how to play the bounces as we move up. The reason I like this is because I am not perfect and I can't watch the markets 24/7. Everyone has things they need to do during the day and you also need sleep. The martingale technique involves looking at what you think the highest probability move is for a bounce and then entering in accordingly and playing the bounces. more importantly, if you are wrong, you have points in place and plenty of room to be wrong. You have options, which is important. Lets see what LTC is telling us here.
We know we are moving down. But how far down can we go? At this it's hitting just broke this 160 area temp double bottom. And while it would seem that a bounce is in the cards, it is moving down. there is a larger support level at the 150 area, but what if it blows through that support point, and moves lower to this large double bottom? For me, I implement a martingale strategy and I would do something like this:
LTC BUY @ 160 area: 20% of portfolio -This trade is active
LTC BUY @ 110-120 area: 60% of portfolio
Compared to my other trades of ETH and BTC. I am leaving less in reserves for this trade. I think the probability is much higher that will bounce off these lows. You could feel that way about the 6k btc low and weight more down there. It's up to. For this trade, i am only keeping 20% in reserves in case it goes down to $75, which could happen all though I highly doubt it. The key to a successful martingale strategy is to enter in at support points. There are a ton of different ways you can enter in. I was entering in on this recent low and playing a small bounce and it's moved against me by about $7, but that's cool. If it keeps going down I will get my larger orders filled. You can do it however you like. I might adjust some of my positions to scoop up trades as they hit the $130-140 area, we'll see what the market does around those points, and I will keep you updated.
Lot of ways you can play it, I outlined some of the possibilities I am looking at. Key is to not stress about your trades. Make sure you read up on martingale strategies. You might not make as much using the martingale, but you will lose less if done correctly. Part of trading is controlling your emotions and this strategy allows you to do that. ESPECIALLY in bear markets!
Happy Trading,
-Sherem
When I first thought LTC would break down -
Technicals. Day and Weekly Chart.
1. RSI is in negative territory
2. MACD looking vicious to the downside.
3. Breaking lows.
It's clear we are in a bear market. No question at this point. We want to look for signs of a reversal, but there are none and we will continue looking. With all of that down pressure, What's a trader to do? Profit, of course! There are a lot of ways you can do it, the methodology I will be going over in this post is the Martingale Strategy and how to play the bounces as we move up. The reason I like this is because I am not perfect and I can't watch the markets 24/7. Everyone has things they need to do during the day and you also need sleep. The martingale technique involves looking at what you think the highest probability move is for a bounce and then entering in accordingly and playing the bounces. more importantly, if you are wrong, you have points in place and plenty of room to be wrong. You have options, which is important. Lets see what LTC is telling us here.
We know we are moving down. But how far down can we go? At this it's hitting just broke this 160 area temp double bottom. And while it would seem that a bounce is in the cards, it is moving down. there is a larger support level at the 150 area, but what if it blows through that support point, and moves lower to this large double bottom? For me, I implement a martingale strategy and I would do something like this:
LTC BUY @ 160 area: 20% of portfolio -This trade is active
LTC BUY @ 110-120 area: 60% of portfolio
Compared to my other trades of ETH and BTC. I am leaving less in reserves for this trade. I think the probability is much higher that will bounce off these lows. You could feel that way about the 6k btc low and weight more down there. It's up to. For this trade, i am only keeping 20% in reserves in case it goes down to $75, which could happen all though I highly doubt it. The key to a successful martingale strategy is to enter in at support points. There are a ton of different ways you can enter in. I was entering in on this recent low and playing a small bounce and it's moved against me by about $7, but that's cool. If it keeps going down I will get my larger orders filled. You can do it however you like. I might adjust some of my positions to scoop up trades as they hit the $130-140 area, we'll see what the market does around those points, and I will keep you updated.
Lot of ways you can play it, I outlined some of the possibilities I am looking at. Key is to not stress about your trades. Make sure you read up on martingale strategies. You might not make as much using the martingale, but you will lose less if done correctly. Part of trading is controlling your emotions and this strategy allows you to do that. ESPECIALLY in bear markets!
Happy Trading,
-Sherem
When I first thought LTC would break down -
Trade active
I didn't really need to adjust any lines at all, looks like its having a nice rebound. Per my post above, I have been in LTC since 163. I will be getting out in this 180 area as it hits up here.
Note
This is starting to push lower. We still have the majority of our portfolio down at the 110-120 area. Obviously the 170 area was the place to get out, not 180. But this is why I martingale my positions, i am not perfect. If we get a push up to 163, i will be looking to get out at break even for the pushdown. But if it doesn't, not a big deal we have our laddered positions down with the bulk of our portfolio.Note
Not to much to report at this point. Depending on where you put your entries on the downside, you should be profitable not matter what with LTC coming back up to this 167-168 area. I want to see what happens if it hits 180, no signs it's slowing down at this point but we'll see. I will post a chart update once we get some more direction.
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