If we zoom in from the daily chart I posted. LTC has broken this major trend line, plus the major support at this 140 level and the DAILY MACD has crossed DOWN. On my last call, I said I preferred the 125 area over the 140 and you can see why. If you are in at 140, you might get a bounce back up to this resistance at 143, but technically that's about all you got before the continued move down would resume. I would be very careful and look to get out if it moves to 143-145 area. Unless you are in light and you can average your cost down, keep a tight stop.
SO! While most other people are going to say where they bought after they posted. Here is where I am stacking my buy orders.
LTC buy at $123
LTC buy at $113
LTC buy at $103
Divide that amongst your portfolio however you feel comfortable and how you want to play it. Why do that? If it starts moving down hard and fast, it could base out above that 120 support line, or maybe at 110? But we know it's going to base out somewhere there so we want to have orders ready. If you want to stack more of up front and use a tight stop you can, really depends on your style. If anyone requests it, I can go into further detail on how I work these orders, just request it in the comments!
-Sherem
SO! While most other people are going to say where they bought after they posted. Here is where I am stacking my buy orders.
LTC buy at $123
LTC buy at $113
LTC buy at $103
Divide that amongst your portfolio however you feel comfortable and how you want to play it. Why do that? If it starts moving down hard and fast, it could base out above that 120 support line, or maybe at 110? But we know it's going to base out somewhere there so we want to have orders ready. If you want to stack more of up front and use a tight stop you can, really depends on your style. If anyone requests it, I can go into further detail on how I work these orders, just request it in the comments!
-Sherem
Comment:
My previous call for the move down for reference -
Comment:
As requested: How I have my buy orders stacked.
Let me preface this by saying there are a LOT of ways you can do it. I will tell you how I do it and then its up to you to integrate my strategy with yours if it fits with what you are doing or if you are looking for something new. My primary method of trading is using a martingale strategy for my orders in some fashion when buying on DIPS and trying to catch bounces. For breakouts it's different.
The goal of using this strategy is to give you options depending on what the market does. If the market keeps going down, you can buy more in a position, hold, etc... For this particular trade I feel the risk is lower so I am not going to deep with buy orders. I have orders set in this manner:
LTC buy at $123: 30% of LTC trading portfolio
LTC buy at 113: 30% of LTC trading portfolio
LTC buy at 103: 40% of LTC trading portfolio
As much as I like to think I am a 100% right and it will rocket off this 123 mark, a lot of times it just doesn't happen. The market looks for "zones" or "areas" If the market bounces off this 123 level, I make money, if it dips lower, I can buy more. If it doesn't hit any of my buy orders. No problem, look for another opp. What this strategy does is reduce RISK if the market were to decline very rapidly all of the sudden. Now instead of being in heavy at 123. My average buy is closer to $110. In this case i can put a stop below 100, and now I have mitigated my loses by roughly 50% if the market moves against me and I use a stop. It works very well.
As volatile as crypto can be this style works the best for me. I generally don't stress about trades, and I minimize risk. Plus, if done correctly, it makes you more money over the long run as it shifts your thinking from being correct all the time to really planning out trades with the focus on RISK.
Let me preface this by saying there are a LOT of ways you can do it. I will tell you how I do it and then its up to you to integrate my strategy with yours if it fits with what you are doing or if you are looking for something new. My primary method of trading is using a martingale strategy for my orders in some fashion when buying on DIPS and trying to catch bounces. For breakouts it's different.
The goal of using this strategy is to give you options depending on what the market does. If the market keeps going down, you can buy more in a position, hold, etc... For this particular trade I feel the risk is lower so I am not going to deep with buy orders. I have orders set in this manner:
LTC buy at $123: 30% of LTC trading portfolio
LTC buy at 113: 30% of LTC trading portfolio
LTC buy at 103: 40% of LTC trading portfolio
As much as I like to think I am a 100% right and it will rocket off this 123 mark, a lot of times it just doesn't happen. The market looks for "zones" or "areas" If the market bounces off this 123 level, I make money, if it dips lower, I can buy more. If it doesn't hit any of my buy orders. No problem, look for another opp. What this strategy does is reduce RISK if the market were to decline very rapidly all of the sudden. Now instead of being in heavy at 123. My average buy is closer to $110. In this case i can put a stop below 100, and now I have mitigated my loses by roughly 50% if the market moves against me and I use a stop. It works very well.
As volatile as crypto can be this style works the best for me. I generally don't stress about trades, and I minimize risk. Plus, if done correctly, it makes you more money over the long run as it shifts your thinking from being correct all the time to really planning out trades with the focus on RISK.
Comment:
Man, look at that. Hit the resistance line I had up there and rebounded hard off of it.
Comment:
trade active to the upside, see new update -
Comment:
chart update -
