I mentioned in a previous post that I believe BTC is king. While you may see a random pump/dump in the short term in some ALTs, overall they tend to follow BTC. As we see BTC continue to dump, I've been looking for clear signs and opportunities for a low risk SHORT and I believe I've found one in LTC. I very rarely trade anything other than BTC and ETH but this looks too good to pass up. I opened a short position at $51 with the previous 4HR close below the MAJOR TREND LINE. Anticipating some type of a bounce and will look to add around $53 and possibly $58 if it bounces that high. My SL set to the previous swing-high ($64). Looking for initial TP around $38.
Trade active:
Like my BCH trade, yesterday's INSIDE BAR and Doji has me anticipating a slow down of this dump in the short term. Moved my SL to $49.5.
Trade active:
TP hit at $38
Trade active:
Profits taken. 50% of original SHORT remains open.
Trade active:
SHORT remains open. SL at $42.