Last time I tried to play with the break-out of Cup-Handle pattern, but it ended up with hitting the stop-loss. We experienced deep correction all the way from $183 to $132. However, we saw LTC found $130 as a really strong support. It is a good sign we can still try to find the bullish signal and set up our buy position.
Let's look at the daily chart. If we look left, we can see a structure(red box) there in bottom. I treat that structure as our universal accumulation zone. We broke that structure and soared up to $183, now been pull backed to the up-boundary of that structure and now ready to rally again. So it is also a very typical "Buy pull-back trade"
Our MACD is neutral, RSI is turning up, we shall be confident that we can set this trade.
I set three take profit target there. They are major structure confluence with fib extension level.
Especially, if we do climb to $203 level, I will set a short position there, because that is a formation of AB=CD, and also a start of a correction wave if you do wave analysis.
Happy trading, Stay profit~
Let's look at the daily chart. If we look left, we can see a structure(red box) there in bottom. I treat that structure as our universal accumulation zone. We broke that structure and soared up to $183, now been pull backed to the up-boundary of that structure and now ready to rally again. So it is also a very typical "Buy pull-back trade"
Our MACD is neutral, RSI is turning up, we shall be confident that we can set this trade.
I set three take profit target there. They are major structure confluence with fib extension level.
Especially, if we do climb to $203 level, I will set a short position there, because that is a formation of AB=CD, and also a start of a correction wave if you do wave analysis.
Happy trading, Stay profit~
Comment:
Srr for late update, Stop loss hitted days ago