I have taken a long position on this market as it has broken out from the downtrend and and there is good RSI Divergence on the lows. It is now making higher highs and higher lows so I have entered on the most recent pullback once the market looked set to continue.
My Stop is 10 pips below the recent low and my take profit is at the previous high.
I feel this market is set to continue it's downtrend as it approached significant resistance it began to turn down. This would be continuing to trade the trend and take the path of least resistance.
If the current candle closes red then I will be shorting the market with a stop 10 pips above the recent high.
My take profit will be towards the recent lows...
Triple hit of support with RSI divergence.
Using heikin ashi smoothed (2-2) waiting for confirmation green candle.
Health and momentum is weak
Simple analysis but don't need to overthink this one.
Enter trade on 4 hour for tighter stop loss VERY important you know how to do this right.
Triple hit on trend line, RSI over brought and diversion. Also lines up perfectly with fib at 0.786 level. Great opportunity I would even eat my own shit if this goes long. Don't miss out!
Please comment and let me know your views.
Looking at the LTC chart with Heikin Ashi candlestick pattern, we can see the trend much clearer, and things are looking good with a strong uptrend, all green candlesticks with high wicks, which indicates the trend is currently strong.
However, I don't think we are completely out of the down trend just yet, price needs to make a higher high on the daily before...