LTCUSD Go Long Off Launch Pad - Justice

COINBASE:LTCUSD   Litecoin / Đô la Mỹ
With the market trading in a narrow channel for days now, the time was ripe for a strong move. The key support of the Daily Pivot Range and Opening Range provides the bias to the upside with price holding above this support.

What gives this trade even more catalyst is the narrowness of the Pivot and Opening ranges. With the new session opening with another set of narrow Pivots and Opening Range, and price holding above these levels, it is clear this is a time for Justice. That's the name I give to these less common setups that serve as launching pads for high returns and super low risk. You can get Justice from previous losses with some big moves and speedy profits.

Enter the market when you see this setup at market price or an aggressive limit order to be sure you get in.

When these moves occur they are fast and sharp. However, they will often pause and give another opportunity to enter in case you missed the first move. But almost always there is plenty of follow through to much higher levels and greater profit.

In this case the green 'A' value line is in a good position to confirm the move by providing a signal to go long according to our entry rule of another one of our setups, called the Prudence setup, or 'A' up trade.

This second confirmation is a very good reason to increase your position size because the probabilities of success are so high.
Bình luận: I inadvertantly turned off my Daily Pivot Moving Average indicator before I published. This is another indicator that was showing bullish bias by turning up on the Daily Pivot MA14 and soon approaching a crossover of the MA30. see following chart
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when do we take profits ??
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chris333 Chutzspah
@Chutzspah, Well, I was using this as an education study and not necessarily a trade recommendation as the market had already moved at publish time. I did take this trade in exactly the way described herein and I’m inclined to be patient as this type of trade tends to have legs for a while. First profit target would be 315. My gut tells me to hang on longer and trailing stops is key if you are not a HODLr, as this could be a sustained move.
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Charlie Lee selling his LTC does not inspire confidence in me buying any of this at all. Just my personal opinion.
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chris333 pisces38
@pisces38, Still a good trade though:)
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