Yesterday I wrote about how I was buying some LTC on what was basically a coin flip. Meaning, there was no clear signal, but I decided to enter based on some other factors.
Funny How Prices Work
Less than 24 hours later that same daily candle I entered has rallied after pushing lower to form a reversal candle and gives as an actual technical entry.
Granted this daily candle has some time to close still, but it is currently showing us a reversal. After two down days we saw price trade through the prior candle’s low and rally to a price that is above the prior closing price.
This happened right around that 75 are support/resistance. Thus, my gamble yesterday has essentially turned in to a entry signal. My stop is the low of today’s candle with first upside target being 84.
Remember, we always want a risk-reward scenario of 2 to 1 or better. It was one of the reasons I decided to gamble yesterday as opposed to waiting for an entry signal as I was getting better than that ratio.
Hopefully today’s candle closing strong and it is a signal of higher prices in the near term.