Hi Traders! Litecoin short term forecast update and follow up is here. On October 29th, 2024 I shared this “Litecoin Short Term Forecast And Technical Analysis” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club. Spoiler alert – free memberships are available!
As an Internationally Certified Financial Technician (CFTe, IFTA) and former private capital hedge fund trader, I have successfully mentored numerous students who are now thriving in the trading world. Students who learned with me, are now full-time traders, work in the trading industry, run their own capital firms or are fully funded traders by private companies, develop automated trading solutions and manage others’ capitals. I am a very proud mentor and I am proud of the success stories I’ve helped create, and for a limited time, I’m offering my mentorship program for free through a partnership with Eight Cap broker. Join Eight Cap, become an active trader, and choose the offer that suits you best –
For more details, visit: Home Trader Club Mentorship Program
I’m excited to work with you and help you reach your desired level of success!
My Idea
On the H1 chart, the price which was moving lower reached a strong support zone, respected it and bounced higher from this zone. Also, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. Also, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure.. So everything looks good here for the bulls and until the strong support zone (marked in green) shown in the image below holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks.
So traders, this is why I wanted to show this example to help you understand why we should always trade based on the facts and hints provided by the market and take the right actions according to that. Even though we had various facts supporting the bullish view, the price didn’t hold in the support zone as I expected it to and the price broke below it, which is a contradictory sign provided by the market opposing the bullish view. Also, you should keep in mind that losses are part of trading we can’t expect every trade to go as per our plan and provide us profits. In trading, we can’t avoid losses but in order to be successful in trading, we should know how to cut losses early and how to manage the trade when the price goes in the opposite direction.
Note: You can watch the webinar on how to cut losses early here
Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?
I invite you to
Also, you can get one of our strategies free of charge. You will find all the details here
Download our best forex indicators here
If you have any further questions, don’t hesitate to drop a comment below!
Happy Trading!
Arvinth Akash
Home Trader Club Team.
Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of December…
The rally in U.S. stocks is encountering a fresh hurdle -- a potentially problematic rise…
Hi Traders! EURAUD short term forecast and technical analysis post is here. We do our…
Hi Traders! GBPCHF short term forecast follow-up and update is here. On October 3th, 2024…
Hi Traders! AUDJPY short term forecast and technical analysis post is here. We do our…
Hi Traders! GBPCAD short term forecast update and follow up is here. On November 26th,…
