Trade Recommendation: BUY Signal for LTCUSD

The price bounced from the uptrend line and moved above the cloud. The new high is a good level for placing buy orders. If the market moves above 59.00 level, we’ll have a confirmation of further price movement. DMI shows that bulls become stronger and we can expect new highs. Entry is 59.00 level with stop orders below the local swing low at 53.50 level. Profit targets are 70.00 and 80.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.

Market: LTCUSD
Buy: 59.00
Stop: 53.00
Profit Targets: 70.00 and 80.00

[FOREX 101] Flexing to build your trader's muscles

Just like exercise, there are things to do daily until it becomes a habit.


The key is to develop an efficient daily routine of market analysis. Thanks to the Internet and online currency brokerages, independent traders can access a variety of information.


Your daily regimen of market analysis should focus on:

• Overnight forex market developments: Who said what, which data came out, and how the currency pairs reacted.  
• Daily updates of other major market movements over the prior 24 hours and the stories behind them: If oil prices or U.S. Treasury yields rose or fell substantially, find out why.  
• Data releases and market events (for example, the retail sales report, Fed speeches, central bank rate announcements) expected for that day: Ideally, you’ll monitor data and event calendars one week in advance, so you can be anticipating the outcomes along with the rest of the market.  
• Multiple-time-frame technical analysis of major currency pairs: There is nothing like the visual image of price action to fill in the blanks of how data and news affected individual currency pairs.  
• Current events and geopolitical themes: Stay abreast on issues of major elections, political scandals, military conflicts, and policy initiatives in the major currency nations.

So many things can affect currency prices. Most listed above are part of the fundamentals. There's also the technical aspect of analysis.


Let's talk about that on the next post.