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Trade Recommendation: Litecoin

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This trade recommendation is setting up quickly and requires prompt attention

This is a similar setup as the previous trading session recommendation I gave yesterday and is a short term trade with good risk reward ratio.  You can see the ‘A’ up line is now higher than the previous trading session and hence this is our new buy trigger level. The bias remains to the upside for the short term with the price trading above the Daily Pivot Range (blue dots), therefore this level is key support.

The Daily Pivot Moving Averages are pointed upward and are bullish, while the 3 Day Rolling Pivot Range remains supportive (green, yellow dots) as it has tightened up to near current price range.

The action to take is to place a buy order to enter the market long if the market trades at or above the green ‘A’ up line for at least 15 minutes. Check your short term and/or 5 minute chart to verify. Place the stop loss at the Opening Range low and the profit target stated below.

Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade. One option is to move your stop loss up to breakeven (entry price) if the trade is triggered and the market moves up but then stalls and goes sideways.

Entry Price: 234.75
Stop Loss: 227.00
Profit Targets: First profit target 267.00. Second profit target 308.00. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 20 points behind until second profit target is reached or stopped out.

Disclaimer: The writer owns Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 78 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: SGD/CHF

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The Singapore Dollar/Swiss Franc (SGD/CHF) pair started its downtrend in July 2013 when it broke below key support of 0.73. The breach of support inspired a selling frenzy that saw the pair drop to 0.62986 in January 2015. In a year and a half, the Singaporean Dollar lost 14% of its value against the Swiss Franc.

At this level, the pair was flashing reversal signals. First, the monthly candle had a long wick below its body indicating the presence of buyers below 0.68. Also, the pair was in oversold territory on the monthly stochastics.

With a bottom in place, SGD/CHF began to rally. It went as high as 0.73474 in July 2016. While bears defended the resistance, bulls responded by creating a higher low setup at 0.68609 in November 2016. The pair has been showing bullish signals since.

Technical analysis reveal that SGD/CHF has taken out resistance of 0.73. This triggered the ascending triangle pattern on the weekly chart. The breakout was affirmed by a rally to 0.75206 in May 2018. The pair has been pulling back since but this is your chance to buy the breakout.

The strategy is to buy as close to 0.73 support as possible. A successful defense of the support confirms the breakout and takes the pair to our target of 0.79.

The process may take more than six months.

Weekly Chart of Singapore Dollar/Swiss Franc on OANDA

As of this writing, the Singapore Dollar/Swiss Franc pair (SGD/CHF) is trading at 0.73075 on OANDA.

Summary of Strategy

Buy: Buy as close to 0.73 as possible.

Target: 0.79

Stop: Move below 0.72.

 

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 180 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: Waves

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The Waves/Bitcoin pair (WAVES/BTC) has been range trading between 0.00051 – 0.0008 for the better part of this year. The pair had an opportunity to break out of the range on May 8 as it appeared to be carving a higher low at 0.0007 support. However, it broke the support on May 21. This triggered a selling frenzy that saw the pair drop to as low as 0.000487 on June 14.

While WAVES/BTC dropped, this presented us with the possibility to bottom pick the market.

Technical analysis reveal that Waves/Bitcoin is poised for a strong rally. This view comes after the pair respected support of 0.00051. Even though WAVES/BTC went below the support on June 14, bulls rushed in to defend it. On top of that, a bullish divergence can be spotted on the daily stochastics. This suggests a possible bottom and trend reversal.

In addition, the 4-day, 8-day, and 21-day moving averages are attaching to the daily candle’s body and reversing direction. This tells us that the expected move up is likely sustainable.

The strategy is to buy as close to 0.00051 support as possible. If bulls continue to preserve the support, they will attract the momentum they need to move to our target of 0.0007. Sell immediately because it is very likely that the pair will encounter stiff resistance at this level.

The process may take a month.

Daily Chart of WAVES/BTC on Binance

As of this writing, the WAVES/Bitcoin pair is trading at 0.0005223 on Binance.

Summary of Strategy

Buy: As close to 0.00051 as possible.

Target: 0.0007

Stop: 0.00049

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 180 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: Short NZD/JPY

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The New Zealand Dollar/Japanese Yen pair (NZD/JPY) started its downtrend in June 2015 when it broke below support of 83.60. This activated the head and shoulders reversal pattern on the weekly chart. The breakout started a waterfall event that saw the pair plummet to as low as 69.211 in June 2016. In one year, the New Zealand Dollar lost over 17% of its value against the Japanese Yen.

With a bottom in place, NZD/JPY began to rally. It went as high as 83.806 in January 2017. Bears, however, defended the resistance and sent the market down to 75.80 support in April 2017. Bulls managed to defend the support and this inspired another rally to resistance of 83.80 in July 2017. Unfortunately for buyers at this level, bears are still in control of the market.

Technical analysis reveal that the New Zealand Dollar/Japanese Yen is taking out support of 75.80. This would trigger the large double top continuation pattern on the weekly chart. The bearish view is supported by four consecutive lower highs on the weekly chart. While 75.80 still holds, the pressure from the lower highs will most likely breach the support.

The strategy is to short the market once the pair takes out support of 75.80. A breakout would likely inspire a selling frenzy that would take the market to our target of 68.

The process may take more than three months.

Weekly Chart of New Zealand Dollar/Japanese Yen on OANDA

As of this writing, the New Zealand Dollar/Japanese Yen pair (NZD/JPY) is trading at 75.703 on OANDA.

Summary of Strategy

Buy: Short as close to 75.80 as possible.

Target: 68

Stop: Move above 77.

 

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 180 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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