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We continue a series of publications on trading in order to understand in practice how much money can be earned. novice investor using only forecastspublished on our website. To understand how useful they are, we decided to conduct an experiment and simulate a situation in which a person who knows about trading only what you need to “buy cheaper and sell more expensive”, tries to get additional income in his spare time by investing part of his money in cryptocurrency trading
Our previous transaction brought in a piggy bank income of $ 17, although the projected maximum level of 80.00 USD was significantly lower than the real rise in the price of Litecoin.
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In fact, with a certain amount of risk,a long position could be held up to 83.00 USD. A green trend line runs in this area, and the likelihood of a reversal with a subsequent jump down was very high. Therefore, we strictly adhered to the trading plan, and now furtively regret the lost profit of nine bucks.
As you can see from the graph, the price of LTC really pierced the trend line and quickly rolled back to the support of 77.70 USD. Over the weekend, the decline continued and at the beginning of the week stopped at stropocent fibonacciwho deployed the pair to recover.
To enter a long position was supposed to be immediately ona reversal, so a limit order was placed at 70.00 USDT, and a stop order at 100% Fibo (69.40 USDT). So close to place a protective order was not too reasonable, because before the start of growth, market makers knocked out everyone who wants to buy on the bottoms.
Re-entry had to be done already at 70.40 USDT, and move Stop Loss lower to the level of 68.40 USDT. The ForkNews forecast implied a recovery of the market at least in the middle price range, and today there is a chance to break the resistance of 77.70 USD and test the green trend line. According to our estimates, this is approximately around the mark of 87.00 USDT. In the green zone of Take Profit we will place a sell order.
If the bulls cannot break the resistance of 77.70 USD, then a stop order is best to raise in advance to the level of average prices (75.40 USDT) and limit the possible losses from the decline.
That's all ... We are waiting for a breakthrough into the trend line area and updating the annual maximum!
Read about the actual result of our trade in the next issue of ForkNews.