This was a nice move that pushed higher in an orderly manner on Thursday night. The price is now, (Friday Morning) just under 200 points higher than where I exited.
Here is a recent short trade on Litecoin, specifically LTC/USD. The first image shows the buy and sell levels and an orange line which is a Fibonacci level.
The price moved above that 23.6 level. We can see the price moving up to the level, consolidating around it, and moving higher.
The second image shows where the Fibonacci levels were drawn on a weekly chart
You might say that the price wanted to come down to test that level after moving through it to the upside.
I do not trade this pair often. It was all about the chart.
For novice traders – What does 90 pips mean?
If you go to Google to find the pip value for a Standard Lot of currency, you’ll see that a pip is worth just over 9 dollars for this pair.
So that would be $810. In how long?
Notice that the entry and exit are marked on the chart. Each candle is 4 hours so we can easily figure out roughly how long the trade lasted.