I don't like $XRP but I like free money - Day Trader Explains
Hello Lads and Ladies,
Welcome back to TJ's Trade Corner! Today, we will take a deeper look at XRP and what it might have in store for us.
Lets jump right into and look at the structure that we are seing right now. We are clerly seeing a rising support or what you would call a series of higher lows. This is indicating us already an important part of an uptrend. The specialty here is though, that we have two rising supports, which give us basically a rising buy zone in between each of them.
Next, we see a clear descending resistance for the whole chart, which in essence is a series of lower highs. These two finding combined give us triangle or wedge formation.
A wedge formation has a higher chance to break upwards than downwards.
One more really important thing that I see here is that we are trending down and basically forming a faling wedge since CHRISTMAS!! This is crazy and XRP had no extreme moves during that time. Not even right now where almost every imaginable coin started pumping. This could either mean that XRP is dead, or that we will see major action relatively soon.
So, we have a small downtrend (falling wedge) since Christmas, lets take a look at the volume!! Is the direction backed by the volume? No. Chart is descresing, volumeis descresing as well, meaning less and less people are incentivised to sell right now.
Having these bullish signs, I will open up a new trade based on that. Now, one of the most important things about that is the STOP LOSS. Where should it be?
A stop loss shoudl be at an invalidation point. Now, the invalidation point of the rising buy zone OR the possible double bottom?
Here, remember the rule, after trendlines are broken, we need to break horizontals next. Meaning by that, the STOP LOSS should be below the possible double bottom, while you still have buy orders below the rising buy zone.
This trade has been published before in my private learning group "ETG".
We are going over many observations and possible trades very frequently.
It is meant for only those who are really interested in becoming a self sufficient trader and learning about all the secrets of trading.
Should you be interested in ETG or the indicators I use, join my discord channel and say hi in chat, then I will give you a free trial for which you might be interested.
Like and Follow me and you will find the space interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
Cheers TJ
Welcome back to TJ's Trade Corner! Today, we will take a deeper look at XRP and what it might have in store for us.
Lets jump right into and look at the structure that we are seing right now. We are clerly seeing a rising support or what you would call a series of higher lows. This is indicating us already an important part of an uptrend. The specialty here is though, that we have two rising supports, which give us basically a rising buy zone in between each of them.
Next, we see a clear descending resistance for the whole chart, which in essence is a series of lower highs. These two finding combined give us triangle or wedge formation.
A wedge formation has a higher chance to break upwards than downwards.
One more really important thing that I see here is that we are trending down and basically forming a faling wedge since CHRISTMAS!! This is crazy and XRP had no extreme moves during that time. Not even right now where almost every imaginable coin started pumping. This could either mean that XRP is dead, or that we will see major action relatively soon.
So, we have a small downtrend (falling wedge) since Christmas, lets take a look at the volume!! Is the direction backed by the volume? No. Chart is descresing, volumeis descresing as well, meaning less and less people are incentivised to sell right now.
Having these bullish signs, I will open up a new trade based on that. Now, one of the most important things about that is the STOP LOSS. Where should it be?
A stop loss shoudl be at an invalidation point. Now, the invalidation point of the rising buy zone OR the possible double bottom?
Here, remember the rule, after trendlines are broken, we need to break horizontals next. Meaning by that, the STOP LOSS should be below the possible double bottom, while you still have buy orders below the rising buy zone.
This trade has been published before in my private learning group "ETG".
We are going over many observations and possible trades very frequently.
It is meant for only those who are really interested in becoming a self sufficient trader and learning about all the secrets of trading.
Should you be interested in ETG or the indicators I use, join my discord channel and say hi in chat, then I will give you a free trial for which you might be interested.
Like and Follow me and you will find the space interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
Cheers TJ
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mkast.io/pricing
Join our Discord under
discord.gg/9gNwXHd
Follow me on Twitter under
twitter.com/KongBTC
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