jemk88

Possible bull flag formation 1hr timeframe.

BINANCE:XRPUSDT   XRP / TetherUS
Observations:

Daily:
Bulls showed strength today as you can see by the volume and as well as the candle currently forming in the daily with no lower wick, demonstrating bulls controlled the day from the very beginning (We can call this a bullish belt hold in my opinion)
1hr:
Possible bull flag formation.
Support .35500
Resistance .37999
Currently watching equilibrium forming within flag, the break will give us a better idea where the market is heading.

Game plan & possible scenarios:

Moderate risk:
Entry at pole break .37999 (Top box depicted in the chart)
Moderate risk in my opinion given the amount of fake outs we've seen in the past, also would be buying at the top of the current channel that we are trading in.
if this trade is taken, I will only enter with a small position(10% to 15%).
STOP LOSS: set below 1hr support at .35500

Moderate risk:
Entry at bottom of the flag close to support .35500 (2nd green box depicted in chart)
Moderate risk in my opinion, given that we are close to the support.
If this trade is taken, I'll be entering within the green box (25% of my total position), and watching the equilibrium. A bear break will have me exit the trade, a bull break will probably have us retest or break .37999
STOP LOSS: Set below 1hr support.355000

Low risk:
If support .35500 breaks, theres a chance we re test the bottom of the channel (3rd and last green box).
Low risk in my opinion, given how close we are to the daily support.
If this trade is taken, Ill be entering close to daily support with a stop loss under it, given that is low risk my position will be bigger(50% to 75% of capital allocated to this trade)


Disclosure:
Please keep in mind that this are simply my ideas on the market, I am in no way shape or form qualified to give anyone any financial advise. All I'm looking for is to become a better trader with time and the only way too do this is to post what I am looking at and take criticism from those of you that been doing this for a very long time, having said that please feel free to call me out on any mistakes, or incorrect analysis the best way to learn is from each other as a community.
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