Ripple Daily Analysis & Overview With Entry, TP, & Stop Loss.
Updated
I hate to be on this train, but as I watch this unfold the similarities are there. Ripple continues to be a controversial crypto, but I trade with profit in mind first. There is also a undeniable amount of supporters that keep buying every dip.
I am letting you know now, that the odds of this trade playing perfectly are not high. But it is something I will be playing and updating.
Stochastic: Slightly divergent, keeping the same low even as price action continues down.
Relative Strength Index: Oversold, almost at the comparable level from the December 7th bottom.
Ichimoku
Guppy Multiple Moving Average (GMMA)
Conclusion
The similarities are there, I will be building an unspecified smaller sized entry in the range below. The reason for the broad range is, I will stagger my largest orders at the bottom because XRP has a habit of disappointing a lot of traders. Because of this risk I am not too worried about building a large position. If it happens, then great, but I try not to sweat too much on position size with trades like this.
The stop loss is tricky here due to the fact that support is so heavy in such a broad range. For now .00004655, again this is another reason why I am not building a large position, the stop is set a tad to far for me to feel comfortable.
Since this trade is also dependant on Bitcoin due to the paring, I will be placing several Take Profit points (TP) to manage risk.
As a note, IF this trade plays, then as it rallies I will be using trailing stops, I will try to update where those are as it happens. Also the timing on all this is not set in stone for me with the TP's, that position tool with the risk/reward is not set for the trade to transpire in that time shown.
This is a risky trade due to XRP's natural way of screwing over T.A., also everything is dependant on Bitcoin as I mentioned above.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. Thank You!
I am letting you know now, that the odds of this trade playing perfectly are not high. But it is something I will be playing and updating.
Stochastic: Slightly divergent, keeping the same low even as price action continues down.
Relative Strength Index: Oversold, almost at the comparable level from the December 7th bottom.
Ichimoku
Guppy Multiple Moving Average (GMMA)
Conclusion
The similarities are there, I will be building an unspecified smaller sized entry in the range below. The reason for the broad range is, I will stagger my largest orders at the bottom because XRP has a habit of disappointing a lot of traders. Because of this risk I am not too worried about building a large position. If it happens, then great, but I try not to sweat too much on position size with trades like this.
The stop loss is tricky here due to the fact that support is so heavy in such a broad range. For now .00004655, again this is another reason why I am not building a large position, the stop is set a tad to far for me to feel comfortable.
Since this trade is also dependant on Bitcoin due to the paring, I will be placing several Take Profit points (TP) to manage risk.
- TP #1 is .00008864, I will be taking off 50% of my position there.
- TP #2 is .0001011, I will be closing 20% of my initial position there.
- TP #3 is .00013256, I will be closing 15% of my initial position there.
- TP #3 is .00021469, I will close the remainder 15% there.
As a note, IF this trade plays, then as it rallies I will be using trailing stops, I will try to update where those are as it happens. Also the timing on all this is not set in stone for me with the TP's, that position tool with the risk/reward is not set for the trade to transpire in that time shown.
This is a risky trade due to XRP's natural way of screwing over T.A., also everything is dependant on Bitcoin as I mentioned above.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. Thank You!
Trade active
Trade active
Sitting in my buy zone.Note
Update: Divergences starting to show on XRPTrade closed: stop reached
All posts are for educational purposes and are simply my views of markets conditions.
Please do your own research and use my content to educate yourself.
Please do your own research and use my content to educate yourself.
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