Potential Wedge Breakout - Long XRPBTC
Updated
Hello there,
The graph above shows you my setup for
XRPBTC Long position.
If today's candlestick H close lower than H created on 7th of July, it would confirm the creation of LH. On the 15th of July candlestick managed to develop an HL which was validated on the next day. Therefore, we can trade a wedge formation – HL + LH.
Entry: Put a Stop Buy on yesterday’s H (.00003347|+P)
SL: HL (.00002849|-P)
TP: *
Setup conditions:
Setup invalidation:
SystemFollower
You can read more about me as well as about abbreviations/acronyms (*) used in this description at the URL below.
The graph above shows you my setup for
XRPBTC Long position.If today's candlestick H close lower than H created on 7th of July, it would confirm the creation of LH. On the 15th of July candlestick managed to develop an HL which was validated on the next day. Therefore, we can trade a wedge formation – HL + LH.
Entry: Put a Stop Buy on yesterday’s H (.00003347|+P)
SL: HL (.00002849|-P)
TP: *
Setup conditions:
- H created today must be under yesterday’s H! therefore wait for a today’s close.
Setup invalidation:
- LL will be created
SystemFollower
You can read more about me as well as about abbreviations/acronyms (*) used in this description at the URL below.
Trade active
Stop Buy order on.Remember new lower low (low below .00002849) will invalidate an idea.
Note
Mentioned URL:Note
Note
BTC.D looks promising. I will update you with new ideas (same setups for alts) later on.Note
Yesterday's candle confirmed a new higher low, therefore you should adjust (increase) your position size due to lower risk on the trade. Entry: same
SL: 0.00002983
If you have any questions about risk management or whatever, do not hesitate to contact me.
Note
Today's candle should confirm a new lower high. The size of your position should increase with lowering risk.Entry: 0.00003278
SL: 0.00002983
Trade active
Buy Order hit, position open. Patience is the key element in those setups.
Trade closed: stop reached
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