XRP/USD Trading Plan 03.07.: Channel Continuation or Breakout
Hello my dear XRP traders, hope you're doing well guys! ;)
Let's have a look at our last analysis:
=> I didn't take the drawings away, so you could perfectly see what happened. We can clearly see that the EQ breakout didn't get respected by the market. Playing short to the downside didn't see follow through, in both breakout attempts you would've had to close your position either breakeven or with a small loss.
What is now the stage?
The EQ breakout turned more into a downward channel, which we can portray as such:
Since we're going pretty much sideways inside the channel, we have clear lower Highs to watch for a bullish break at the 41 Cents range, which would give 4% and even 12% upside to the previous S&R zones.
Or of course, we will continue the downward channel. 36 cents is clear support zone to watch out for.
In the direct correlation XRP/BTC, the bulls have retested the breakout zone of 4k Satoshi, and rejected. This means further weakness towards Bitcoin. If the bulls can maintain the current lows of 3,3k Satoshi, they could tighten inside the range & start another attack, which seems unlikely right now.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Let's have a look at our last analysis:
=> I didn't take the drawings away, so you could perfectly see what happened. We can clearly see that the EQ breakout didn't get respected by the market. Playing short to the downside didn't see follow through, in both breakout attempts you would've had to close your position either breakeven or with a small loss.
What is now the stage?
The EQ breakout turned more into a downward channel, which we can portray as such:
Since we're going pretty much sideways inside the channel, we have clear lower Highs to watch for a bullish break at the 41 Cents range, which would give 4% and even 12% upside to the previous S&R zones.
Or of course, we will continue the downward channel. 36 cents is clear support zone to watch out for.
In the direct correlation XRP/BTC, the bulls have retested the breakout zone of 4k Satoshi, and rejected. This means further weakness towards Bitcoin. If the bulls can maintain the current lows of 3,3k Satoshi, they could tighten inside the range & start another attack, which seems unlikely right now.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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