XRPUSD Failed PRZ Followup
Followup from last post: Looking for retracement patterns like XRPUSD in the past would usually provide reactive opportunities against critical pivot points but clearly in the environment we are dealing with this is not business as usual. Let's look at the failed PRZ. We had/have 4hr Bullish Bat hop with HSI (Green Arrow) = a setup I look for in every PRZ. HOP Level at 0.1940 with HSI, Target 1 was .27, Stop (suggested at least 0.015 = 4/1 RtoR)
XRPUSD bumped for a day or so and then puked...failed. A losing trade! I started my entry at the .20 area and took a hit. Not what I want but a must-see review and assessment that something larger is at hand.
With mkts failing this PRZ, I must defer to daily timeframe and wait. I am trying to be contrarian and look for overextended long opportunities but this might better be reflected more in Crab patterns than retracement structures like the Bat. There will be long opportunities to come but I will be waiting for a full 88.6% retracement of last year's rally - much like SP500, NASDAQ and others - before looking at bullish harmonic patterns. Stay tuned...
XRPUSD bumped for a day or so and then puked...failed. A losing trade! I started my entry at the .20 area and took a hit. Not what I want but a must-see review and assessment that something larger is at hand.
With mkts failing this PRZ, I must defer to daily timeframe and wait. I am trying to be contrarian and look for overextended long opportunities but this might better be reflected more in Crab patterns than retracement structures like the Bat. There will be long opportunities to come but I will be waiting for a full 88.6% retracement of last year's rally - much like SP500, NASDAQ and others - before looking at bullish harmonic patterns. Stay tuned...
Scott Carney
HarmonicTrader.com
Founder
HarmonicTrader.com
Founder
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