I spent the last holiday period upgrading my knowledge on cryto coins.
I realize that through backtesting, Harmonics seems to work quite effectively on them.
I signed up with a broker which allows trading of crypto coins up to 10x leverage.
My plan is to go long on them upon completion of authentic harmonic patterns.
The 1st trade I entered is on RIPPLE/USD which corrected from $3.40 to $1.60 within 2 weeks.
At $1.60, it completes a bullish gartley as well as a ABCD pattern.
Take note that spreads are super wide for crytos and always use a wider stop than usual so as not to be taken out.
My sl is at $1.40 and I plan to hold this trade for quite some time aiming for new 52 week high levels as profit.
I realize that through backtesting, Harmonics seems to work quite effectively on them.
I signed up with a broker which allows trading of crypto coins up to 10x leverage.
My plan is to go long on them upon completion of authentic harmonic patterns.
The 1st trade I entered is on RIPPLE/USD which corrected from $3.40 to $1.60 within 2 weeks.
At $1.60, it completes a bullish gartley as well as a ABCD pattern.
Take note that spreads are super wide for crytos and always use a wider stop than usual so as not to be taken out.
My sl is at $1.40 and I plan to hold this trade for quite some time aiming for new 52 week high levels as profit.
Note
1.54 is a shark pattern completion on ripple.
This is the 15 min chart, if the 1hr candle closes bullish with ultra high volume, I might average down my longs.
If this levels fails to hold, there will be further downside for this.
Note
Perfect rebound off the shark pattern completion yesterday.
Next few days, there could be another chance to buy low at the completion of the gartley pattern at 1.68-1.70.
Harmonics on cryptos are quite reliable!
Trade closed: stop reached
First trade and likely my last trade on cryptos.A classic pump and dump.
Glad that I only had a small position which lost about USD$1k.
Good luck to those betting their live savings on it.
It does not look good to me.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.