XRPUSD Aug 2022 W.1: Medium-term trend!
Hi friends, I hope y'all had a fantastic weekend ;)
Today, we're looking at a bullish counter-trend signal that's derived on the monthly time frame. If you look at the monthly, you'll see that the price closed with a bullish reversal candle pattern that represents the huge double tops accumulation phase. The patterns neckline was previous bearish broken and not retested together with other key levels. Usually, when the price broke and didn't retest key levels and closes with a reversal candle pattern that faces the targets. it trends or counter-trend to them. With that said, let us take a look at how the bulls and bears will trigger our trade and dis-confirm it.
Bull: -If the price bearish spikes the 50 and 8 m.a's with a bullish reversal candle that's followed by a bullish break and retest of the Mini Weekly Neckline, that would trigger our trade and confirm the monthly's counter-trend signal. I call this type of trade signal a "Double Bottom B-E.2".
Bears: -If the price forms a bearish reversal pattern that leads it to bearish break and retest the 4H Neckline 3 together with the 50 and bearish crossed short-term m.a's, that will dis-confirm our trade, and we'll wait for another set-up.
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section or in private, I'd love to know your thoughts!
Stay Blessed,
Doji.2k1
Today, we're looking at a bullish counter-trend signal that's derived on the monthly time frame. If you look at the monthly, you'll see that the price closed with a bullish reversal candle pattern that represents the huge double tops accumulation phase. The patterns neckline was previous bearish broken and not retested together with other key levels. Usually, when the price broke and didn't retest key levels and closes with a reversal candle pattern that faces the targets. it trends or counter-trend to them. With that said, let us take a look at how the bulls and bears will trigger our trade and dis-confirm it.
Bull: -If the price bearish spikes the 50 and 8 m.a's with a bullish reversal candle that's followed by a bullish break and retest of the Mini Weekly Neckline, that would trigger our trade and confirm the monthly's counter-trend signal. I call this type of trade signal a "Double Bottom B-E.2".
Bears: -If the price forms a bearish reversal pattern that leads it to bearish break and retest the 4H Neckline 3 together with the 50 and bearish crossed short-term m.a's, that will dis-confirm our trade, and we'll wait for another set-up.
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section or in private, I'd love to know your thoughts!
Stay Blessed,
Doji.2k1
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