Long

Get ready to go long XRPUSD

By dchua1969

Updated

Again, 4 attempts to breakout from the 61.8 FIB level but each time, it failed and retraced. We think this time, it should break out and have a slight retrace (maybe not ) and shoot straight up to the red dotted line where it would meet some resistance. That is our profit target.

Please feel free to comment, thanks

Note

now it touches the upper channel line, then what ? retrace or breakout ?

Note

it breakout and retrace. can take a small position when the next green candle closed above the previous one

Note

The volatility of this pair makes it thrilling for some traders who enjoy the wild swing up, making exponential returns. At the same time, it is also fast to come down as witnessed in the chart above, making risk averse traders to continue sit on the fence and watch it going up and down like a see-saw in the playground.

There are many ways to make profits and missing out in this "in-the-trend" pair does not make you any less inferior of a trader. I read an article sometime ago about a trader who trades only Nikkei 225 and make millions out of it. Remember the 10,000 hours of training?

Note

The past 3 precedents (green boxes) are good indicators, all attempt to break out but all failed. This time, it is no difference, it rebounded and falls back again. It is now inside the channel. As it is still above the 21EMA, it is still bullish and the candles pattern show Lower Low but not Higher High as yet. For those who trade this pair, watch the price action as the wedge gets closer to the end, the breakout is inevitable. Be patient, buying early may means you need a wider Stop Loss, not a good strategy and no guarantee it would go the direction you want.

Chart reading is following what it tells you to do (which is hard for most, including me sometimes) as the locus of control is with the market. Humans like to have control, to exercise their ability to control by thinking ahead and forecast the move.

I had my fair share of "early prediction" with mixed results , so I now wait for the market to give more clearer signs before I take any action. And I believe Mr Market always give a second chance, we just need to be patient and not chase price up. If the train runs too fast without you, don't be sad, go to another product/pair where the risk/reward ratio is higher.

Note

congrats to those who followed, it exceeded our targets!!!

Note

cnbc.com/2017/12/28/billionaire-tilman-fertitta-says-bitcoin-is-here-to-stay.html?recirc=taboolainternal

Note

cnbc.com/2018/01/03/ripple-xrp-price-hits-record-high-up-nearly-120-percent-in-a-week.html

Our best bet thus far. Congrats to those who follow.

dchua1969

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.