Short

Ripple: Trade down, then turn around

Updated

In todays Video I talk about 2 patterns. The 1st is a Butterfly which seems to be setting up (point B is a 78.6) and if that is the case price should move lower to form C which for me makes sense as I see missed Central Pivots (monthly & weekly) below.

That being the case I zoom into a smaller bearish Gartley which is setting up. I will look to short at D with my stop above X and then hold the position down to C (May central pivot & / or weekly from 3 weeks ago) of the bigger pattern (Butterfly) at which point I will take profit and look for an entry to trade the C D leg.

Lets see how things work out :)

Note

okay the Gartley is working its magic and price is heading lower. There are 2 logical places i see price going:

1. May monthly central pivot
2. weekly central pivot of 3 weeks ago

I will update once I think C of the bigger Butterfly pattern has formed.

Note

still doing its thing.... heading down to May central pivot

Note

1st target hit (May central pivot), next up is weekly central pivot from few weeks back. This level also happens to be this weeks S3 which could be a good place to take profit and look for an entry to the long side of the Butterfly.

Note

getting close to weekly from 3 weeks ago

Note

price has now taken out the missed weekly central pivot from a few weeks ago and went straight up to this weeks central pivot.

that could have been C in the larger Butterfly, if so I missed the entry. I will wait to see if price gets back to around this weeks S1 level before considering getting long.

Gmanns777

Also on:

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.