Gapping XRP Breakout in Either Direction
Updated
Gapping XRP Breakout in Either Direction — OR Will the Big Bad Bitcoin Make it Past $9,000 USD?
—Boiler Plate—
I am really, really new at this. Beware. As others have stated, a/some whale(s) appear to be playing with us. I figure the best way to learn and develop my own analytical methodology is to document my successes and failures openly =)
Analysis based on past volume, support, and resistance levels. This analysis is not based on any particular methodology passed on to me by anyone else. It is in part intuition. The resulting trades are probably rather conservation because I am using rectangles for analysis -- not all of those fancy trend lines and triangles that the big boys use.
I do not claim to know which direction the price will go. I hope to estimate the distance it will move after a breakout. Not financial advice. Good luck out there.
Area color legend:
- Red = resistance
- Green = support
- Yellow = volume voids or price gaps
- Blue = consolidation
—Strategy for Trade—
Price gaps appear to exist on either side of the current consolidation area. Breakouts should make a gap away from the first stop loss. I have entered trades for both entry points. I will cancel the other when an entry occurs and move stops depending on BTC price action.
Cheers,
AetherMass
—Resulting Potential Trades—
Long at $0.98419
Stop (sell) at $0.95721 with loss of 2.74%
Profit (sell) at $1.141 with gain of 15.93%
Risk reward ratio of 5.81
Short at $0.7948
Stop (buy) at $0.8080 with loss of 1.66%
Profit at (buy) $0.6359 with gain of 19.99%
Risk reward ratio of 12.04
—Boiler Plate—
I am really, really new at this. Beware. As others have stated, a/some whale(s) appear to be playing with us. I figure the best way to learn and develop my own analytical methodology is to document my successes and failures openly =)
Analysis based on past volume, support, and resistance levels. This analysis is not based on any particular methodology passed on to me by anyone else. It is in part intuition. The resulting trades are probably rather conservation because I am using rectangles for analysis -- not all of those fancy trend lines and triangles that the big boys use.
I do not claim to know which direction the price will go. I hope to estimate the distance it will move after a breakout. Not financial advice. Good luck out there.
Area color legend:
- Red = resistance
- Green = support
- Yellow = volume voids or price gaps
- Blue = consolidation
—Strategy for Trade—
Price gaps appear to exist on either side of the current consolidation area. Breakouts should make a gap away from the first stop loss. I have entered trades for both entry points. I will cancel the other when an entry occurs and move stops depending on BTC price action.
Cheers,
AetherMass
—Resulting Potential Trades—
Long at $0.98419
Stop (sell) at $0.95721 with loss of 2.74%
Profit (sell) at $1.141 with gain of 15.93%
Risk reward ratio of 5.81
Short at $0.7948
Stop (buy) at $0.8080 with loss of 1.66%
Profit at (buy) $0.6359 with gain of 19.99%
Risk reward ratio of 12.04
Note
BTC/USD is battling with the $9,000 USD level at this time. XRP/USD correlation to BTC/USD is holding pretty steady.Order cancelled
A massive spike downwards happened on Bitfinex on 25 Apr 2018 at 10:30-10:31 UTC. the low was $0.49. This was not observed on other exchanges.I noticed this occurrence and backed out of the trade because I felt that it may have invalidated my setup. I will not add this to my Track Record due to being an anomaly isolated to a single exchange. I would use a different data source on TV for XRP/USD, but this appears to be the best option at this time.
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