TradingView Trade Plan: XRP/USDT Bullish Setup
Gartley Bullish Harmonic Pattern (Daily Timeframe)
1. Market Analysis:
Asset: XRP/USDT (Ripple vs. USDT)
Pattern: Bullish Gartley harmonic pattern identified on the daily timeframe.
Key Levels: The price is approaching the D-point, which aligns with the 78.6% Fibonacci retracement of the XA leg and a critical support zone, suggesting a potential bullish reversal.
2. Gartley Pattern Details:
XA Leg: Initial strong upward move.
AB Leg: Retraces 61.8% of XA.
BC Leg: Extends between 38.2% and 88.6% of AB.
CD Leg: Completes at 78.6% retracement of XA, the D-point.
Completion Zone (D-Point): Look for bullish reversal signals around this level.
3. Trade Setup:
Entry Point:
Enter a long position when price action confirms a reversal at or near the D-point (e.g., bullish engulfing, hammer candle, or pin bar).
Stop-Loss:
Place the stop-loss slightly below the D-point or a nearby support zone to account for pattern invalidation.
Take-Profit Levels:
TP1: 38.2% retracement of the CD leg.
TP2: 61.8% retracement of the CD leg.
TP3 (optional): Full retracement to the XA high.
4. Risk Management:
Position Size: Use proper risk management, risking no more than 1-2% of total trading capital.
Risk-Reward Ratio: Ensure the setup offers a favorable risk-reward ratio (minimum 1:2).
5. Additional Confirmation:
Volume Analysis: Look for increasing volume near the D-point, signaling buying interest.
Oscillator Support: Look for RSI or MACD divergence or oversold conditions around the D-point for added confidence.
6. Trade Execution:
Place Orders:
Use a buy limit order near the D-point if confident in the pattern completion.
Alternatively, wait for bullish candlestick confirmation before entering.
Adjust Stops: Trail the stop-loss as the trade progresses to secure profits and minimize risk.
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.
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.