XRPLong
XRP Ripple / USD ABCD Bullish Continuation In Play
I don't usually share my exact trade setups on here, but I figure why not? I'm already filled - those who want to join the party can go ahead. However, I would never recommend anyone trying to copy my exact entry, exit, or stop levels on this or any other trades.
Best thing you can do is trade your own setups stemming from your own vetted trading plan. If you don't know what you're doing or why you're doing it, trading will never work for you.
So that's out of the way..
What I'm seeing here is a long continuation pattern onXRPUSD XRPUSD XRPUSD
Charting this and trading this on Kraken, but you could run the same analysis on any of the other exchanges where XRP/USD is a pair. Exact levels will obviously vary a little bit.
What my long ABCD harmonic setup requires:
-Asset breaks out on a higher time frame, confirming trend (check XRP/USD daily chart for previous breakout levels)
-Asset retraces more than 33% but less than 66%
- Asset completes at least 25% of the anticipated C-->D continuation
- Asset puts in at least 2 "W"s" to validate the move. Ws can also be considered 'market structure breakouts.' In other words I need at least 3 lows to risk against.
Usually this will paint around 3:1 R/R if you enter around the .25 level (.25 level not shown on this chart because I didn't enter there).
In this case I got a cheeky fill against the 2nd W's neckline, giving me a little extra reward and a little less risk (about 3.8:1)
Not required in the setup, but it's nice to see some inverse correlation confirmation - BTC Dominance breaking down.
Profit target: $0.55834
Stop loss: $0.35799
Risk/Reward: 3.82:1
Likelihood of playing out: 55%-60% based on several hundred real trades over the last 5 years.
Just to put it in perspective, a trade like this only needs to work a little over 20% of the time to make money.
If you want to learn exactly how this setup works and several other high probability setups work in video format and in great detail, you should check out our level 1 trading program.
We're giving it away for free for the next 2 weeks for tradingview users to beta test. In the checkout use coupon code 'Tradingview' at https://education.truebinary.io/courses/Level1
Hope this helps.
Cheers,
FromTheEth
Best thing you can do is trade your own setups stemming from your own vetted trading plan. If you don't know what you're doing or why you're doing it, trading will never work for you.
So that's out of the way..
What I'm seeing here is a long continuation pattern on
XRPUSD XRPUSD XRPUSDCharting this and trading this on Kraken, but you could run the same analysis on any of the other exchanges where XRP/USD is a pair. Exact levels will obviously vary a little bit.
What my long ABCD harmonic setup requires:
-Asset breaks out on a higher time frame, confirming trend (check XRP/USD daily chart for previous breakout levels)
-Asset retraces more than 33% but less than 66%
- Asset completes at least 25% of the anticipated C-->D continuation
- Asset puts in at least 2 "W"s" to validate the move. Ws can also be considered 'market structure breakouts.' In other words I need at least 3 lows to risk against.
Usually this will paint around 3:1 R/R if you enter around the .25 level (.25 level not shown on this chart because I didn't enter there).
In this case I got a cheeky fill against the 2nd W's neckline, giving me a little extra reward and a little less risk (about 3.8:1)
Not required in the setup, but it's nice to see some inverse correlation confirmation - BTC Dominance breaking down.
Profit target: $0.55834
Stop loss: $0.35799
Risk/Reward: 3.82:1
Likelihood of playing out: 55%-60% based on several hundred real trades over the last 5 years.
Just to put it in perspective, a trade like this only needs to work a little over 20% of the time to make money.
If you want to learn exactly how this setup works and several other high probability setups work in video format and in great detail, you should check out our level 1 trading program.
We're giving it away for free for the next 2 weeks for tradingview users to beta test. In the checkout use coupon code 'Tradingview' at https://education.truebinary.io/courses/Level1
Hope this helps.
Cheers,
FromTheEth
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.