XRP BULLISH PINBAR ON SUPPORT (4h)
Updated
XRP provided us with a nice, big, bullish pinbar on a 4h chart. Based on both support and resistance areas and ATR, our stop should be 0.04 points bellow current price and take profit at around 5 which is ~0.06 points. That is 1:1.66 risk to reward ratio, which is quite sufficient with a signal as strong as this together with strong BTC as a carrier.
Note
Move still in play. Now at an even better price, but if the candle closes strongly red, I might consider taking at least some of it off. If it closes green above 0.458$, that's a great confirmation for bullish action.Trade closed: stop reached
While there was some potential for long profit, the trade turned out to be rather disappointing and resulted in a stop on my side. Setting stop limit more loose would've been more risky, but in this situation my stop proved to be too tight. Either way, while there were chances for long profit, the target price was not reached and XRP actually did worse than BTC.
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