XRP / BitcoinLong
Ripple (XRP) - Above The Stomach Bullish Scalp -Analysis & Educ.
Updated
This is a simple XRPUSD & XRPBTC scalp based on the "above the stomach" two-candlestick pattern visible on the 4-hour time-frame...
Above The Stomach:
# of periods (candles) = 2
price trend (going into the pattern) = downward
first candle = black
second candle = white candle opening and closing at or above the midpoint of the prior black candle's body
Theoretical performance: Bullish reversal
Tested performance: Bullish reversal 66% of the time
Frequency rank: 32
Overall performance rank: 31
Best percentage meeting price target: 61% (bull market, up breakout)
Best average move in 10 days: -4.86% (bear market, down breakout)
Best 10-day performance rank: 33 (bear market, down breakout)
All ranks are out of 103 candlestick patterns with the top performer ranking 1. "Best" means the highest rated of the four combinations of bull/bear market, up/down breakouts.
Other Confirmations based this chart & indicators:
KnowSureThing - (RoC Based) showing potential for a double cross (That is both a cross of the signal and zero lines)
-The zero-line cross is extra significant as it is the second cross (locally)... as in price has recently cross the zero-line only to fall back below, ready for a second cross..
Net Volume is positive = more buying than selling (a weak bullish confirmation)
Price Target:
Use the blue colored dash trend-lines to approximate your target
XRPUSD & XRPBTC scalp based on the "above the stomach" two-candlestick pattern visible on the 4-hour time-frame... Above The Stomach:
# of periods (candles) = 2
price trend (going into the pattern) = downward
first candle = black
second candle = white candle opening and closing at or above the midpoint of the prior black candle's body
Theoretical performance: Bullish reversal
Tested performance: Bullish reversal 66% of the time
Frequency rank: 32
Overall performance rank: 31
Best percentage meeting price target: 61% (bull market, up breakout)
Best average move in 10 days: -4.86% (bear market, down breakout)
Best 10-day performance rank: 33 (bear market, down breakout)
All ranks are out of 103 candlestick patterns with the top performer ranking 1. "Best" means the highest rated of the four combinations of bull/bear market, up/down breakouts.
Other Confirmations based this chart & indicators:
KnowSureThing - (RoC Based) showing potential for a double cross (That is both a cross of the signal and zero lines)
-The zero-line cross is extra significant as it is the second cross (locally)... as in price has recently cross the zero-line only to fall back below, ready for a second cross..
Net Volume is positive = more buying than selling (a weak bullish confirmation)
Price Target:
Use the blue colored dash trend-lines to approximate your target
Trade active
Was looking for a "long" dip on the 1m or 5m that resembles the same move that immediately preceded the rally in ETH --- It just happened so we should be good to go from hereTrade active
P.S. Remember that until the current candle closes "above the stomach" we cannot confirm 100%Trade closed manually
This would be an ideal entry assuming a reversal however as far as the abovethestomach pattern goes, it has failed to hold. Thus Trade Closed (or Not Open) - However this does not mean a long is necessarily a bad or impossible play at this point.
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