XRP/USDT Bullish Setup Gartley Bullish Harmonic Pattern
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.
