xrp/xlm looking juicy

This is how I see it, not financial advice

Waiting to see a momentum candle with good volume for a buy setup

Comment:

we are in the grinder indeed! Is this a trap or a short setup now? Still waiting for a momentum candle on this one. So far it has just been grinding and grinding.

Comment:

weekly update on this one, still asleep

Trade active:

it woke up! The volume wasn't as high as I would have liked, but I activated my trade at the line break

Comment:

Lets see if this ends up being a clean back test. If so it would have been a less risky/aggressive entry.

Comment:

breakthrough instead of a back test, so I took the lines off the chart and looked at some fibs and fractals. Bias is (and position) is still to the upside

Comment:

one other thing I am noticing here with the moving averages. Here are the 20, 50, and 100 SMAs. They are now bunched, and if we look into the past, we see that they do this from time to time (yellow circles)

Now if we look in detail within the prior moves, we see a break above, then below, then above again, then back test, then takeoff. If that plays out again, then we are in the middle of this little structure, and the rest of the play out would be a break above the bunched MAs, a back test of that zone, then takeoff.

Comment:

Well I was wrong on this one, the xlm/xrp ratio has remained in a bearish channel for some time now. My conviction and my strategy to this point has been to hodl through.

Trade active:

lessons learned here: I let my excitement get the better of me and this trade...it is currently down about 20%. I should have had more patience here for better buy levels. There was a wick above my cost basis in the recent crash (xrp crashed harder than xlm) That said, I am letting it play out. Could this be an expensive lesson? possibly. Let's see