Since yesterday the market structure for XRPBTC has changed from bearish to bullish.
Price has moved above the moving averages and has been making higher highs and higer lows.
So I exchanged some bitcoin for ripple at the second higher low (see chart) and I will add some more at the current higher low (see chart).
As prices move up I will be moving my stop up. If price will drop again I will be getting out at around my stop price.
I do not use risk to reward ratios the same way as in trading forex and precious metals and as you can see I do scale in and will probably scale out of a position. This is because Crypto currencies are much more volatile.
Also I am trading this on a lower time frame. I usually trade FX on the daily time frame.
So my analysis of the market is the same when trading Crypto or Fiat currencies. However, trade execution and trade management is very different. And also I do not use leverage in crypto trading.
This is not a trade that I log in the samurai trading log, but I think it is worth sharing as it illustrates that the same trading method I use in forex can also be applied to the crypto markets.
Price has moved above the moving averages and has been making higher highs and higer lows.
So I exchanged some bitcoin for ripple at the second higher low (see chart) and I will add some more at the current higher low (see chart).
As prices move up I will be moving my stop up. If price will drop again I will be getting out at around my stop price.
I do not use risk to reward ratios the same way as in trading forex and precious metals and as you can see I do scale in and will probably scale out of a position. This is because Crypto currencies are much more volatile.
Also I am trading this on a lower time frame. I usually trade FX on the daily time frame.
So my analysis of the market is the same when trading Crypto or Fiat currencies. However, trade execution and trade management is very different. And also I do not use leverage in crypto trading.
This is not a trade that I log in the samurai trading log, but I think it is worth sharing as it illustrates that the same trading method I use in forex can also be applied to the crypto markets.