Ripple (XRP) Chances like this come twice. Very safe short trade

XRP is retesting resistance, and there is a small chance it breaks through.

Therefore, we may short:

Short
9000-9400 satoshi (highest price you can get)

Stop loss:
9425 satoshi

Take profit
7300 satoshi (will likely not be hit, but we trail our profits so we can lock in gains and move on)

I will be shorting when the price is 2% away from my stop loss to limit my risk. We are risking very little for very much, that is why this trade is being taken. I can lose many times and one win will make up for everything.

If it breaks 9400, you may long after it finds support.

Thanks for viewing. I have made 5% on XRP my last trade, and over 10% on TRX, while 24% has been gained from Ethereum and currently locked in 0.4% on a BTC short in the past week. If you want to know the reasoning for some of these trades, please follow me. I spend a good amount of time planning these trades and there is no reason for me to share other than the fact I wish to view my improvements over time as well as document my progress.

I am currently short 9000. My stop is 9425. I will be adding more 9200.

Comment:

I may long XRP if we break 9400 and have that act as support. I can see almost no chance of that happening but we are prepared to make money both ways. Bitcoin has nearly topped so I am leaning towards shorting this week.

Comment:

I will try to update less since I am told it gets annoying. Sorry about that. People who are new also probably do not want to scroll through a wall of text.

Comment:

Notice how the resistance is getting lower and we are breaking bear fractals. This looks good for our short and suggests the triangle on the higher timeframe will break down.

The smaller timeframes tell the message better than the bigger one. People don't see that however, it is best to start big and lower the timeframe to 5 min to get the full message when you are charting.

Comment:

Lock in a 4% profit for now. XRP may test 8700. It looks like there is strong support for it here.

Comment:

Basically XRP hit my short order on Bitmex exactly at 8700 and went down 2%. I locked in a 1% gain 8613.

Comment:

Right now it looks like it wants to test resistance again. Passage of time and repeated testing of resistance will weaken it.

Comment:

It looks like it will decide if it will break bullish or bearish.

If it breaks bullish, it still will fall when BTC does. That just lets us fill our shorts at a better price.

Comment:

Wait for this to break up before shorting. I can safely say XRP will never touch 10,000+ again for a long while.

Comment:

This actually looks quite week. If Bitcoin is stagnant, I would expect this to break down more. Even if Bitcoin does go to 6900, XRP is most likely going to trade sideways and slowly move down for a long time.

Trade closed: target reached:

We have hit the target. Now the risk is many folds higher. Move your money to good risk/reward trades such as the current btc trade.

Have some of your original short open so you do not lose the mental game if the price drops more. I find having a small position after locking in profit gives me peace of mind, especially if the price looks weak like XRP.