gumtree116
Short

XRP/BTC Approaching resistance

BINANCE:XRPBTC   XRP / Bitcoin
XRP/BTC has been riding up big time recently and RSI is well over 70 on Daily (on a bear market!!!)

Since it is approaching my resistance rectangle (in red), I'll be looking to short.

Entry, SL and Target are on the chart. Fingers crossed.
Trade active: Removing the SL for the time being as I don't want to be stopped out. Daily RSI currently at 79.
Comment: 0.00006683 happens to be the 0.382 Fib retracement of swing high to swing low (most of the time, any upside bounce is rejected at that level in a bear market). I'll be looking to add more shorts near that price.

No SL to avoid stop run. Will be watching price action to decide if I should exit.
Comment:
Comment: Still on this trade and intend to manage this trade to at least break even or make small profit. Remember, you never lose a trade until you close it in loss.

I had a daily timeframe bias hence this spike up did not matter to me as I was more interested in watching how the daily candle closes. The long wick into the liquidity zone above around 0.5 Fib retracement level was a stop run which I have avoided by removing my SL.

My 2nd Short order got filled at around 0.382 level (as mentioned above in previous update) which made my average price 0.00006394 (posted a screenshot on my twitter page, link below)

https://twitter.com/traderbash768/status...


0.00006185 to 0.00006239 level (marked as red rectangle in previous update) which was previously resistance should now act as support (now marked as green rectangle). This is because there was a clear impulse move through this level suggesting break in market structure. Normally, this level now should be backtested soon. I plan to close my position during that backtest.

Not scaling in anymore for the time being to reduce my risk exposure. My goal now is to manage this trade to make small profit.
Comment:
Comment: That’s a huge rejection from red rectangle liquidity zone (see below)



Looking at 90+ Daily RSI, I could not resist from laddering one more short which has now made my average price 0.00007932 (posted a screenshot on my twitter page, link below) 

https://twitter.com/traderbash768/status...

Green rectangle (0.00007492 to 0.00008064) should act as support now where I’ll close my position to B/E or make small profit.
Comment: Green rectangle (mentioned above) is still acting as support, but how long before it hits my take profit target.

Trade closed: target reached: The chart says it all (see below)



Turned an underwater position into reasonable profit of 7.74% through trade management (posted a screenshot on my twitter page, link below)

https://twitter.com/traderbash768/status...

Laddering is an art and patience is the key. I use both these weapons when I am in a trade that immediately doesn't go in my way. I have been very transparent throughout this trade in providing updates and showing the screenshots to put the proof in front of you. I hope this will bring some value to your trading.
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