Trading-Guru
Long

XRP Moving to Conservative Ascending Parallel Channel

BITSTAMP:XRPUSD   XRP / U.S. Dollar
When I reflected on my previous idea I think I drew the channel a bit too steeply. I now connected the low to the most recent $0.215 drop and found this more conservative ascending parallel channel .

This channel gives us a bit more time to monetize an upwards move as the volatility has reduced a little bit over the last few days.

When trading an oscillating price between the support and resistance trendlines of an ascending channel , you would want to enter a long position near the bottom of the channel for maximum risk reward.

Since the trend is bullish in such a channel, we can enter the trade with a bullish bias, making it more favorable to long the supports than to short the resistances.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

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Comments

you were wrong, weren't you?
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
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How would you have charted this? Feel free to post a link to your own idea here as well
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.
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