BITFINEX:XRPUSD is trading between $0.2 and $0.3 on 1d on the 4H I observe a potential bump and run pattern in the works signifying a reversal on the trend
Once the pattern fulfills and the upper channel of the downtrend line is broken i expect quick move to retest the top of the range at $0.3. A long is open from $0.22
this trade invalidates if the bottom of range $0.2 is broken
Trade active
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the bump and run pattern is active and in play. prices have broken out the upper band of the channel ..
i scale up my longs after we broke the channel and once prices print a HH. I will adjust my stops to 0.215
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if anyone is interested in the micro view or trading it on 1H I have highlighted the demand zones with the dash lines.. A trader can make a buy/sell decision based on how candles approach at the zones
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the proposed bump and reversal pattern is invalidated.
but since prices fell to the previous low which is close to the bottom range of 0.2$ .. i bought more here my stop loss remains 0.2$
if prices trade below 0.2$ i will close this trade