Just a quick trade idea. Seems to be a decent r/r for me.
Here's the structure zoomed in.
Entry was around $0.74, targeting the bottom of the big channel structure, with an initial stop near 0.70. and the descending triangle support. XRP has some historical support down near $0.40 and then at $0.32. If the crypto market is going to break down further, I expect many alts to drop 50% pretty quickly. Of course, this idea can get invalidated in the short term with a break above the descending triangle downtrend, where I have a stop loss. Let's see what happens!
This is a personal entry, documenting a trade I'm taking myself. There is always the possibility of loss with leveraged trading, so it's very important to be careful and manage risk appropriately. This is meant for personal use, not as financial advice.
-Victor Cobra
Here's the structure zoomed in.
Entry was around $0.74, targeting the bottom of the big channel structure, with an initial stop near 0.70. and the descending triangle support. XRP has some historical support down near $0.40 and then at $0.32. If the crypto market is going to break down further, I expect many alts to drop 50% pretty quickly. Of course, this idea can get invalidated in the short term with a break above the descending triangle downtrend, where I have a stop loss. Let's see what happens!
This is a personal entry, documenting a trade I'm taking myself. There is always the possibility of loss with leveraged trading, so it's very important to be careful and manage risk appropriately. This is meant for personal use, not as financial advice.
-Victor Cobra
Trade active
Comment:
Another bounce off the $0.70 horizontal support. Not a terrible place to close some, but don't want to let go of a decent entry. Can get choppy - still keeping a stop near the resistance just in case XRP wants to go higher. Stop fairly close to break even.
Comment:
Trade closed manually:
Closed for profit. Can of course continue down but waiting a little to re-evaluate.
Trade active:
Re-entered. Volatility is fairly low for XRP right now so expecting a big move in either direction. My bias is down, but stops set in case I’m wrong in the short term. Seen some big XRP inflows to exchanges over the last two days.
Trade closed manually:
Stopped myself out of this one. Trading this PA is fun (not). If I always posted updates like this I would probably drive myself crazy.
Comment:
Here is an example of why it's important to have stops. XRP did end up testing the secondary resistance, and is currently holding under it. If the market continues down this week, I would expect this to be a good place to short XRP - but not going to take the trade. XRP can sometimes get some surprisingly strong momentum, even when the rest of the market isn't doing much. Often an XRP pump comes before a larger market dump.
