mariobenitez1618

XRPUSD Technical Analysis 4 hour - Wait for buy opportunity

KRAKEN:XRPUSD   XRP / U.S. Dollar
Hi there.

Current state:

Out. That means we have USD on hand. Looking to enter a trade.
Last trade was successful, hopefully we will identify another good trade. See related idea for details on our previous trade.

Indicators/Charts analysis:

  • RSI is half way there. Neither overbought or oversold. This provides room for the price to rise. Stop loss is needed then.
  • Renko (ATR -14) shows uptrend. We have so far 3 green bricks. However there has been no movement up since last trade. Instead it has been down.
  • EMA 12,26 and 50 all parallel. Indicates trend is horizontal. This means we have to wait to confirm trend.
  • Last 2 candle sticks showed price action moving down. First candle stick pierced EMA 12 and rebounded to open price. Second candle stick also pierced EMA12, but has not rebounded as of this writing. This may indicate a desire to sell more than a desire to buy.
  • Stoch RSI in overbought and starting to come down. This confirms the candle sticks that have formed so far.
  • Awesome indicator showed its first red bar and starting to trend back to 0.
  • Price reached the top of BB. Price may reach mid band at $0.47740. Will monitor this movement as this may provide an entry if mid band support is not broken.

Stop Loss:

$0.53901 - Depending on how price moves, this may be our entry point. If prices move down, we will likely adjust this stop loss.
This is set 2 renko bricks up. Current reko brick based on ATR 14

Target:

Will define target later as we are nearing trade entry.

Alarms:

None at the moment.

Conclusion:

Hold. Patience. Remember: a good trader is a patient trader.

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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**