Hey guys! It's been a while. Figured today would be a good day post about what it takes to have the mindset of a solid trader. Even if you are more of a non-active HODL type investor you need to be aware of your timing into the market. Well, today is one of those rare days where the stars align.
Check out the 1hr chart. The downward trading channel in red is in a solid .06¢ to .08¢ range. Price is dancing above the long-term trend support line in green which is upward. The RSI just plowed under the 20% range. Draw a circle around that price action and you won't get a better buy signal.
Sure, the price may break lower, but that's what stops are for. Right now I'm in at .378¢ with a .375¢ stop. I set my trigger alert at .38¢ so I can watch what kind of down pressure there is and pull my stop if it warrants. You can use the same strategy whether your going for a swing trade or long-term position. I've been honing my trading research on TradingView opting to use 1hr against the 1m, while scanning BTC in the same manner. Makes for a great cross-reference.
You should always fight for the absolute bottom, especially if you're the HODL type. Why take a position at .38¢ only to let the market run you down to .25¢. Sometimes you'll get whipped, but that's where the 1m really helps. The more you watch, the more in-tune you'll become.
That blue light special just flashed!
Now Get $ome, XRP!
Check out the 1hr chart. The downward trading channel in red is in a solid .06¢ to .08¢ range. Price is dancing above the long-term trend support line in green which is upward. The RSI just plowed under the 20% range. Draw a circle around that price action and you won't get a better buy signal.
Sure, the price may break lower, but that's what stops are for. Right now I'm in at .378¢ with a .375¢ stop. I set my trigger alert at .38¢ so I can watch what kind of down pressure there is and pull my stop if it warrants. You can use the same strategy whether your going for a swing trade or long-term position. I've been honing my trading research on TradingView opting to use 1hr against the 1m, while scanning BTC in the same manner. Makes for a great cross-reference.
You should always fight for the absolute bottom, especially if you're the HODL type. Why take a position at .38¢ only to let the market run you down to .25¢. Sometimes you'll get whipped, but that's where the 1m really helps. The more you watch, the more in-tune you'll become.
That blue light special just flashed!
Now Get $ome, XRP!