BITFINEX:XRPUSD   Ripple / U.S. Dollar
Rules for RSI 80-20 Reversal Strategy on chart
Short Confirmations -
Price stretched away above 50 sma
Macd Overbought & crossed below Red line
RSI Overbought and falling
Comment: Market timing on this pair was wrong - 2 other possible short trades
Comment: I had a buy stop and sell stop. Buy hit and take profit was made. Now I am watching for a morning star reversal bearish candle pattern to form and i will make another buy stop above previous take profit level.
Comment: Morning star candle pattern formed for sell
I like this chart and your analogy... I have been a bear then a bull and now I am a bear again.
@WizardOfRealms, Great job - a trader needs to be like a chameleon - able to change color or directional bias as the market moves.
+1 Reply
WizardOfRealms Tradingstrategyguides
@Tradingstrategyguides, Thanks man! Was a huge crazy fake that started yesterday...
Hi About your buy stop.. was it your max buy price and then you set a sold at the previous resistance ?
@Docop1, Yes - but I was watching this breakout at my buy stop on a 5m chart. There was a breakout - then a hook pullback - but no go continuation. The go pattern failed and the hook took price back below the breakout level so I closed my trade.
@Docop1, Then I started looking for a morning star bearish candle pattern to find a sell entry point
it will come back to 0.90 range what do you think ?

now also RSI pretty high
+1 Reply
@ribame4, I think it is working it's way back there.
okey bro thanks for the update
i took my profits at 1.20$
now tell me please what is the good coming point to buy again
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