ScottCarney

XRPUSD Failed PRZ Followup

BITSTAMP:XRPUSD   XRP / U.S. Dollar
Followup from last post: Looking for retracement patterns like XRPUSD in the past would usually provide reactive opportunities against critical pivot points but clearly in the environment we are dealing with this is not business as usual. Let's look at the failed PRZ. We had/have 4hr Bullish Bat @HOP with HSI (Green Arrow) = a setup I look for in every PRZ. HOP Level at 0.1940 with HSI , Target 1 was .27, Stop (suggested at least 0.015 = 4/1 RtoR)
XRPUSD bumped for a day or so and then puked...failed. A losing trade! I started my entry at the .20 area and took a hit. Not what I want but a must-see review and assessment that something larger is at hand.
With mkts failing this PRZ, I must defer to daily timeframe and wait. I am trying to be contrarian and look for overextended long opportunities but this might better be reflected more in Crab patterns than retracement structures like the Bat. There will be long opportunities to come but I will be waiting for a full 88.6% retracement of last year's rally - much like SP500 , NASDAQ and others - before looking at bullish harmonic patterns . Stay tuned...
Scott Carney
http://www.HarmonicTrader.com
Founder

Comments

How do we get those indicators?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out