XRP has followed a very consistent pattern found on the monthly chart via it's rises, retraces and closes. It isn't hard to see. Note my previous linked vids I have done in the past. There is no sense in churning out vid after vid each week on XRP like all the Youtubers who need their click revenue. But then again, maybe you're trying to scalp or day trade it. Have at it - I'd rather Hodl!
Great Insight on XRP, can you by any chance explain your view regarding where to set good stop loss and take profit? saw some of your previous video and you said something like: Places Stop loss placed blow the lowest wick value in previous 8 candles.
tradesetups
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@hybridgraphicsstudio, Thanks for your comment. As I am not day trading crypto, I hold them. Therefore no stop losses are used. I am of the opinion that useful digital assets such as is XRP, could appreciate far beyond what it is currently valued at.
hybridgraphicsstudio
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@tradesetups, Thanks for the response, just want you to give an insight on how you set your stop loss and take profits on day trade. Have seen some of your video's and your logic to trading is a masterclass
tradesetups
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@hybridgraphicsstudio, Wow! Thanks for the nice compliment. With regard to where I place stop losses and take profit, i'd say it is secondary. It is more about how much you are willing to risk per trade. I am comfortable with a conservative 1% max risk on any given trade. So if I want to use a wider stop loss, then I would size the position to fit the size of the stop loss. For example, let's say I am going to risk 50 pips in a Forex trade on the GBPJPY and my account size is 10k, then my position size would be 0.228 lots. This puts me at about $2 USD per pip I'd lose if I was stopped out (50x2= $100 which is 1% if 10k) I use an app called Stinu for calculating my risk and pos size. The way I set my stop losses and TP is largely depending on what the structure may yield. If I DON'T feel there is a potential for a good RVR then no trade is taken. Obviously, a good RVR (risk v reward) is 2:1 to begin with. I am too keen on 1:1 trades but sometimes I'll take them. But, I generally look for at least 2:1 and beyond. Make sesnse?
hybridgraphicsstudio
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@tradesetups, You're such a genius and i really glad you could share that with me and everyone on here. You really are a blessing to us all
tradesetups
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@hybridgraphicsstudio, Ha ha! Well not a genius by a long shot. Just very familiar with price action. But thank you for your vote of confidence and kind words.
hybridgraphicsstudio
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@tradesetups, You're welcome, if you have any course or some please let me know coz i'll so much like to have more insight so i can trade crypto daily :)
tradesetups
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@hybridgraphicsstudio, you can look me up on youtube under "Foster Scott" M1 Trade Set-ups" I have several vids there as well. Lots of tidbits of info.
hybridgraphicsstudio
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@tradesetups, I'll do just that but i really want an indept Tuts on crypto futures trading but i'll check your youtube and see