FerroIgnique

XRP Target setting and Strategy

Long
KRAKEN:XRPUSD   XRP / U.S. Dollar
Dear Trading Log,
If we start on the 21st we can see a bullish wedge in blue and we broke up. The difference between the high and the low of that blue wedge is -18.8%. we consolidated over the course of two days and then moved up impulsively again first hitting a target just about $.55; The blue bar for the measured move is a little difficult to see but it’s there. After consolidating at $.55 for several hours we moved impulsively again up to .785 cents. We retraced 28% to .563.

One of my strategies on retraces is to draw fibs and see if/when the price action breaks above the .5 or higher. In this case we hit .786. Given the likelihood that Polish wedges break up, the spark airdrop, and information in previous posts I believe the next stop is going to be at the 1.618, or 92 cents. These poor backs are getting bigger, hopefully that trend is over.

Current plan is to stop adding to my position at $.80 take & and take profit @ .92. If the price moves convincingly above $.85 I will trail up my Stop-loss to 85 and delete my take profit.

Comments

Isn't this a bull flag ?
Reply
Trade closed, stop loss reached at the 4h VStop.
Reply
galdamezhenry FerroIgnique
@FerroIgnique, Do you thin it could drop after everyone gets their spark tokens?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About 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 Private Messages Chat Sign Out