We are now in Wave 5, and as I write this, maybe the end of Wave 5 and the higher degree wave.
This is a very cluttered chart, so let me go through a few things.
There are a bunch of yellow lines that I usually dont have on my charts. These represent support/resistance areas in the past. The thicker the line, the farther back it goes. The solid ones represent resistance areas and the dashed ones represent support ones.
As you can see, in this 0.5 range there 6 of them. Also in the first 1/3 of this range is the HA(R1)... AND, while not plotted here, there is also a 200 EMA here also.
I got back in last night around 0.43 and got out at 0.53. What this means is that I missed a 0.04 range of profit... hopefully I dont repeat that here. However, it is important to take profits. Remember, this is Wave 5 with a 4H RSI at 94 currently, and the Daily RSI at 82. This would be a great area to retrace a bit before the next push up past 1.0.
That said... market sentiment is EXTREMELY BULLISH and it could go to 1.0 today, I honestly have no way to predict the end of this, but when it comes.. there will be a sharp fall as it corrects, so be prepared.
This is a very cluttered chart, so let me go through a few things.
There are a bunch of yellow lines that I usually dont have on my charts. These represent support/resistance areas in the past. The thicker the line, the farther back it goes. The solid ones represent resistance areas and the dashed ones represent support ones.
As you can see, in this 0.5 range there 6 of them. Also in the first 1/3 of this range is the HA(R1)... AND, while not plotted here, there is also a 200 EMA here also.
I got back in last night around 0.43 and got out at 0.53. What this means is that I missed a 0.04 range of profit... hopefully I dont repeat that here. However, it is important to take profits. Remember, this is Wave 5 with a 4H RSI at 94 currently, and the Daily RSI at 82. This would be a great area to retrace a bit before the next push up past 1.0.
That said... market sentiment is EXTREMELY BULLISH and it could go to 1.0 today, I honestly have no way to predict the end of this, but when it comes.. there will be a sharp fall as it corrects, so be prepared.
Comment:
Wave C of ABC assuming this is going to be a simple ABC correction of the higher degree wave. It could end up a Flat ABC or the C leg could go to the 0.5 fib... or even the 0.618. We are looking to keep it above the end of Wave 1 to maintain bullish direction.
Comment:
Anyway, while I didnt loose any money I did loose a significant amount of overall position size from where I bought at 0.285. I was aiming to build up to 100k XRP but im way off now. I keep selling to early then having to buy in again 0.3-4 higher which is eating up my position size.
I suppose profits are profits, but this isnt supposed to be about profit trades each day... this is about building up my position size while we shoot for the moon so I can hit $1,000,000 when XRP hits 10$... now... XRP has to go over 20$ for me to hit $1,000,000. Its irritating.