XRP looks ready for a breakout after the spring a few days ago.
Analysis: XRP's is trading in between resitance (3) and support (1) at the moment and looks ready for a breakout after the spring a few days ago. If support (1) doesn't hold, support (2) is a raising strong support line. If the price drops below, we have to sell XRP. If we see a breakout, this is a trade a like because of the raising support line. This will improve your risk/reward every hour after the breakout occured till it is a zero risk or profitable trade.
MACD: Is almost giving a buy signal RSI: Neutral / Positive - (above 50 points)
Buy: Aggresive traders: If an hourly candle closes above resistance (3) Conservative traders: If hourly candle closes above the bullsh confirmation line
Targets: Please find the targets in the chart
SL: 1. If a candle closes below support (2) 2. Or if a candle closes below support (1)
Don't hesistate to ask me questions and good luck!
Trade active
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Breakout occured, XRP is now fighting with it's bullish confirmation resistance. We migh see a bullflag forming next hours to trigger a surge to higher levels.
How do you set a stop loss after the candle closes below support? As I see it, you can only set a stop loss, withought conditions that it sets it after 1 hour candle. Could you explain what do you mean by that? Because breakups or breakdowns happen so fast in one hour you can be 10% lower. If you set it immediately after it triggers, you usually get burnt if if moves back up very fast. Could you explain me how you do it, please? Thank you.
valtzu111
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@jerry2000, you cant afaik. so when you set a stoploss, when price drop to that target your coins get sold. cant add any conditions to that. thats why its hard to find a good entry. most frustrating thing is getting stoploss triggered by a small dip
jerry2000
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@valtzu111, thank you the answer, I am quite new and I allways get to the bad things it seems. If I set a stoploss it triggers just to turn around (for upside and downside), just happened to me because the break seemed not to have any follow through and when I look at the peak I am usually the last to buy at the high price. And then it turns around. Same with stoploss, it sells and then turns or if I am by computer and don't sell, looking for confirmation after 15 minutes it is deep in red like -5% and then I don't seel just to make things worse...
So there is not an instrument for that on any exchange? So I have to set a stop loss and that's it? If I am not at the computer. Huh. So I am not the only one who sells just before things turn around I guess...
So in fact after the break I can not wait for confirmation? After 30 minutes it is usually like +10% like litecoin and BCH today or deep down, one literaly has to guess...
Thank you for the explanation though. If it was easy everybody would be ritch I guess...
jerry2000
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I think one problem is because on this exchanges one large order can also empty order book quite fast so it dips more than it is supposed to if there were no stopsgetting triggered.
escmode
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@jerry2000, maybe you need a trailing-stop loss - check out 3commas
Trades999
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@valtzu111, True, I read this after my answer. Thanks for the explanation
Trades999
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@jerry2000, True, a stop loss with those conditions isn't possible to set. A break of support is only valid if a candle closes below the support line. E.g. you can choose to set a SL a little lower, to prevent your trade from a spike for the risk/reward you want to make the trade. SL isn't the right terminolgy here. SL = Sell. Thanks for the feedback and good luck ;)
Tylax-Finances
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I like it man, but did you get those two targets?
Tylax-Finances
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@Cash-Dash, sorry I just saw the wick which gives you target 2.. :)