Our poor friend Ripple looks like he's gone 10 rounds with Anthony Joshua (WBA Heavyweight Boxing Champion) and came out worse. So time to give him some much needed love and TLC.
This long setup is a R:R 3.5:1 trade, which may take a bit of awhile to get moving. This trade supplements the related trade below...
Sean Vengan 10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING: In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading. We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE. Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades). Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY. Always factor in "WHAT IF I LOSE MONEY ????"
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HI Sean, love your trading setups, they are the best on TV, just a head's up im sure you're familiar but the reason XRP keeps falling through supports is b/c IBM's Stellar Lumens news, Looks like IBM wanted to stick it to Brad Garlinghouse the way he stuck it to SWIFT so they launched the news on the 1st day of the Ripple conference and talked up the global payments platform, it got picked up by Asian news that affect XRP trading, but wasn't overhyped in most crypto media... Then yesterday the Japanese guy that started a crypto exchange focused on Ripple got arrested on fraud.... I was long XRP at .25 and am holding. Brad G. was #1 at his class at Harvard Business School and I believe in his management abilities.... it should have hit .38 by day 3 of the conference...-this info is from SCALP trader on Briefing on Bloomberg... so theoretically we're oversold on 2 pieces of news that have very little effect on XRP's future...
Orion_da
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@Krisworldwide, and I don't need to tell you that the Stellar Lumens news is lame at best, they will test it with Tier 3 banks in the South Pacific like Fiji while Ripple is pitching Bank of America ..looks like the news hit closer to Asia where most of the XRP trading is done and so it was a bit of bad luck
vengatan
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I have been observing alot of the crypto currency and for example Ripple and ZEC etc.
It seems impossible how the demand of 2 million XRP vs Supply of say 10 (and 300 over buyers vs 5) can stay stagnant at a price point for nearly 12 hours.
And I also find that they all move almost immediately only to movement of btc with immediate impact and the actual order books mean nothing of the outcome (ie the prices can fall drammatically when bitcoin moves even with millions of buy and and 10 sell at 1 price point which stays stagnant for 12 hours but drop immediately with BTC move.
Is any of these real or are we dealling with mostly all just algorithm with fake buying and selling numbers which only reacts to btc price point and there is no point looking at the buy sell books which means all indicators arent gonna work anyway since its all not real?
Over the many years I have traded I have no value for Market Depth, I have seen it being manipulated so many times that it is far too unreliable for me to trade with. I completely ignore it now.
sean9
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@SEAN_VENGAN, Just recently I was thinking how much value should I give the displayed market depth!
Thanks for your answer to that question!
vengatan
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@SEAN_VENGAN, a second opinion to me really means alot . However my thought is the indicators used to project probabilities of direction and extent are based on the order books, so how does that gel with using technical indicators when they are based on flawed manipulated data?
Sebinator007y
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Hello @SEAN_VENGAN may I get an invite to your Telegram goup?
UnknownUnicorn1063189
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@Sebinator007y, @ anacondasniper, Of course I will Pm you both, thank you.
anacondasniper
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Hello @SEAN_VENGAN, may I get an invitate to telegram chat? Much appreciated. Thanks friend!