HEY GANG sorry I have been gone for so long, but it has been a busy month or two! I'm not fully back in the habit of posting, after all the trouble I had getting banned for putting my YouTube channel links in my posts, unknowingly. Anyhow, thanks for the message from my good man who asked me to give an update on what the fibs say!
Last week, I sold my XRP bag and took a 32% profit overall, at 0.42. Then I had to watch it pump to nearly 0.80. That wasn't fun. But it's all good, because I made several good gains on a few other projects with that money, and if I buy in on the next dip, I'll end up with more XRP than what I had before. Careful planning is all it takes, and the courage to trade when you see profitable opportunities out there. So let's look at some possible landing spots, based on the technical indicators that I love so much... the magical fibs, and the Volume Profile!
As you can see on my chart, I have a big green box. This is a new thing I'm doing. I call it my "strike zone", or "kill zone". This is how I plan out my buying opportunities, and I have to force myself to adhere to my plan and not deviate, or let the good ole FOMO virus cause me to fly by the seat of my pants. Thus far, since implementing my new trading strategy, I've doubled my money since September. The strike zone I have for XRP right now is based on my two favorite indicators. Let's go over what we see.
1. Fib Analysis - the magical fib circle set in green based on the date range of September 24th to November 21st is what I have recently constructed since the pump. I think this set has some magical powers. Thus far, it has shown some confluence with price action where it showed us some gravitational attraction power as the price stuck to the 1.0 line during the major consolidation, and where it jumped off to the first significant pump on the 1.618 line. I think that's enough evidence to prove its value as a good set for predicting future pivot points. As I sat and prayed for a correction when we took the rocket ship to 0.78 (haha), it looks like we have finally taken a break where we can look at possible landing spots. We didn't have a firm rejection on the 2.618 line, probably due to the trading fervor, but we did bounce around that line enough that we have the possibility of looking at a drop to the 1.618 line. There's not enough time that has passed yet to know for sure that the correction will continue, but if it does, the probability of the first bounce will be a lot higher if we complete a full 4-hour candle close that falls below roughly 0.64. If that happens, I'm going to have a lot more confidence in a possible landing spot on the 1.618 that would put us into my strike zone. If we drop into the box, that is where I'll buy my first bag again. The stochastic cycle is looking bearish, and momentum is building for a continued drop. When you consider the lower high on the OBV peak along with the stochastic cycling down, we have a higher possibility of making it into this strike zone where I'll start taking action.
2. Volume Profile - The VP gives me two targets for buying. The first is the volume node we see just below the top of my strike zone box at 0.54. I'll be re-purchasing my original amount of 1250 XRP at that point without question. If we bounce up there, I'm good with sticking to that buy order. If we continue to drop again, the next target comes into play with the volume node at 0.445. If that happens, I'll double my bag. That's just too tempting NOT to buy again, if it happens. I don't really need to get that second bag, but the fact that we are in a bull market tells me that it would be a safe bet. We know that these prior volume nodes are popular trading points for the institutional investors, so I'll definitely follow the whales and take the ride WITH them, and not play AGAINST them.
If neither of these scenarios play out, I might jump back in before the next ride up, because there is just such tremendous up side to XRP. I'm thinking a 40X run is possible between the current time and the fall of 2021. But I have to stick to the game plan and not fly by the seat of my pants. What I've learned in the last few months is that making a game plan PRIOR to jumping into buying decisions will absolutely increase the chances of staying safe and making profitable trades. I've finally mustered up the courage to ditch my old "HODL-for-the-long-haul" method, and trade to increase my positions. It's better to keep it safe and trade with small amounts rather than risking it all without a plan and hoping for the best. So I'll continue on with my new knowledge and trading experience, and keep on making these big fat gains!
What are YOUR thoughts on the current market? Do you think BTC will make a run to 23k before the final correction? Right now, I don't think we have any evidence that we have peaked. The overall movement of BTC is still on a solid up trend. But once the big correction sets in, I think the opportunity for accumulating alts will be fantastic. But don't take it from me, because I'm not the financial wizard. I can't predict the market. I'm just a little guy trying to stack these tokens and make enough money to buy the kids new shoes. And I would love to hear your expert opinion!
That's all for now. Until next time, have a very happy Thanksgiving!
Carlton Flowers
The CryptoPro
Last week, I sold my XRP bag and took a 32% profit overall, at 0.42. Then I had to watch it pump to nearly 0.80. That wasn't fun. But it's all good, because I made several good gains on a few other projects with that money, and if I buy in on the next dip, I'll end up with more XRP than what I had before. Careful planning is all it takes, and the courage to trade when you see profitable opportunities out there. So let's look at some possible landing spots, based on the technical indicators that I love so much... the magical fibs, and the Volume Profile!
As you can see on my chart, I have a big green box. This is a new thing I'm doing. I call it my "strike zone", or "kill zone". This is how I plan out my buying opportunities, and I have to force myself to adhere to my plan and not deviate, or let the good ole FOMO virus cause me to fly by the seat of my pants. Thus far, since implementing my new trading strategy, I've doubled my money since September. The strike zone I have for XRP right now is based on my two favorite indicators. Let's go over what we see.
1. Fib Analysis - the magical fib circle set in green based on the date range of September 24th to November 21st is what I have recently constructed since the pump. I think this set has some magical powers. Thus far, it has shown some confluence with price action where it showed us some gravitational attraction power as the price stuck to the 1.0 line during the major consolidation, and where it jumped off to the first significant pump on the 1.618 line. I think that's enough evidence to prove its value as a good set for predicting future pivot points. As I sat and prayed for a correction when we took the rocket ship to 0.78 (haha), it looks like we have finally taken a break where we can look at possible landing spots. We didn't have a firm rejection on the 2.618 line, probably due to the trading fervor, but we did bounce around that line enough that we have the possibility of looking at a drop to the 1.618 line. There's not enough time that has passed yet to know for sure that the correction will continue, but if it does, the probability of the first bounce will be a lot higher if we complete a full 4-hour candle close that falls below roughly 0.64. If that happens, I'm going to have a lot more confidence in a possible landing spot on the 1.618 that would put us into my strike zone. If we drop into the box, that is where I'll buy my first bag again. The stochastic cycle is looking bearish, and momentum is building for a continued drop. When you consider the lower high on the OBV peak along with the stochastic cycling down, we have a higher possibility of making it into this strike zone where I'll start taking action.
2. Volume Profile - The VP gives me two targets for buying. The first is the volume node we see just below the top of my strike zone box at 0.54. I'll be re-purchasing my original amount of 1250 XRP at that point without question. If we bounce up there, I'm good with sticking to that buy order. If we continue to drop again, the next target comes into play with the volume node at 0.445. If that happens, I'll double my bag. That's just too tempting NOT to buy again, if it happens. I don't really need to get that second bag, but the fact that we are in a bull market tells me that it would be a safe bet. We know that these prior volume nodes are popular trading points for the institutional investors, so I'll definitely follow the whales and take the ride WITH them, and not play AGAINST them.
If neither of these scenarios play out, I might jump back in before the next ride up, because there is just such tremendous up side to XRP. I'm thinking a 40X run is possible between the current time and the fall of 2021. But I have to stick to the game plan and not fly by the seat of my pants. What I've learned in the last few months is that making a game plan PRIOR to jumping into buying decisions will absolutely increase the chances of staying safe and making profitable trades. I've finally mustered up the courage to ditch my old "HODL-for-the-long-haul" method, and trade to increase my positions. It's better to keep it safe and trade with small amounts rather than risking it all without a plan and hoping for the best. So I'll continue on with my new knowledge and trading experience, and keep on making these big fat gains!
What are YOUR thoughts on the current market? Do you think BTC will make a run to 23k before the final correction? Right now, I don't think we have any evidence that we have peaked. The overall movement of BTC is still on a solid up trend. But once the big correction sets in, I think the opportunity for accumulating alts will be fantastic. But don't take it from me, because I'm not the financial wizard. I can't predict the market. I'm just a little guy trying to stack these tokens and make enough money to buy the kids new shoes. And I would love to hear your expert opinion!
That's all for now. Until next time, have a very happy Thanksgiving!
Carlton Flowers
The CryptoPro