Hi all, another trade idea I am sharing is XRP/USDT SHORT.
I am in this position exactly as is laid out in the image as I believe this is an extremely high probability trade.
We have "bearish RSI divergence" which means lower highs on the RSI but higher highs in price.
We also have 5 clear waves to the upside with wave (5) being almost exactly the same length as wave (1).
This setup often signals a retracement to the downside. The 0.382 retracement of the 5 waves is a great place to take profit on this short.
Entry 0.4670
Stop loss 0.4782
Take profit 0.4515
Risk to reward ratio 1.45
Best of luck on this one! As always, not financial advice, is only intended for educational purposes.
I am in this position exactly as is laid out in the image as I believe this is an extremely high probability trade.
We have "bearish RSI divergence" which means lower highs on the RSI but higher highs in price.
We also have 5 clear waves to the upside with wave (5) being almost exactly the same length as wave (1).
This setup often signals a retracement to the downside. The 0.382 retracement of the 5 waves is a great place to take profit on this short.
Entry 0.4670
Stop loss 0.4782
Take profit 0.4515
Risk to reward ratio 1.45
Best of luck on this one! As always, not financial advice, is only intended for educational purposes.