This is not my style of trading as i usually go with the trend. We have seen such a huge push in the bitcoin price that we have not had a proper retrace. i feel now that BTC has tested the 10k area we could see a sell off coming before going higher to the 13k area.
According to the Cot figures released from last week. We saw no new positions being added into the US Dollar only positions being removed. For the NZD we saw the same thing happen. More Long positions were removed than shorts which is why on Thursday we saw this pair go short then Long. Possibly to build liquidity to take this pair Long. But we will have to wait...
i am currently bullish on Crypto Currencies at the moment. Seeing as there has been a lot of movement in the news about certain cryptos i think the rest will all ride the momentum until 1 becomes a victor which i believe will be XRP
After watching XRP price movements for a while i have placed a possible Long setup i think that could play out. Crypto is way more volatile than Forex but i think XRP is on the rise and its only the beginning for the XRP take over.
This is my potential Long setup on gold. this is a 1 to 1 setup once the trade is close to 100 pips up will I then move SL to breakeven. I do see gold potentially reaching 1300 but that will take some time, for now 1275 is my target 1.