XRP/USD - My Opinion: Let's Go Below $0.60

I do NOT think the bear trend is over.
Until BTC closes hourly above 9K with conviction, I will not be considering any long position for the short term.

I have put the relevant information regarding this position on the chart.
**It is important to note the XRP short volume on bitfinex has dropped significantly. This means fewer people are actively shorting now.

Transparency: My base price for this short is at $0.93xx, my SL is below my entry so this is a risk free trade for me.

Feel free to stand on the sideline and watch, analysists have different opinions on short term price action.

- $1.07 SL is the candle body of wave 1. Will invalidate wave count. (Like I mentioned, I will not be using this SL. I will use my entry as SL for a risk free trade)


Good luck!

Kommentar:

This educational post talks about my thought process in reading candle stick charts. Candle sticks tell the story: not only the price actions but also traders' psychology.

I then use other indicators/charting techniques to find confluence to justify my claim.

In the end, I am left with an entry, target, and stoploss.

From then on, the work is done. Stick to your strategy or all your actions will be based on fear and panic.

What is panic?
Panic is when you say to yourself "Right NOW".

I have come to learn that, "Right Now" is almost never the best time.
Take it slow and use tight stoplosses my friends. I don't want you guys/girls to get trapped in a bad trade.

Trade geschlossen: Stop wurde erreicht:

Profit was taken at .83 and .85

The remaining stack is sold at close to entry with a tiny profit.

Kommentar:

I still think the correction is not over, i may re-enter at 1.04 or .96

Trade ist aktiv

Kommentar:

short again at $1. Risk is acceptable.

Trade ist aktiv:

- Base price: $1.00
- $0.94 --> 6% profit take a tiny bit.

Kommentar:

***LEARNING FROM MISTAKES***
A missed opportunity from yesterday - Long at $0.78 (missed out on 28% profit)

- I did not immediately identify wave A in real time.
- We know that a 5 wave corrective pattern cannot stand on its own. This means there will be another wave up inevitably. However, it is risky because there are many corrective patterns that may develop. This means you will not necessarily have a clear target in mind.
*This is also why I don't like trading on corrective patterns.

- At the same time, it may be good for very short term scalp, since it is almost a guarantee that the price will rise in another leg of the corrective pattern. How much? We cannot know.

Trade ist aktiv:

- Base price: $1.00

- Profit:
- $0.94 --> 6% profit take a tiny bit. (TAKEN)
- $0.83 --> 20% profit take a bit (*Next*)
- $0.77 --> 30% profit take more

Trade ist aktiv:

- Base price: $1.00

- Profit:
- $0.94 --> 6% profit take a tiny bit. (TAKEN)
- $0.83 --> 20% profit take a bit (TAKEN)
- $0.77 --> 30% profit take more (*Next*) (**Don't take all)
-----
If you found this idea helpful/feeling generous, please do leave a tip @

- BTC: 12L635hTz12ZcwBzdixwKyWYpkpUa5ve8p
- ETH: 0x05f171e02092ce9200779ace56ff1b1411e1ec26
- LTC: LTFr3Jp445vENZUZQopQPoqRgeSyGs36fe
- DOGE wallet: FbpXW9UUuVNyJLEWPvDUvjEUHEpPLLAUJ

And please do pm me so I can thank you for your generosity/ maybe answer a few questions of yours.

Trade ist aktiv:

This is my chart for today.
Obviously just a prediction, we must remain market neutral and adjust our targets accordingly to the price action.

*Blue texts are of smaller degree of red texts
*We are in 4/5th subwave of a larger degree wave 3

This is very short term, I will not be answering questions re; this update.

*I am sharing this update because my .382 ret expect (dash line in blue) on the left has held. Giving me confirmation that my wave count is currently correct. Should rules be violated, we will need to recount. I am providing a template here, and will most likely not be updating in real time.

Kommentar:

- Base price: $1.00

- Profit:
- $0.94 --> 6% profit take a tiny bit. (TAKEN)
- $0.83 --> 20% profit take a bit (TAKEN)
- $0.77 --> 30% profit take more (Taken at 0.792)
-----
If you found this idea helpful/feeling generous, please do leave a tip @

- BTC: 12L635hTz12ZcwBzdixwKyWYpkpUa5ve8p
- ETH: 0x05f171e02092ce9200779ace56ff1b1411e1ec26
- LTC: LTFr3Jp445vENZUZQopQPoqRgeSyGs36fe
- DOGE wallet: FbpXW9UUuVNyJLEWPvDUvjEUHEpPLLAUJ

And please do pm me so I can thank you for your generosity/ maybe answer a few questions of yours.

Kommentar:

**RED BOX HAS BEEN REACHED***
***NEW TARGETS WILL BE UPDATED ONCE I HAVE ENOUGH DATA***
***LOOK FOR BUYS TO LONG*** (risky, trading against trend, take care)

Trade ist aktiv:

I am now long for wave 4 to $0.85

Kommentar:

**I HAVE CLOSED LONG POSITIONS FOR WAVE 4**

- Base price = $0.778
- Sold = $0.838

-->Another 7% gain!

Should the price continue to rise and reach $0.84 ~ 0.87 , I will open short positions for wave 5.

Trade ist aktiv:

Seems like wave 4 has ended, unless proven wrong.
- Short base price = $0.85 (caught the top)
- Target = $0.70 for 21% gain

Kommentar:

Obviously, in the grand scheme of things, a bull market is easier to play than a bear market.
However, I have been pretty accurate over this bearish period, consistently booking 10-40% wins in total daily!

I hope even if you missed out on profit because your exchange doesn't offer leverage short, you still managed to save a lot of losses because of my ideas.

I plan to update this particular idea until wave 5 has ended. That will conclude this post.

Since I have been posting about ripple for a while, I plan to compile an archive of my ripple trades. (Will be me analyzing my ripple trading journal). This will be made available to the tippers only. So if you are interested, please PM me.

Good luck folks!

Trade ist aktiv:

Forgot to mention - SL is $0.885

So in summary:
- Short base price = $0.85 (caught the top)
- Target = $0.70 for 21% gain
- SL $0.885

Trade geschlossen: Ziel wurde erreicht:

There we go! All targets reached!

If you found this idea helpful/feeling generous, please do leave a tip @

- BTC: 12L635hTz12ZcwBzdixwKyWYpkpUa5ve8p
- ETH: 0x05f171e02092ce9200779ace56ff1b1411e1ec26
- LTC: LTFr3Jp445vENZUZQopQPoqRgeSyGs36fe
- DOGE wallet: FbpXW9UUuVNyJLEWPvDUvjEUHEpPLLAUJ

Much love!

Trade ist aktiv:

Look for buys at around $0.50!

Refer to the initial post.

Kommentar:

we will only go to $0.50 if $7300 support for btc fails to hold.

I am cash now and market neutral.
I am waiting for trend confirmation before entering any trade.
I strongly suggest you do the same even though I am not a financial advisor.

There is a golden rule: most successful traders don't try to catch tops and bottoms. They wait for confirmations.

Trade ist aktiv:

Buy order set - ladder from $0.51 to $0.36

Kommentar:

Some thoughts:
XRP will no longer be added to my long term portfolio.

We have retraced more than 80% of the all-time high.
Hell, even dogecoin held in stronger......

The corrective pattern is expanded yet deep, and ugly in general, contrary to that of EOS and many other coins.

Since I do not read much re; fundamentals, (the premise of TA being market participants' reactions to news will be captured and displayed as price action), I think this 80% correction represents the overall negative sentiment of the crypto space towards a centralized and premined coin.

That being said, xrp remains a healthy day trading candidate.
One not-so-obvious reason for me is that I only have to type a few digits when laying orders since the unit price is so cheap. It is also easy for me to do some PnL math inside my head. And most importantly, the % change is magnified.

I will continue to day/swing trade xrp should it continue to exhibit its current volatility. But long term HODL? I'll pass.

Trade geschlossen: Ziel wurde erreicht:

We are now below $0.60 - I hope this idea has saved you a LOT of $ if you were going long!
Another ripple success!

To those who were emotionally invested in positions/gave me sh*t for posting ripple shorting ideas, I hope you learned a lesson: it is always easier to trade with the trend.

The market took your $. I took your $. The followers took your$. And rightfully so.