XRP is overall bearish trading inside the red channel. But since it is approaching a strong demand zone (as shown in green), we will be looking for buy setups (long-term)
The upper red trendline is not valid yet (only connecting two swings) so we will be waiting for a third swing to form around it to consider it valid (projection in purple). In this case, the third swing would be considered our trigger swing.
Trigger: Waiting for a momentum candle close above the gray area to buy. (after the swing high is formed as shown in purple)
Until the buy is activated, XRP would be overall bearish trading inside the red channel and can still dive inside the huge demand area(s) in green before going up. In this case, we will be looking for buy setups on lower timeframes (M30 and H1) as it approaches the lower red trendline(acting as an oversold area).
And of course, as XRP approaches our upper blue supply zones, we will be looking for sell setups.
As per my trading style:
When our buy is activated, the stop loss goes below the last swing low, and I target double the stop loss size.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
The upper red trendline is not valid yet (only connecting two swings) so we will be waiting for a third swing to form around it to consider it valid (projection in purple). In this case, the third swing would be considered our trigger swing.
Trigger: Waiting for a momentum candle close above the gray area to buy. (after the swing high is formed as shown in purple)
Until the buy is activated, XRP would be overall bearish trading inside the red channel and can still dive inside the huge demand area(s) in green before going up. In this case, we will be looking for buy setups on lower timeframes (M30 and H1) as it approaches the lower red trendline(acting as an oversold area).
And of course, as XRP approaches our upper blue supply zones, we will be looking for sell setups.
As per my trading style:
When our buy is activated, the stop loss goes below the last swing low, and I target double the stop loss size.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
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www.RichTL.com
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