I have to admit, i never look at the Ripple charts. But hey, yesterday I saw everyone turning bullish on this centralized asset so dont mind me checking this out.
What happened this morning (morning for me) to XRP? Flashcrash? Why is nobody talking about that.. XRP dumped from 0.82 to 0.5 or is tradingview messing things up here??
Anyway yesterday I followed some experts advice and bought some XRP. Man oh man, why do I sometimes listen to these people..? I got stopped out within the hour. F that. But thats what stoplosses are for so it's not that big of a deal anyhow.
Back to work.
On the daily charts we see that XRP is far from bottomed out yet but the 4/6/12 hr are turning bullish already. So what to do?
Let's give it a go with stoploss ofcourse. And please dont listen to me. This is a high risk trade cause there's no clear direction for me.
I will enter around 0.8 with first target 1.24-1.31. Next target 1.50.
This flashcrash, if it really happened, is messing the chart up. Therefor be extra careful when entering this trade.
@jbeezleyenterprises, I base my stoploss on price action, trend lines, fib levels, volume profile indicator. Trailing stops when target is met regularly around 5%.
jbeezleyenterprises
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I really appreciate your insight and your tradable info, especially for a newby. XRP is at .77 now are you say you are long here and looking for it to go to 1.24-1.30. Is that resistance at 1.24? If it break that level you are expecting it to go to 1.5
Thanks
M0S
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@jbeezleyenterprises, Dont trade based on someone else's advice.. you don't want to take this trade based on my assumptions. I am long indeed. Those targets are based on fib levels which are common sell areas.
yusuf987
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the problem with stop losses are that the big guys can eat up everyone with the bots they use. hence, when you see these huge wicks. thats what happens. sometimes it can go the other way and you can set your sell order over double and it might trigger also. so all those who had stop losses really low, will have got eaten out and lost a lot of money.
M0S
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@yusuf987, Yeah, for sure. But when not using stoplosses you could end up losing a lot more. Got to be strategic.