Rising wedge for XRPBTC 1Hr time frame (Recommend to short)
Hello everyone welcome to my first trade idea about Ripple the cryptocurrency vs its value against Bitcoin. XRPBTC appears to be in a rising wedge pattern and will likely fall in value compared to Bitcoin to the target range of 8075-8050 satoshis. There are two ways to take this trade, you can short it aggressively near 8,200 satoshis or short defensively and wait for a close below the supporting trend line for confirmation and short immediately. If XRPBTC closes above 8,200 satoshis, then the trade idea will be invalidated. Personally, I am an aggressive trader and will look to short as close as possible to 8,200 satoshis and will place my stop loss above 8,225 satoshis until it breaks and closes below the supporting trend line. If this scenario occurs, then I will trail my stop (capturing profits) just right above the opening and or wick of the candle that closed below the trend line yielding support. Finally, I will just ride the wave of the market either closing my short at the target yielding me with the desired profit or closing my short with my stop if the market decides to travel towards my trailed stop yielding me with little profit. Remember, a winning trade does not always have to be in the profits or big profits. You just have to manage risk accordingly to make sure you do not lose as much capital as possible. I will keep you guys updated along the way of my trading idea.
Thank you so much for putting the time into reading my trade idea! I hope all goes to plan and you fellow traders can make some fine cash.
Thank you so much for putting the time into reading my trade idea! I hope all goes to plan and you fellow traders can make some fine cash.
Note
Well looks like XRPBTC fell right out of the rising wedge already. I apologize for being a little late with my idea, but I did not believe it would happen that quick. Once again it is now recommended (if you shorted) to trail or move your stop loss to 8,183 satoshis for the best possible exit once the trade idea becomes invalidated. Thanks for reading this update and continue making them profits!
Note
Oops it appears I am making mistakes already. This is actually an edit to let you guys know that the target has actually moved to a better location which is the range of 8,025 to 8,050 satoshis. Rising wedges tend to breakout towards a target of the widest part of the wedge and I just recently updated that line from the breakout point. Thank you for reading once again and now my idea is ready to go!
Trade closed: stop reached
Trade idea failed and setup became invalidated. No need to worry as TA is all about probability. We clearly had an “edge” over the market through our analysis, but it still does not guarantee that we can beat the market because the market does not care what you think. Anyways thanks for trading with me and onward with the next idea!
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