XRP - detailed elliot wave count (5/14 - 6/19) and projections
Updated
XRPUSDLet's look at this potential elliot wave count, beginning 5/14/19 thru today 6/1/19. Note the RSI bearishly diverging, setting up sizable corrections. These are some of the signals that catch my eye, prompting me to enter high probability short positions, with tight stop losses.
My projected targets:
This is NOT financial advice!
MY KEYS FOR SUCCESS:
Look to trend lines for support and resistance and WAIT FOR CONFIRMATION.
When I review a chart, I start on higher time frames, and work my way down to the 5 min chart. It's VERY IMPORTANT to keep the bigger picture in mind. Always.
Diagonals have proven to be very reliable signals for me.
ALWAYS have a stop loss planned out, and manage your positions! Personally, I've found success starting with 1/2% to 1% stop loss with AT LEAST a 2:1 win ratio.
When in an active trade, I will look for waves and patterns to adjust my stop loss to PROTECT MY PROFITS.
Once in a trade, I NEVER increase my stop loss beyond 1%. When (not if) I enter a bad position, I'd rather lose 1% and re-enter in a better position than increase my loss potential.
Although I play both, short positions appeal more to me than longs. I am bullish long term.
Like, leave your feedback, and good luck trading!
Trade active
WHY DID I JUST ENTER A LONG POSITION?Trade active
Possible long entry coming up... maybe add to my position...
This is NOT financial advice - it's merely my opinion. Do your own research.
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Please, comment / critique my posts.
And, unless you love losing money, ALWAYS use a stop-loss!
Happy Trading!
RP
Like.
Follow.
Please, comment / critique my posts.
And, unless you love losing money, ALWAYS use a stop-loss!
Happy Trading!
RP
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