Small 1 to 2 Risk vs. Reward XRP SHORT TRADE $500 at 25X
Updated
This is a risky time to enter this trade, but I'm going to take a small short position against XRP in an attempt to capture a potential correction to the bottom of the forming wedge pattern as the bull flag is forming. I'm not going to risk much; it’s more of a hunch. Overall, I'm very bullish on XRP right now, but as a trader, I can't help but try to capture this potential red candle.
Don’t follow my trades; come up with your own ideas. Don’t be a follower—be a trailblazer!
Good luck!
Don’t follow my trades; come up with your own ideas. Don’t be a follower—be a trailblazer!
Good luck!
Trade active
Short trade initiated by way of sell to open market order on the Aug 19, 22 hour candle.Note
This might be the quickest stop out in history! Note
I adjusted the Limit Buy to Cover from a 2 to 1 ratio, to a 1 to 1 ratio, as the dynamics of the trade since the flag pattern is giving me more information, and the trade is becoming increasingly less likely to succeed at 2 to 1.
Trade closed: target reached
Target reached. Another successful trade. Limit Buy to Cover reached at the Aug 20th 7 a.m. candle. Made a small gross profit of $127 and some change. Although adjusting the trade from 1 to 1 cost me some profit, I still think that playing safe was the right move at the time.
On to the next one!
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