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Tomfarren

Bitcoin Trend ContinuationOn the Daily chart, this is the potential long setup I mentioned in my Telegram group yesterday. If $8,200 is broken which is not yet confirmed, but looks likely, then this long trade may become active. The cryptocurrency market has been very volatile over the months of April and May so this is why I am staying on the Daily chart as opposed to the H4 as well as only searching for trend continuation opportunities and not counter-trends. Entry for this trade is around the $7450 level with targets up at the $9,675 level at the -0.27% Fibonacci and Stop Loss around $6,800 at the 110% Fib extension. This gives me a nice 3.39/1 Risk Reward which meets my preferred target of a minimum 3/1. Risk of account is 2% as usual. Of course, this buy limit may not be fulfilled and then further setups will be analysed in that case.
BITFINEX:BTCUSD
by TomFarren
1
XRP Long Yesterdays Daily candle closure at $0.32549 didn't reach and close above the desired level of $0.32700 to be able to sustain bullish momentum. Price spiked up to $0.33 in line with previous resistance on 6th March before falling down to the $0.32100 level. A test of the 61.8% Fib and a 5th trendline touch at $0.32044 would provide me with a good opportunity to enter the market. Entry - 0.32044 SL - 0.31484 (56 pips) TP - 0.32270 (222.6 pips) Risk Reward - 3.98/1 UPDATES ON TWITTER - @FarrenTom
BITFINEX:XRPUSDLong
by TomFarren
Bitcoin targeting $4240! (Bitfinex Chart) There is a potential for a bearish push back into the $3880 level before we see a rise to the supply zone of $4240 on the Daily chart. A daily break today below $3945.9 would give me a good indication that this opportunity is going to be present. A green demand zone has been draw on the H4 timeframe from the 26th Feb and dragged into the current day. On the 8th March, a significant bearish wick tapped on the bottom of this zone giving us further conformation that there is buying pressure at that zone. We could potentially see another wick like this one in the coming days. Confluences - Third touch on a Daily trendline, 61.8% Fib, H4 and H1 demand zone and a H4 200EMA. Buy limit has been set at $3880 Stop loss - $3766.8 (113.2 pips) Take profit - $4240 (360 pips) This gives a reasonably good risk/reward of 3.18/1
BITFINEX:BTCUSDLong
by TomFarren
XRPUSDAfter just hitting the target of 0.30346 on a short position, I am now reversing my bias to a bullish one. We have tested the long-term Daily trendline for the fourth time. If this holds up we can easily see price move swiftly bullish as it has done on previous occasions around this area. Wide stop loss as we could easily spike down to the $0.29 level and reverse back up. Targeting $0.38. Risk/Reward - 3,55/1 Regular position placed at entry $0.30200. A quarter entry at $0.30077, micro entries caught at $0.30044, $0.29888, $0.29810 and $0.29789 on the downwards spike.
BITFINEX:XRPUSDLong
by TomFarren
XRP/USDAfter five attempts at a break of the 0.31750 area, downside pressure has eventually prevailed and forced us to continue bearish momentum. Price has been trapped in a 1 cent zone for the past 8 days with four attempts at a bullish breakout and four at a bearish. This is shown in the H1 chart below. I gained confirmation of this trade setup by going back in time to the 14th January where I found a similar wave-type pattern emerging. Four touches on the upside at the $0.33800 level and four on the downside at the $0.32800 level. Another 1 cent range zone. On the fifth attempt at a downside push, price was able to breach support and move further bearish. This previous trend helped me in my analysis with the present day. Again, the fifth attempt at a downside push was successful and bearish movement commenced. Entry was at 0.31498, a 26.1 pip stop loss and a 105.2 pip take profit gives a great 4.03/1 Risk Reward. A high risk on this trade with a tight stop loss. As it was a break of the range zone I felt as though price had the potential to fall lower fast. Just watched a huge H1 bearish candle spike. This represents the true volatility of the crypto market. Wish me luck!
BITFINEX:XRPUSDShort
by TomFarren
AUD/USDA break of the ascending trendline wedge and the 78.6% Fibonacci will confirm this trade setup. The 0.71500 daily level will also provide a good area of resistance. 0.71215 will likely provide an area of Daily support. The weekly support of 0.70900 may also hold up price for a couple of days before price continues it bearish trend. Another trade may be added below the 100% Fib level. An entry of 0.71423, a take profit of 98.9 pips and a stop loss of 27 pips gives a good 3.66/1 Risk/Reward ratio. Trade updates will follow...
Short
by TomFarren
1