Bearish Bat Pattern off an *Easy* range trade.

The support at this level has been impressive, forcing price to trade in a tightening range for more than a week. What's more impressive is the R/R on a long position from this level (however unlikely). I make no apologies for not being a fan of Ripple and wouldn't mind if it just died, but if we get a break out to the upside it should prove to be a dramatic and profitable move. Originally I had been charting a symmetrical triangle on the last two weeks of price action (daily TF) but we've pushed so far to the end of the triangle, I no longer consider it truly valid. More appropriate and safer, is a taking a trade off the "range box" in either direction. Because of the reasons stated above, I'm aiming at a long. A conservative (smart) entry would be taken at a candle close outside the box. An aggressive entry would be taken at our current level with stops at a or below the 'A' point of the bearish bat pattern.

My recommendation for a "safe trade" is to wait for the confirmation candle to close outside the box and then enter. If we break below, targets would be previous SCMR Support zones, illustrated by the dots on the chart.

Trade active:

Price action has given us a break below/close below out of the range box. If you were looking to get short on this set up, the current pull back here would signal your opportunity. As stated above, I'm already long and now just watching to see what kind of shenanigans ensue before my stops get hit. My one point of optimism currently is the blue SCMR bullish reversal candle trying to print on the daily, which if confirmed could signal that this down move has limited capacity.

Trade closed: stop reached:

No big surprise, stops were hit and the trad is over. Hopefully some of you took the short signal and got in on the smart trade down. It will very likely keep going.

Trade closed: stop reached:

The original long trade as posted above is closed due to stop being reached. I have however begun averaging down my original entry with buys into the panic near the SCMR support zones.