XRP has been having a killer year because of what happened with it's price in July.
We're expecting price action to continue north especially if the current bullish continuation pattern works out. We did start building a bullish long buy by using the scaling in strategy where we entered 30% of the allowed exposure this Sunday at about 17:00 GMT. We will add the remained 70% if price breaks above the current pattern and hold to 161.8% which lines up with the current key resistance level.
On both the 1H and 4H momentum is bullish, we gouge momentum in 2 ways:
1. If price is above the 5/20 EMA & the middle of the 30 Donchain Channels, momentum is bullish.
2. If price action is trending up, and not in a range, momentum is bullish.
(vice-versa for the bearish momentum)
One of the best ways to control your risk and emotions in trading is to use structured position sizing... here is how it works on our strategy:
If you balance is 10,000, then do not expose your account more than the following levels:
5% for conservative trading (i.e. 0.50 lots)
10% for moderate trading (i.e. 1 lot)
20% for aggressive trading (i.e. 2 lots)
The above way of trading has served as the backbone of our risk management (essentially exposure management), and has helped us control our losses and also increase our profits by the use of compounding. - More on compounding in another post/video.
Good luck trading guys! Excited for the new week.
PS: You can tell if you love your job by your favorite day of the week... since we're full-time traders and run an awesome community... Monday is definatly our favorite day of the week! :D
We're expecting price action to continue north especially if the current bullish continuation pattern works out. We did start building a bullish long buy by using the scaling in strategy where we entered 30% of the allowed exposure this Sunday at about 17:00 GMT. We will add the remained 70% if price breaks above the current pattern and hold to 161.8% which lines up with the current key resistance level.
On both the 1H and 4H momentum is bullish, we gouge momentum in 2 ways:
1. If price is above the 5/20 EMA & the middle of the 30 Donchain Channels, momentum is bullish.
2. If price action is trending up, and not in a range, momentum is bullish.
(vice-versa for the bearish momentum)
One of the best ways to control your risk and emotions in trading is to use structured position sizing... here is how it works on our strategy:
If you balance is 10,000, then do not expose your account more than the following levels:
5% for conservative trading (i.e. 0.50 lots)
10% for moderate trading (i.e. 1 lot)
20% for aggressive trading (i.e. 2 lots)
The above way of trading has served as the backbone of our risk management (essentially exposure management), and has helped us control our losses and also increase our profits by the use of compounding. - More on compounding in another post/video.
Good luck trading guys! Excited for the new week.
PS: You can tell if you love your job by your favorite day of the week... since we're full-time traders and run an awesome community... Monday is definatly our favorite day of the week! :D
Comment:
Very solid bullish momentum on Ripple / XRP / XRPUSD, we are now approaching TP #1 which lines up with 0.31553 price.
Comment:
TP #1 REACHED!!!
Trade closed: target reached:
Both take profits were smashed! :D