jackjamesholmes
Long

XRPUSD: Long to resistance at Fib and Gann Fan confluence

BITSTAMP:XRPUSD   Ripple / U.S. Dollar
So XRP is putting in a decent recovery from the Great Crypto Crash of Jan 2018. Based on having broken out of the downtrend marked by the channel, as well as seeing the drop since the ATH as a three wave correction with wave C completing at the 0.786 extension level (see linked idea, in comments) - we can have a level of confidence that we have exited the corrective phase and are in the early phases of a new bullish impulsive wave.

Our target for this trade is not to Hodl or shoot for the moon, I am hoping that enough people learnt the risks of that in this recent corrective phase. We are simply targeting a very precise looking Fibonacci confluence level which is also strengthened where it meets the Gann fan . I think there is a fairly strong case for this Gann fan overlay, looking at the price history.

Best of luck!
Trade active
Hi, nice chart. How did you set the scale on the chart to get a true 45 degree angle for the Gann fan?
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@RadboneFX, use the trend angle to draw 45 then plot in line with it
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jackjamesholmes jackjamesholmes
@RadboneFX, you can also use the Gann Square, which will only plot at 45 degrees, and then modify it to remove the squares. I did this last night to see if I could find some more evidence as to where the rally might end. On here you can see a couple of Gann squares which I have used to apply Gann's Base x 7 idea (size one of the minor squares to match the first wave after the swing low, then add 7 squares of the same height on top to find the likely target). You can also see a Gann fan which I plotted from the ATH and another plotted from the swing low. I used the Gann square to plot these and removed the grid.

The base x 7 gives a level which closely corresponds with a 38.2% fib retracement level and also the point where the 1 x 1 of the fan from the swing low meets the 8 x 1 from the ATH. Seems a decent target to me.

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jackjamesholmes jackjamesholmes
@RadboneFX, **EDIT** I must have been tired last night! The base x 7 plots higher than the fib level, I was looking at base x 6!
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