XRPUSD Aug W.2: Long-term trend alert!
Hi friends, I hope y'all having a profitable week ;)
Today, we're looking at a possible long-term bearish drop. This trade idea is derived from this time frame only. The monthly is in a process of fully confirming it with a bearish reversal candle pattern formation. Having one time frame confirming a long-term signal, gives me an A- signal; if both the monthly and weekly confirmed the signal, that gives me an A+ signal. In this situation, the weekly is the only time frame. And that makes this trade idea a high risk one. With that said, let us take a look at how this trade triggered and how it will be dis-confirmed.
Bulls: -If the price bullish breaks and retests the Mini Weekly Neckline 2 and 8 m.a, that will dis-confirm the trade but it will trigger a medium-term buy signal that will lead to a rally to the monthly bullish key level targets that were previously bearish broken and not retested during the huge crash. I posted the trade idea of that signal last week when the price broke and closed in between the short-term m.a's (they play a huge role in confirming a signal).
Bears: -The price bounced off the Mini Weekly Neckline 2 with a bearish reversal candle pattern that led to a bearish break and retest of the 8 m.a, and that triggered the sell trade that will probably lead to a drop for the double tops L3. I call this type of trade signal a "Double Top C-E.1 signal".
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section or in private, I'd love to know your thoughts!
Stay Blessed,
Doji-2k1.
Today, we're looking at a possible long-term bearish drop. This trade idea is derived from this time frame only. The monthly is in a process of fully confirming it with a bearish reversal candle pattern formation. Having one time frame confirming a long-term signal, gives me an A- signal; if both the monthly and weekly confirmed the signal, that gives me an A+ signal. In this situation, the weekly is the only time frame. And that makes this trade idea a high risk one. With that said, let us take a look at how this trade triggered and how it will be dis-confirmed.
Bulls: -If the price bullish breaks and retests the Mini Weekly Neckline 2 and 8 m.a, that will dis-confirm the trade but it will trigger a medium-term buy signal that will lead to a rally to the monthly bullish key level targets that were previously bearish broken and not retested during the huge crash. I posted the trade idea of that signal last week when the price broke and closed in between the short-term m.a's (they play a huge role in confirming a signal).
Bears: -The price bounced off the Mini Weekly Neckline 2 with a bearish reversal candle pattern that led to a bearish break and retest of the 8 m.a, and that triggered the sell trade that will probably lead to a drop for the double tops L3. I call this type of trade signal a "Double Top C-E.1 signal".
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section or in private, I'd love to know your thoughts!
Stay Blessed,
Doji-2k1.
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