I want everyone to follow these instructions as they will be very profitable for your portfolio and save you a lot of heartache.
We have a great coin here XRP has a strong company backing it's a coin with phenomenal potential for 2018.
However all of this doesn't change the fact that we are heading down, so many people choose this as a LONG HOLD. I agree it is but if we see an opportunity arise to sell it and buy back lower it means we own more XRP for the same money.
Here you can see it has formed a set up and with the lack of volume and momentum it's highly likely we will break low in shaded red area. If it had a fundamental release or something it may break high but right now there is nothing telling us anything other then ripple is going to break low.
Sell the bottom of the triangle when we break low, targets of support are listed in the black lines below. Only sell when we have closed below the triangle.
How to choose your target for re-buy?? Let me do this for you with an update as i have set alarms. If you want to enter on your own you can just make sure you buy on an up bar off target.
We will stop and bounce on each target but you need to monitor momentum to know which 1 to buy.
With the BTC looking weak we expect this to go quite low and can reach target 3 before we enter.
This thread is for all of you asking about XRP is it a good buy the answer is Yes it is but it will be even better in days to weeks to come when it's 20% cheaper.
Cash Is King is here to serve you! I hope you enjoy we have made some great profits today with all of our trades turning out to be a success.
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See this chart here, XRP broke low on the BTC drop it then was bought up fast....
Remember my post on setting low buy orders and catching the dip here is an example. If this candle closes above triangle we will enter with a safe stop loss in place I will update you when time
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XRP chart tells me we will break low on this formation as expected
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Looks like XRP has broken low as expected, its sitting on the first black line if it breaks this we will continue down to target 2.
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We are still on way to target 2.
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Target 2 has been hit and lets see if we can reach target 3.
We have seen a slight bounce but the charts show ripple is still weak.
I agree with you here that we can’t make a bad situation great for us, but we can improve our average costs by selling and buying lower.
To others: unless you’re really good and have already made many successful trades, or something is completely obvious, use extreme caution when trying to do this type of thing.
Over time, I can admit that I am horrible at selling the highs and buying the lows. I always end up catching a falling knife or chasing a price and finally buying in at the last moment right before it loses steam.
As a result- and I can freely admit this- I have lost a LOT of potential profit by thinking I could “sweeten my buy-in/average”. Maybe I’m exponentially worse at trading than most, but sadly, I think my experience is pretty common for (relatively) new traders.
So be very careful. Not saying “Cash” is wrong. What I’m saying is follow his advice (and others) about waiting for a serious confirmation or close before making your move.
You may lose a small bit of profit waiting for these “sure signals”, but it’s nothing compares to how much you may lose if you jump the gun a little too early and buy into a failed break, and it goes the opposite way than what you expect.
How do you know when you’ve made one of these bad trades? .... did you let a string of curse words fly 30 seconds to 2 minutes after your buy order executed? Bad trade. Are you now racing to put a market order in to quickly reclaim your lost position? BAD TRADE.
Did your panicked second trade result in more curse words flying when a couple minutes later it proves to have been a fake-out/overshoot and now the market has reversed, now favoring your original buy/sell? WORSE TRADE. You should’ve stuck with it instead of panicking.
Lesson to newbs:
1) pick a strategy AHEAD of time (unless it truly needs to be adjusted) and STICK with that plan. If you don’t know your goals, you’re doomed.
2) double check that those goals are realistic. Don’t keep holding something past a gain goal (say, 50% profit) just because it keeps running up. I promise you, it won’t go on forever. Look at 20k BTC. Enough said. Don’t get greedy.
3) Use limit/stop orders. Remove your emotion from the equation. Emotions will leave you rekt and poor. Without a doubt.
Cash-is-King
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@TheGush, Great write up! Good work, if you can chart get publishing this is the exact advice people need to profit daily and I would be happy to work with you.
To others: unless you’re really good and have already made many successful trades, or something is completely obvious, use extreme caution when trying to do this type of thing.
Over time, I can admit that I am horrible at selling the highs and buying the lows. I always end up catching a falling knife or chasing a price and finally buying in at the last moment right before it loses steam.
As a result- and I can freely admit this- I have lost a LOT of potential profit by thinking I could “sweeten my buy-in/average”. Maybe I’m exponentially worse at trading than most, but sadly, I think my experience is pretty common for (relatively) new traders.
So be very careful. Not saying “Cash” is wrong. What I’m saying is follow his advice (and others) about waiting for a serious confirmation or close before making your move.
You may lose a small bit of profit waiting for these “sure signals”, but it’s nothing compares to how much you may lose if you jump the gun a little too early and buy into a failed break, and it goes the opposite way than what you expect.
How do you know when you’ve made one of these bad trades? .... did you let a string of curse words fly 30 seconds to 2 minutes after your buy order executed? Bad trade. Are you now racing to put a market order in to quickly reclaim your lost position? BAD TRADE.
Did your panicked second trade result in more curse words flying when a couple minutes later it proves to have been a fake-out/overshoot and now the market has reversed, now favoring your original buy/sell? WORSE TRADE. You should’ve stuck with it instead of panicking.
Lesson to newbs:
1) pick a strategy AHEAD of time (unless it truly needs to be adjusted) and STICK with that plan. If you don’t know your goals, you’re doomed.
2) double check that those goals are realistic. Don’t keep holding something past a gain goal (say, 50% profit) just because it keeps running up. I promise you, it won’t go on forever. Look at 20k BTC. Enough said. Don’t get greedy.
3) Use limit/stop orders. Remove your emotion from the equation. Emotions will leave you rekt and poor. Without a doubt.