We had got stopped out of the last trade but this one is a much safer set up! So let's talk about what's I'm seeing!
First this is the currency market been bearish for a while and Markets don't trend one way! It's a combination of both Bullish and Bearish that makes the market moves.
1. Previously we had an inverted head and shoulders at the end of June that spiked the market to .52 High then it was retracing on those levels!
- There was a Double top but I didn't post it because I had a feeling that this market is not bearish so this move wouldn't have been significant enough for the risk that ensure with it.
Now let's examine why we are heading up!
1. Weekly timeframe been suggesting a bullish movement from the market
- We had an hammer last week! At support which had suggested the turning point in the market and that is the reason why I have not been selling XRPUSD
- This week is suggesting that we could get a Bullish engulfing! And putting those two together we should get a morning start at support on the weekly timeframe.
2. On June 29th the market gave the first indication on the Daily timeframe that a change was coming! by rejecting the downside with a Hammer.
- Past couple days been a really shitty market but today we have gotten a morning start and I expect a continuation to the upside.
3. Double bottom on the lower time frames are suggesting the change in the trend! and we should not be heading up.
Like Share and Comment if you enjoyed this analysis!
Thank you
First this is the currency market been bearish for a while and Markets don't trend one way! It's a combination of both Bullish and Bearish that makes the market moves.
1. Previously we had an inverted head and shoulders at the end of June that spiked the market to .52 High then it was retracing on those levels!
- There was a Double top but I didn't post it because I had a feeling that this market is not bearish so this move wouldn't have been significant enough for the risk that ensure with it.
Now let's examine why we are heading up!
1. Weekly timeframe been suggesting a bullish movement from the market
- We had an hammer last week! At support which had suggested the turning point in the market and that is the reason why I have not been selling XRPUSD
- This week is suggesting that we could get a Bullish engulfing! And putting those two together we should get a morning start at support on the weekly timeframe.
2. On June 29th the market gave the first indication on the Daily timeframe that a change was coming! by rejecting the downside with a Hammer.
- Past couple days been a really shitty market but today we have gotten a morning start and I expect a continuation to the upside.
3. Double bottom on the lower time frames are suggesting the change in the trend! and we should not be heading up.
Like Share and Comment if you enjoyed this analysis!
Thank you
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