Ripple: New Trade Opportunities
The previous buy trade from the 4H timeframe gave us a profit. The price bounced from the support zone and reached 0.21000 target. It was a swing trade. You can read the details in this post.
What about the current market conditions? The price reached the resistance zone formed by SMA200 and 0.21000 resistance level. We got a bearish candle at this zone, which told us about a possible reversal. Today we see a new attempt to break this zone.
We can use a breakout signal for buying. It will be a position trading with the targets at 0.24000 and 0.34000 key resistance levels. Stop orders must be placed below 0.19000 support.
The alternative trades can be based on a reversal from 0.19000 support, if the price bounces from the resistance and breaks the local uptrend line. For the reversal signals, we will have to use the hourly timeframes and open long positions with profit target at 0.21000 resistance.
Another variant can be a long position opened based on a reversal signal from 0.21000. If the price breaks 0.21000 resistance zone and retests it as new support, we will be able to use reversal signal from the hourly timeframes and open long positions in the direction of a new uptrend.
If you don't like this trading plan, you are welcome to comments with your own ideas. If you like this post, please support it by smashing the LIKE button.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
What about the current market conditions? The price reached the resistance zone formed by SMA200 and 0.21000 resistance level. We got a bearish candle at this zone, which told us about a possible reversal. Today we see a new attempt to break this zone.
We can use a breakout signal for buying. It will be a position trading with the targets at 0.24000 and 0.34000 key resistance levels. Stop orders must be placed below 0.19000 support.
The alternative trades can be based on a reversal from 0.19000 support, if the price bounces from the resistance and breaks the local uptrend line. For the reversal signals, we will have to use the hourly timeframes and open long positions with profit target at 0.21000 resistance.
Another variant can be a long position opened based on a reversal signal from 0.21000. If the price breaks 0.21000 resistance zone and retests it as new support, we will be able to use reversal signal from the hourly timeframes and open long positions in the direction of a new uptrend.
If you don't like this trading plan, you are welcome to comments with your own ideas. If you like this post, please support it by smashing the LIKE button.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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