Zig Zag

Update on XRP long position: - As expected the converging Bollinger bands acted as a good indicator for the impending volatile move. - RSI was bearish as mentioned but expected a little more from the 38 level. - $0.48 has acted as support. When deciding on risk and stop price always factor in other levels of support. Need the candle to close without further downside to avoid stopping out. Break through $0.47 and we could see $0.44/0.43 retested. Its fair to say entry could have been more refined to improve risk to reward. Trade still live and the ratio is sound! If you ever have any questions please comment. *Not financial advice

XRP Long: Oscillators (4 hour time frame): - 4 hour stochastic now entering lower boundary which would indicate the market is oversold. - The relative strength index is bearish however it has bounced twice from this 38 region. If we don't bounce we could see a further drop in price but this will be factored into the trade strategy. Bollinger Band converging a typical sign of an imminent breakout.Price currently testing lower boundary which lines up with our previous support level. Two ways to take on this trade: 1. Accumulation if it breaks with final stop below $0.43 (previous support) 2. More aggressive entry with stop below $0.48 with re-entry at the $0.43 level. To keep this trade simple I wont leverage but its certainly an option especially trade strategy 2.