Take a Chill Pill Ripple
Well.... this is gonna be a short one. Ripple is still trying to pump higher. I had drawn out a subwave count for wave A in the correction, and was planning to call the wave 4 an ABCDE Contracting Symmetrical Triangle Complex Correction (mouthful right?) but, by the time I got back here from posting all my other charts it stopped following the pattern..... or so it seems?
So I'm just gonna leave this as is honestly and see how it plays out.... We did hit the 0.236 Fibonacci Retracement, but I refuse to believe that Ripple is that bullish that it's not going to retrace more. After all, we retrace to the 0.236 Fibb less than 15% of the time.
What I have labeled currently as 1, 2, and 3 could potentially be A, B, and C, but at this current moment I refuse to believe it until I have some further confirmation. I don't trade based on guesses and assumptions because that's gambling. And I don't gamble. It's all about risk management and in order to properly manage risk I must have my risk to reward ratio. And if I'm unsure what is happening I cannot accurately assess the situation and find my Risk to Reward and at that point it's safer not to trade.
Remember, sometimes the best trade is no trade at all. We are in the business of making money, so the best way to make it is not to lose it!
No targets this time because of the uncertaintly currently.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!!
So I'm just gonna leave this as is honestly and see how it plays out.... We did hit the 0.236 Fibonacci Retracement, but I refuse to believe that Ripple is that bullish that it's not going to retrace more. After all, we retrace to the 0.236 Fibb less than 15% of the time.
What I have labeled currently as 1, 2, and 3 could potentially be A, B, and C, but at this current moment I refuse to believe it until I have some further confirmation. I don't trade based on guesses and assumptions because that's gambling. And I don't gamble. It's all about risk management and in order to properly manage risk I must have my risk to reward ratio. And if I'm unsure what is happening I cannot accurately assess the situation and find my Risk to Reward and at that point it's safer not to trade.
Remember, sometimes the best trade is no trade at all. We are in the business of making money, so the best way to make it is not to lose it!
No targets this time because of the uncertaintly currently.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!!
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