XRP is forming a possible bull pennant. A pending order can be placed right above the top slope of the triangle @ .81ish.
First target is an area of possible consolidation or reversal. This would be about 10% profit, which is a great place to prune risk by selling 1/3 of the original stake and raising the stop loss to the buy in price.
At that point I'll lock in 3% profit no matter what happens. Note: if you made 3% each day, with compounding interest you'd double your money every month. If you average 3% per day for a year, each $1K stake would compound to $2.5 million.
Second target is the psychological level just below $1. A great place to once again prune risk, as the chance of consolidation or reversal is pretty high here.
The final target is the first fib extension. However, it is so close to the $1, I'm skeptical well get there before another flag forms and another entry is possible.
First target is an area of possible consolidation or reversal. This would be about 10% profit, which is a great place to prune risk by selling 1/3 of the original stake and raising the stop loss to the buy in price.
At that point I'll lock in 3% profit no matter what happens. Note: if you made 3% each day, with compounding interest you'd double your money every month. If you average 3% per day for a year, each $1K stake would compound to $2.5 million.
Second target is the psychological level just below $1. A great place to once again prune risk, as the chance of consolidation or reversal is pretty high here.
The final target is the first fib extension. However, it is so close to the $1, I'm skeptical well get there before another flag forms and another entry is possible.
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One other thought. Watch out for the false break out, where we hit the All Time High only to bounce back down to the low 70s hard.
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The bad news is that the consolidation is taking longer than expected.
The good news is that when this happens, if the range narrows (as it usually does) you can adjust your entry and stop for even a more favorable reward to risk ratio.
Buy adjusting my entry to .785 and stop to .69, when I enter now I'll be at a 4.6 to 1 reward to risk ratio.
The bad news is that the consolidation is taking longer than expected.
The good news is that when this happens, if the range narrows (as it usually does) you can adjust your entry and stop for even a more favorable reward to risk ratio.
Buy adjusting my entry to .785 and stop to .69, when I enter now I'll be at a 4.6 to 1 reward to risk ratio.