Ripple Trading Idea

If we look at the daily chart of Ripple, we can see that price has been moving in a horizontal channel for several weeks. We have range market conditions which can be confirmed by DMI indicator also. The resistance zone between 0.290000 and 0.300000 levels is a barrier for possible up movement. The support level 0.200000 can stop and reverse the market if it starts falling. Moving Average with period 100 also will be able to support the price during down movement. When a market is in range, it's better to wait for strong price movement. Also you can try to catch small price movements on lower time frames opening short term trades. How we should trade this market if we want to make some profit? We have to wait when ADX line of DMI indicator starts moving to 20 level and higher. It will be a confirmation of possible new impulse wave in the direction of the main up trend. Price will have to break the downtrend line. MACD will have to confirm up movement. Probably the entry level for long trades will be higher than 0.320000 level with profit target at 0.400000 resistance level. If the market drops to 0.200000 support level, we'll have to wait for confirmed price reversal signal from this level and MA100. Only after that we'll have buy signal. We'll be able to trade in channel with profit target at 0.300000 level.