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Chart update.. What do we see..

One day chart. Notice todays candle has no upper shadow (2nd blue arrow). This was pretty easy to assume would happen because yesterdays candle has a short upper shadow and was red.

Notice this pattern repeated itself on 1/8 and 1/9. Once you get used to this type of chart, youll pick up on patterns like this which occur repeatedly. its not predicting the future. Its simply finding patterns. look at a quilt and youll see patterns. you didnt predict the future, you just know the blue, green, blue, green pattern will more than likely have a blue next.


So what does this mean? Switch to the 1-month view and youll see its green all round. January is still a green month by a long shot. The current dip is due to the entire crypto market, not just XRP.

There is a good possibility the next day or two will also be red. this could work in our favor. One, we dont want XRP going up for no reason. Two... i dont have a second reason.

1.png

If Q4 is beneficial, the chart may form a nice base for any price increase which may come from the report. We dont want to be in a run during the release of a report. Investors like to 'sell the news'.

Edited by XRPto50dollars

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16 hours ago, XRPto50dollars said:

Getting close.. but not yet..

 

Untitled.png

Could you explain this a bit more? Very new to chart, not quite getting it...

thanks!

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XRPto50Dollars  great stuff.  Do you use any other charts such as Bollinger (1,5,or 30 minute)  to figure out if a price will rise/fall for the day ahead?  Have you seen where at a certain time e.g. 7AM EST, the upperband will be $1.30 and lower band at 1.20.  As the day progresses, and price increases, it gets away from the lower band.  Would it ever come back to the lower band?

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15 hours ago, SushDawg said:

XRPto50Dollars  great stuff.  Do you use any other charts such as Bollinger (1,5,or 30 minute)  to figure out if a price will rise/fall for the day ahead?  Have you seen where at a certain time e.g. 7AM EST, the upperband will be $1.30 and lower band at 1.20.  As the day progresses, and price increases, it gets away from the lower band.  Would it ever come back to the lower band?

ARG! no bollinger! too complicated for this Topic especially for new people. oh wait.. do i use it? no. not for XRP.

do i look at other charts besides Heikin? yes. but right now im sticking with heikin before i move on. dont want to confuse the troops.

 

Edited by XRPto50dollars

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On 23.1.2018 at 8:10 PM, XRPto50dollars said:

Sure. First go back and read the earlier posts. I broke down everything for new people explaining how the chart works. even made diagrams. 

I did read (had read already before posting- then went to reread them) all the previous post but did not find an explanation for the line. 

 

Looking at your last post- the line seems to have something to do with bulltrap. Some kind of resistance line. If we fall below it, bull trap, if not then we’re good. Am I right? I’d like to understand the technique of drawing those resistance lines.

sorry if you’ve explained this already, but like said, didn’t find an explanation even though looked for it.

 

edit. typos

Edited by Asdka11

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3 hours ago, Asdka11 said:

I did read (had read already before posting- then went to reread them) all the previous post but did not find an explanation for the line. 

 

Looking at your last post- the line seems to have something to do with bulltrap. Some kind of resistance line. If we fall below it, bull trap, if not then we’re good. Am I right? I’d like to understand the technique of drawing those resistance lines.

sorry if you’ve explained this already, but like said, didn’t find an explanation even though looked for it.

 

edit. typos

youre right. theres a Topic in here somewhere called Bull Trap. more info in there. but to sum up, figuring bull traps and if they are forming is easy. just draw a line from a high point youre interested in to a low point you dont want xrp to reach. if xrp falls belows that line.. its a bull trap (for you). bull traps arent necessarily a real thing in my mind.

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Guest

Great thread. I have got a couple of questions.

You say: if you see 2 or 3 green days, buy. Fair enough. Assuming there is a strong selling trend (e.g. 2 or 3 red days with no shadow and strong selling pressure), would you say it is safe to sell and buy lower?

Also: question on trailing stops? They look great on paper but surely there are risks associated with them. What are your thoughts on that?

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2 minutes ago, Plirf said:

Great thread. I have got a couple of questions.

You say: if you see 2 or 3 green days, buy. Fair enough. Assuming there is a strong selling trend (e.g. 2 or 3 red days with no shadow and strong selling pressure), would you say it is safe to sell and buy lower?

Also: question on trailing stops? They look great on paper but surely there are risks associated with them. What are your thoughts on that?

i only use heikin for buys. not for sells. it gets very tricky using it that way.

does your exchange even allow trailing stops?

Edited by XRPto50dollars

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8 minutes ago, XRPto50dollars said:

i only use heikin for buys. not for sells. it gets very tricky using it that way.

does your exchange even allow trailing stops?

Yes. Bitstamp offers that.

I got burned a fair bit (bought at $2.50). Have kept everything and watched my investment go down 50% with no fiat left to lower my DCA. I am OK with it and confident in the future but I think I could have done something about it. Trying to figure out an easy way to avoid doing the same mistake(s) again. Your recipe looks simple enough and using sell or buy with trailing stops might have helped. Maybe.

Why do you say it gets tricky? We are not talking about day trading but rather swing trading, the way I see it.

Edited by Guest

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Heikin in action.. working perfectly right now..

This is the most updated 1-day chart. notice, if you follow it, you wouldnt have bought or sold since 1/8.
price falls.. 4 reds in a row.. we get a green on 1/12.. but 4 reds after, so we didnt buy. price starts to go up 1/17 & 1/18 (2 green candles at bottom), but we dont buy back because there was no third green candle. price turns red... This shows us the accuracy of the heikin chart. right now, this chart is saying 'hold'. it tricked some people on 1/18 with those two big greens. but as we see.. you do nothing until you see 3 or 4 greens. 

1.png.20c6b77d2edca5042d88c26edb790bac.png

Edited by XRPto50dollars

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