XRP Trade on Jun 22, 2019 05:40 from Marius: Tradervue User Stock Trades.

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Marius

 

After seeing much improved price action and market movement in the cryptocurrency space, the sentiment has shifted and most market participants can agree that we have a bottom and moving very quickly into a new bull cycle. My previous trade in ETH is still in play with a partial position. I'm planning a new mid-term trade but taking additional pre-caution due to BTC's price and major level / target of resistance noted by many in the space. Some of the notes and characteristics / parameters of this trade has some resemblance from ETH. Still haven't allocated more funding here but there's a good chance that we are still early in this cycle. Noting here that SPY has the same topping pattern here but in an uptrend on a longer-term time frame. DXY is weakening and funds are being shifted into other asset classes globally. Business cycle as of last week is showing some deteriorations but nothing immediately concerning. Still looking healthy. Noting a bit more equity related material here as I haven't found any shorter to mid term trades that made sense to me besides deploying more cash reserves to use in retirement accounts.

Back onto the XRP trade. Knowing some of XRP's previous price action characteristics this would be a higher implied move. A lot of wick action but once on a bullish trend with volume it seems this could get really moving.

  • RVOL D, 1.8-2.15 (06/16-06/18)
  • Market Cap 19.5B
  • ATR D, ~0.025

XRPUSD D, Trade overview, smaller position entry as I have only trade XRP a handful of times and don't have a clear intuition of the price movement characteristics. Most of the trades have been TA but I'm aware of news tactics it has shown in the past. Fundamentally it had a recent investment in MGI. The low cap stock saw significant gains and is holding about 50% of it's move in the stock world. Fib is overlayed here to gauge my targets and levels. Will be learning more about algorithmic trading in the near term so I think this would explain some of the price action around specified levels. What's notable here is that I used three anchored VWAP's. I have one from ATH's, low's from 2018, and from Bitfinex day 2 of trading (TV 1st day anchoring issues). I'm seeing the 2018 low anchored VWAP acting as a notable level and now as support (yellow lower line). The two others are way above and around the 261.8% fib level. This is a far distance but other names BTC, LTC, and recently ETH have reached the ATH VWAP level. This was my main thesis point in the recent trade (getting above volume weighted average prices from ATH's).
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XRPBTC D, This is an interesting chart showing an important level historically being tested. I'm looking to see if it can confirm the recent bullish momentum divergence. Upon confirmations in the past the price significantly reverses. It may break here but still has room to confirm the divergence. Couldn't overlay any fibs that made sense at the moment like in the ETH trade.
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BTC M, Something amazing to see. What an opportunity to learn from and trade ? Noting market is getting close to 50% and 61.8% levels.
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Risk Management : Entering a smaller position here as noted being pre-cautions earlier due to BTC's movement. Trying to be more consistent in trading and tuning my edges along with putting on risk when they show up. Not as aggressive here than in my ETH trade but I always have the option to add on consolidation and or move to other opportunities.

DXY D, Noting here as I was noting earlier. Resistance at 61.8% and below 200dma. Notable move globally. Maybe that's why there is a shift in strength to other asset classes, gold, oil, bonds, equities, other countries, other precious metals, and cryptocurrencies ?
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Trade Review
Quick review as the market is at a very volatile environment. I happened to wake up and roughly notice a 10% move in about 2 hours. I immediately checked my fib targets and market action. Scaled out 50% off right off the trade option and miss entered a digit but wasn't that critical and still close to the intended amount. (not sure if it was because I just rolled out of bed or platform issues) Didn't experience any slippage issues. I shortly scaled out the rest looking at the pullback and took profit on this notable opportunity. Will have to re-asses and make intraday short-term trades based of the hourly chart down to the 2 min due to volatility. The other option is to sit on the sidelines, comfortably on cash/realized gains and observing.
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Execution detail:

Date/time Symbol Side Price Position
2019-06-22 05:40:10 XRP buy $0.4594 long
2019-06-22 10:31:13 XRP sell $0.5033 long
2019-06-22 10:35:06 XRP sell $0.4676 0


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