DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Rule #1 of a trader whether he/she trades on Forex, Commodities, Indices, Futures, Cryptocurrencies, and etc, is “Don’t trade with money that you can’t afford to lose!“.
Rule #2 “The trend is traders’ friend until it bends at the end!” – But the trend is very unfriendly the past few days! huhuhu :-(
Image courtesy of Forextrader.live
This saying is testing me today both as a trader and as a normal person. This is where the psychology and emotions intertwine.
Today marks the 43rd day of my 9 XRPUSD long positions in which 3 out of the 9 are in cold, bloody red. :-(
Current stats of the 3 losing trades:
7th position losing a total of 170 Pips compared with yesterday’s 136.
8th position losing a total of 116 Pips compared with yesterday’s 82.
9th position losing a total of 109 Pips compared with yesterday’s 75.
My overall standing dropped to 32.56% compared yesterday’s 36.01%. My portfolio has yet again suffered even more giving away 9.58% of yesterday’s standing.
I don’t know how long I can hold my positions anymore! I must remain calm and I go to the charts analysis. I need to stay focus and let today’s chart statistics speak to me. Mind over emotions!
Chart was screenshot at 8:00PM Philippine time. Courtesy of Tradingview.com
August 27, 2020 XRPUSD Key Stats:
Intraday Open – 0.27674
Intraday High – 0.27851
Intraday Low – 0.26841
Intraday Current (based on my screenshot) – 0.26891
Today’s trading volume is decent sitting at 20.422 Million. More selling than buying!
50 Day moving average went higher while the 200 DMA went a little lower. Is it forming a death cross soon? I must fasten my seat-belt then. :-)
After 2 days of holding the 0.27 cents level, XRPUSD finally pulled back peacefully to the 0.26 range as the unstoppable sell-offs continues 3 days in a row. Hail Bears!
1 Doji Candle formed yesterday’s open and close but not convincing enough.
The King coins are being corrected again! BTCUSD and ETHUSD at negative 1.42% and 1% respectively.
The Binance top 10 cryptocurrencies for today are mixed up but reds in majority. The LINK and BNB coins are the only ones in green-land.
Image Courtesy of Binance.com
During the 43 days of trading battle, the Bears controlled the sell zone 3 days in a row but the Bulls are still ahead at 25-18 in their favor. Let’s wait tomorrow if the Bears continue their selling streak.
There’s not much to say as this day is sad for all the crypto traders specially trading in the Top 3 cryptos in the world.
Image courtesy of Dailyfx.com
XRPUSD long traders like me are still holding their horses. Again, only time will tell what will happen. This is my personal opinion, let’s wait for the Annual Jackson Hole Symposium‘s results on the US Dollar. I know it’s sounds crazy but we will see. :-)
You may read my yesterday’s technical analysis here:
Daily XRPUSD Technical Analysis – August 27, 2020
Do your own research before buying is the best thing to do. Lots of it!
Have a great day ahead.
