Hello everyone👋 I wanted to share an insight into one of my current ongoing trades on the XRP/USDT pair and how I'm managing it. After a careful observation of the XRP chart, I noticed the price approaching a strong point of interest and a historical support level that had shown previous bounces. I saw this as an excellent entry opportunity, especially with multiple technical indicators strongly supporting the potential for an upward bounce from this crucial area.
I decided to enter a long position from this pivotal zone, placing a tight Stop Loss order just below the support level to protect against any false breakdowns or unexpected market movements. My primary target is relatively distant, as I'm aiming for the previous high that XRP reached recently, with aspirations of achieving a significant profit based on this anticipated move towards major resistance.
The trade initially moved in the right direction gradually and reassuringly, which confirmed my initial analysis. As the price continued to climb towards my target, I already secured some profits by closing a partial position, a step I always take for risk management. More importantly, I've moved my Stop Loss for the remaining portion of the trade to my Break Even point, ensuring I won't incur losses if the market suddenly reverses.
The trade is currently still open, and I am closely monitoring price movements, committed to my original plan until my distant target is achieved. From my previous experiences, I've learned the importance of patience, relying on technical analysis to identify strategic entry and exit points from support and resistance areas, and most importantly, strictly adhering to risk management. Continuously reviewing trades, whether ongoing or completed, always provides valuable lessons to improve future performance, and I believe that sticking to a clear trading plan is key to success in this volatile market.
