XLM’s new 4H bearish FVG and a sell order block have halted its price from moving up 2 times last week.

As a result, my June 11 long trade has exited in another loss after holding for 13 hours:

https://www.finlogix.com/analysis/20240611/xlm-intraday-analysis-and-trading-plan-for-june-11-2024

A new overall record of 1 win and 3 losses.

The US is set to have 6 high impact economic reports this week.

The crypto markets in general including XLM have continued trading within their June support levels.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Spinning Top now a Red Long Upper Shadow

Monthly Candle: Last check is a Red Semi Doji now a Red Body with a Longer Tail Wick

Weekly Candle: Previous close is a Red Long-Legged Lower Shadow current is a Red Long Lower Shadow

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long Lower Shadow with a Medium Body

Note: I’m using Tradingview.com under the XLMUSD pair in Bitstamp Exchange to thoroughly re-assess these high timeframe candles.

The June 12-14 swing high to low move are our retracement points of view.

These retracements are formed after a new 4H bearish FVG has been retested with a connecting bearish order block shown above.

From these retracements also, we have a bearish main trend that can potentially target the 0.09 level while a bullish counter trend targets the 0.1050 level.

In fact, XLM’s price is currently trading within the June 7-8 dump’s wick territory.

Previous 4H candle suggests a bounce off from the main trend’s 78.60% fib level and counter trend’s 23.60% fib level.

Both the trends’ 50% fib levels are acting as the immediate resistance that once broken will target the counter trend’s trajectory.

Failure to do so will challenge the sell side liquidity levels that are residing as far as last week and June 7-8 lows.

I prefer to trade in the counter trend’s direction in today’s trade plan.

With the previous 4H candle bounce off, I like to enter a long position through the current 4H candle with a 3rd attempt towards the combined bearish FVG and sell order block as the take profit exit.

However, the stop loss is set below last Friday’s bounce off.

Here are the order details to play this scenario:

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

XLM Intraday Analysis and Trading Plan For June 17, 2024

Jun 17 2024

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