XLM’s June 12, 2023 bullish OB has once again held up from last Friday’s swift liquidations of the recent long positions above the 9 level.

As a result, my July 1’s long trade has exited in another loss with less than an hour holding time:

https://www.finlogix.com/analysis/20240701/xlm-intraday-analysis-and-trading-plan-for-july-1-2024

A new overall record of 1 win and 6 losses.

The US is set to have 9 scheduled high impact economic reports starting tonight with key highlights on Fed Chair Powell’s speeches.

The crypto markets in general including XLM have printed out new lower lows extending their respective downturn since June 7.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Still a Red Body with a Longer Head Wick

Monthly Candle: Last check is a Small Green Doji now a Red Long Lower Shadow

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Semi Shaven Head

Daily Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Slightly Longer Head Wick

We can see in the 4H chart above a nasty red candle that was responsible for creating a break of structure indicated in BoS.

At press time, price is rallying within it. As long as price stays within the nearby 4H 100 and 50 SMAs, the bearish order block above is the sole target of the XLM bulls.

I think the 3rd retest on the June 12, 2023 bullish OB last week is enough signal for a change in price direction.

After a series of defeats, I will open a new long position again.

Entering through the 0.087 and helping in turning this level into a new basement if XLM wants to go higher targeting the mentioned 4H bearish OB.

In case another upset occurs, I’m putting a stop loss at the 0.08 mark only.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Let’s see how this one goes and good luck.

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

XLM Intraday Analysis and Trading Plan For July 9, 2024

Jul 09 2024

Take Profit +20.17%

Holding time 5d10hr

0.08719

Entry price

0.10478

Take profit price

1