XLM enjoys a breakout of its own following XRP’s success this week nullifying Monday’s crash and also backtesting a 5-week support.

Unfortunately, my previous July 16’s long trade has exited in loss after holding for 12 days and 4 hours on Monday:

https://www.finlogix.com/analysis/20240716/xlm-intraday-analysis-and-trading-plan-for-july-16-2024

A new overall record of 2 wins and 7 losses.

There are no further high impact economic reports in the US this Friday.

XLM is one of the best performing cryptocurrencies this week following the same price action with XRP by breaking out higher from a bad weekly opening after Monday’s crash.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Still a Red Long-Legged Spinning Top since last check

Monthly Candle: Previous close is a Green Long-Legged Spinning Top current is a Green Dragonfly Doji

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is Green Long Lower Shadow with a Big Body

Daily Candle: Previous close is a Green Long Lower Shadow current is a Red Body

As an avid crypto markets’ trader and speculator since 2019, my long-time experience refers XLM as XRP’s younger sibling.

Which in fact shown this week mimicking its elder sudden bearish nullification against Monday’s dump.

Adding to XLM’s bullish breakout is its 5-week support which got backtested and found reliable this intraweek weak opening.

For now XLM leads other cryptocurrencies in terms of price action.

I have given up most of my July Finlogix crypto trading plans’ unrealized profits including XLM.

Crypto markets are one of the most notorious in terms of sudden price fluctuations and it’s very, very important to have proper risk management.

Remember my advice to use trailing stops to avoid giving back the supposed gains to the market or at least go back to break-even levels.

I would like to re-long XLM at 0.0950-60 range with a stop loss at 0.09 only plus taking profit at 0.1150 mark for a greedy 5 RRR!

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

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

XLM Intraday Analysis and Trading Plan For August 9, 2024

Aug 09 2024

Stop Loss -4.19%

Holding time 12d22hr

0.09446

Entry price

0.09050

Stop loss price

1