XLM is still trading in a descending channel after topping out this week.

As a result, my previous August 9 long trade has exited in another loss after holding for 12 days and 22 hours:

https://www.finlogix.com/analysis/20240809/xlm-intraday-analysis-and-trading-plan-for-august-9-2024

A new overall record of 2 wins and 8 losses.

The US is set to have 3 high-impact economic reports this week starting tonight.

The crypto markets, including XLM, traded lower this week, fully giving up its gains from last week.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Long-Legged Spinning Top now back to Red Spinning Top

Monthly Candle: Last check is a Green Dragonfly Doji current is a Red Long Lower Shadow

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

Daily Candle: Previous close is a Red Long-Legged Doji current is a Green Body with a Longer Head Wick

XLM moved to the downside on the weekly view, not allowing a weekly double top pattern at least.

Based on my experience, the overall trend especially the long term is to the upside, the downfall we saw this week is but a mere pullback only.

I am still using the July 5-17 swing low to high moves as the retracements’ points of view.

This move has depicted an up wave and the current descending channel is the counter-trend.

If the buyers win the PoD out of this channel, the latter can lead to an upside move seeking to liquidate the retracement point’s peak.

The 38.20% fib level supported and prevented a continuous drop this week.

The price has rebounded multiple times on that level and based on this move, I like to open a new long position again with the following details:

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

By entering at the current reddish 4H candle, the stop loss is strategically set at a possible weekly lower low while taking profit at the descending channel’s breakout.

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

XLM Intraday Analysis and Trading Plan for August 29, 2024

Aug 29 2024

Stop Loss -3.26%

Holding time 3d18hr

0.09209

Entry price

0.08909

Stop loss price

1

3