With XLM’s strong previous weekly close, its June 7’s 4H bearish FVG has been successfully retraced. A new higher trading range is formed and held after the May 21 downtrend is cleared.

As a result, my July 9’s long trade has exited in profit after holding for 5 days and 10 hours:

https://www.finlogix.com/analysis/20240709/xlm-intraday-analysis-and-trading-plan-for-july-9-2024

A new overall record of 2 wins and 6 losses.

The US is set to have 3 remaining high impact economic reports starting tonight.

The crypto markets in general including XLM have closed the previous week in green after a frail July starting.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Body with a Longer Head Wick now a Red Long-Legged Spinning Top

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

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Small Red Long-Legged Spinning Top

Daily Candle: Previous close is a Green Long-Legged Semi Doji current is a Red Long Upper Shadow with a Medium Body

XLM buyers have finally returned and shown continued control.

We can see in the 4H chart above that the May 21 downtrend line is broken for good with a huge bullish gap.

Price is now ranging and holding pretty well within the June 7 bearish 4H order block formerly an order block in my previous analysis.

Although intraday’s price action has shown some volatility, the newly found bullish range is still holding well.

It seems today’s fluctuations have nullified a weekly double top thesis.

As long as the range holds up, we will see another higher high move after a fresh swing high was spotted today!

After I’ve scored my second win previously, I maintain a bullish call for XLM now that its buyers have returned.

Taking into account the complete swing high to low move from May 21 to July 5 as the retracement’s points of view, current range is sandwiched between the 78.60% and 61.80% fib levels.

These are premium levels. However, I will open a long position to anticipate further upward movements.

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 July 16, 2024

Jul 16 2024

Stop Loss -11.52%

Holding time 12d4hr

0.09987

Entry price

0.08836

Stop loss price

1