XRP Defeats the SEC!

Good afternoon TORG Traders,

Pretty big news last week in crypto. We will get into that in this newsletter plus the macro news from last week with inflation and PPI.

I’m going on a family vacation this week. I’ve been really working on my backtesting and trading system. I’ve taken over 1,000 trades in the past couple of weeks and have been really dialing in the system.

Lets get into it!

TORG Trading Podcast Episode 3 Released

Episode 3 was released where I talk with seb who is a high frequency NFT trader. We talk about his strategy, depression and community.

Macro News RESULTS from previous week!!

• CORE CPI MoM

  • .2% versus .4% previous month

• CORE CPI YoY

  • 4.8% versus 5.3% previous month

• Headline CPI MoM

  • .2% versus .1% previous month

• Headline CPI YoY

  • 3% versus 4% previous month

• CORE PPI MoM

  • .1% versus .1% previous month

• Headline PPI MoM

  • .1% versus -.4% previous month

Inflation has cooled down from the previous month, but still not at the target of 2% put out by JPOWW. Inflation did go up MoM and the Fed will look at that going into the next FOMC meeting. Remember we have one more meeting and then August is a break, but JPOWW will still be speaking at Jackson Hole late August which nuked the crypto market last year.

Macro News to WATCH this week!!

Very quiet week in macro news. I’m not going to highlight much, but here is what is being released:Retail Sales numbers

• Building permit numbers

• Initial jobless claims

• Existing home sales

A lot of information here will show how consumers are spending money and if housing is slowing down.

Crypto News

It has been crypto versus the SEC lately. A judge in New York stated that XRP is not a security which then pumped XRP up over 80% in one day. Here is an article on Investopedia if you’re curious to read more: XRP Ruling

This sets a precedent going forward that if a judge is going to rule XRP not being a security then it opens up to mostly all crypto to be treated the same. I don’t think we have heard the last of this case, but between this news and the BTC ETF news, the market is feeling bullish and euphoric.

Metals: Gold looking to make a move back up to $2k this week. With the move from the dollar, I’d expect a bigger move in gold to retest $2k. Key levels for support: $1940 and $1800. Key levels for resistance: $1984 and $2022. Silver has been putting in higher lows and made a good move up to retest $25. Key levels for support: $23.43 and $22.23. Key levels for resistance: $25.90.

Energy: Natural gas is literally heating up. I love this accumulation. Don’t miss the next move up. Key support: $2.42 and $2.17. Key resistance: $2.77 and $3.05. I’d literally swing and hold Natural Gas. Zoom out on the daily chart for this trade. Oil might be breaking out of the current range. I’d wait for oil to open back up and see how it does at the current retest area. Key support: $72.97 and $67.34. Key resistance areas $83.40

DXY: The dollar got punished last week and went under 100 for the first time since April 2022. As the dollar went down, crypto and equities pushed up. Are you starting to see the correlation? Key support: 99.38 and 97.66. Key resistance: 100.85 and 102.09.

Crypto Charts

Going to get right into the $BTC and $ETH charts….they all pumped last week! This weeks theme will be don’t diddle in the middle.

$BTC

Summary / Points of interest short term:

$BTC is in a range at the moment. Two scenarios: Breaks the range low and finds support below. Breaks the range high and tests $32k to $34k. I wanted to show you the volume profile as well as you can see where price spent the most time. Those are areas I would look for potential longs. I’m bullish until $23k to $24k.

Points of interest in the long run

• Any significant drop now in the $BTC price is a good buy and DCA opportunity to get ready for the bull run in 2024.

What is Market Cipher telling us?

• $BTC is currently in the red on the hourly. This is the key time level to really utilize the indicator. I would look for a divergence (anchor wave with a trigger wave) with price going down. RSIs are pretty split, so I think we have an opportunity to retest range lows again then look to try and move up.

$ETH

Summary/Points of interest short term:

$ETH is different than $BTC at the moment. As you can see there is a gap on the upside the might get filled as long as there are enough buyers present to continue to move the price up. Again I’d look at price at the range low or making a new higher low to go and get the liquidity up at the FVG fill zone.

Points of interest in the long run (hasn’t changed in a couple of weeks):

• Same with $BTC, any significant drop in price for $ETH is a buying opportunity for spot portfolios.

What is Market Cipher telling us?

• Hourly money flow is red, but could be looking to turn up in green. I think we see a small dip then try and see the buy side liquidity grab. RSIs are split and looking for a dip to bring these together for a move up.

$APE

Summary:

$APE is the coin for the Yuga ecosystem coin. Yuga is one of the biggest NFT collections.

The chart is showing more upside than downside. You can see the clear range marked out here with the volume profile. I want to see the retest of the range low with a higher low then go retest the range high. If it breaks the range high then could see this coin going $3.

What Am I Currently Reading?

Alpha Trader has been really good so far. The first section talks about the psychology of a trader and what makes a good trader with their psychology. He brings in research and common sense to this part of the book.

Picture for the week:

I recently purchased a new smoker. It’s an offset smoker and the one thing that it has taught me is that I cannot go into a smoking session without a plan. I can relate a lot of this to trading. I take notes during the smoking session with what kind of wood, temps, etc. It’s just like trading with putting a plan together and executing. If you really think about it, that is about a lot of things in life. As long as you have a plan in place and you can execute, then you can really go far in what you set your mind to.

Trade from last week:

Here is a scalp that I did last week with the new system that I’m testing live. A lot more trades like this to come and really happy with how the system is coming along.

I appreciate you reading the ninth edition of my newsletter. If you found this helpful, please share the subscribe link with anyone you think would find it helpful as well. Also, please email me any feedback, so I can continue to give you information that you want to read. Hope you have a great week. God bless.