BTC/USD Forex Signal - Thursday, Oct. 18 -

BTC/USD Forex Signal – Thursday, Oct. 18

Oct 18, 2018Jeremy ParkinsonFinance0

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken between 8am London time and 5pm Tokyo time, during the next 24-hour period.

Long Trades

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,353, $6,263, or $6,171.

Put the stop loss 1 pip below the local swing low.

Move the stop loss to break even once the trade is $200 in profit by price.

Remove 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run.

Short Trades

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $6,679 or $6,811.

Put the stop loss 1 pip above the local swing high.

Move the stop loss to break even once the trade is $200 in profit by price.

Remove 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

BTC/USD Analysis

I wrote yesterday that the best that could be said was that the longer the price remained above $6,353, the more likely it was to rise eventually, but it looked like it could easily go sideways for a while yet, so I had no interest in this pair today. This was a good call as the pair has just continued to go sideways, so I must repeat what I said yesterday as there is nothing else to say except the longer the price remains flat, the stronger the eventual breakout will be when volatility finally does increase.