BTC/USD Forex Signal - Thursday, Oct. 4 -

BTC/USD Forex Signal – Thursday, Oct. 4

Oct 04, 2018Jeremy ParkinsonFinance, No picture0

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 must be entered before 5pm Tokyo time, over the next 24-hour period only.

Long Trades

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,534, $6,493 or $6,353.

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 I saw the picture as still looking broadly bearish. I took a bearish bias below $6,446 and above $6,353. This wasn’t a great call, but it wasn’t bad either as the price was not able to get much below $6,446 and eventually made a much stronger bullish move above that level. The price chart below shows that Bitcoin is looking very indecisive and hard to predict, as it arrives near the point of a long-term consolidating triangle formation. I think the best that can be said is that the situation would become bullish above $6,679 and bearish below $6,353.