BTC/USD Forex Signal - Wednesday, Oct. 24 -

BTC/USD Forex Signal – Wednesday, Oct. 24

Oct 24, 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 from 8am London time until 5pm Tokyo time today, over the next 24-hour period only.

Long Trades

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

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

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

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

Short Trades

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

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

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

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

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 repeated yesterday, again that the best that could be said was that the longer the price remains 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 trading this pair. This was a good call as there has finally been a little upwards movement, but the still remains within its range of the last 10 days or so, so don’t get too excited yet. The longer the price remains within this range, the stronger the eventual volatility breakout is likely to be quite strong when it finally does come, but until that happens, it will probably be wise to stand aside.