BTC/USD Forex Signal - Monday, Nov. 5 -

BTC/USD Forex Signal – Monday, Nov. 5

Nov 05, 2018Jeremy ParkinsonFinance0

Last Thursday’s signals were not triggered, as there was insufficiently bearish price action at $6,353.

Today’s BTC/USD Signals

Risk 0.75% per trade.

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

Long Trade

Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6,379 or $6,313 or $6,290.

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 Trade

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

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 last Thursday that the best I could say is that it looked very likely that $6,290 would be the pivotal level today, but I had no real directional bias. I was correct in this call as the level has held up to now, which indicated an upwards movement which has duly played out.

The technical picture now looks more bullish, with new higher support levels. The level nearby at $6,379 looks likely to be pivotal today. If the price bounces strongly there, I would take a (weak and cautious) bullish bias.