BTC/USD Forex Signal - Wednesday, March 7 -

BTC/USD Forex Signal – Wednesday, March 7

Mar 07, 2018Jeremy ParkinsonFinance0

Yesterday’s signals were not triggered, as there was no bullish price action at either $11,105 or $10,785.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken 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 $9,886 or $9,375.

Place 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 $10,595 or $11,105.

Place 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 despite the drop, I maintained my bullish bias – as there was clearly a bullish structure of higher lows and highs which had remained intact. This was not a good approach, as the price has moved down steadily and quite strongly over the past 24 hours, invalidating former support levels and printing new lower resistance levels. It now looks as if the price is most likely to continue downwards to an area below $10,000 although there may be minor support at about $10,200 which could at least temporarily halt the fall. I have a bearish bias now.