BTC/USD Forex Signal - Tuesday, August 7 -

BTC/USD Forex Signal – Tuesday, August 7

Aug 07, 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 must be taken between 8am London time and 5pm Tokyo time, over 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 $6,805, $6,671, or $6,445.

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 $7,266, $7,685, or $7,813.

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 took a bearish bias yesterday between $7,150 and $6,805. This worked out well for most of the day, as the price continued to fall, however it recovered later, and recent hours have been quite bullish, with the price reversing bullishly not far above the nearest support level identified at $6,805. I do not take a bias but there is short-term bullish momentum which suggests that the price is likely to rise further over the course of today.