BTC/USD Forex Signal - Thursday, Nov. 8 -

BTC/USD Forex Signal – Thursday, Nov. 8

Nov 08, 2018Jeremy ParkinsonFinance, No picture0

Yesterday’s signals were not triggered, as the low was just slightly off the support level identified at $6,440.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be taken until 5pm Tokyo time today, over the next 24-hour period.

Long Trades

Go long after a bullish price action reversal on the H1 time frame following the next touch of $6,440 or $6,374.

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 Trade

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

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 wrote yesterday that I would take a bullish bias today if the price could advance beyond the trend line and stay there for two hours. The price was never able to reach the trend line, so that scenario did not occur.

The picture remains bullish, as the nearest support level has held, and seems to be acting as support after the recent bearish retracement. The most likely outcome is that the level holds, and the price continues to advance from there, so I will take a bullish bias if we now get a strongly bullish bounce from this level without the level breaking down.