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BTC/USD Forex Signal - 13 November 2017

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Last Thursday’s signals were not triggered, as $6815.36 was not reached that day.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken between 8am and 5pm New York time today only.

Long Trades

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $5638.48 or $5409.57.

  • 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.

  • 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 $6453.29 or $6815.36.

  • 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.

  • 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

Over the weekend we saw a lot of panic from many analysts that the “Bitcoin bubble” was finally bursting. I blogged yesterday about how the panic was a false panic, and I seem to have been proved right – the sell-off was triggered by the Bitcoin / Bitcoin Cash “civil war”, and the movement now seems to have stabilized. There is high volatility, but that is no reason why the price will not begin a period of consolidation now, which I think is the most likely outcome. The short-term outlook is perhaps slightly bullish, much will depend upon whether the resistance level at $6453.29 or $6815.36 hold. The bullish channel has broken, but the support level above $5600 has held very firmly, which is comforting for bulls and long-term investors. I think anyone who bought at the lows near $5700 received a good deal.BTCUSD

There is nothing due today concerning the USD.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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