Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

BTC/USD Forex Signal - 22 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.

Yesterday’s signals were not triggered, as neither of the key levels were ever reached.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be entered before 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 $7836.69 or $7346.96.

  • 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.

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

There has been no change to the technical picture since yesterday’s analysis. The price continues to behave in a bullish way, looking as if it is going to rise further and probably make new all-time highs, so my very bullish bias remains unchanged. Although it is possible to draw a wedge-shaped channel, as shown in the chart below, I would not be optimistic in using either of the trend lines, especially the higher one for a potential short trade. The swings have become less volatile, but that is OK, in fact it makes swing or position trading easier.
BTCUSD

Regarding the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time, followed by Crude Oil Inventories at 5pm, and FOMC Meeting Minutes at 7pm.

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.

 

Most Visited Forex Broker Reviews