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BTC/USD Forex Signal - 8 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 the bearish price action took place above the resistance level identified at $7397.34.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades must be taken before 5pm New York time today only.

Long Trade 1

  • Long entry after a bullish price action reversal on the H1 time frame following the next touch of $6815.36.

  • Put 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.

  • 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 Trade 1

  • Short entry after a bearish price action reversal on the H1 time frame following the next touch of $7475.80.

  • Put 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.

  • 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

The price rose again yesterday, but in recent hours has run into what has become a zone of resistance between and $7397.34 and $7475.80. There are signs that the price might be topping here, and starting a slightly bearish channel, as shown in the chart below. However, there is no reason to turn seriously bearish yet, and I maintain a bullish bias. It is probably not quite the moment to buy yet, unless either the price falls quite a lot and then makes a bullish turn, or makes a strong bullish breakout above $7500.BTCUSD

Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.

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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