Bitcoin Buy on 'A' Up Setup - Prudence
Updated
With the Daily Pivot Range and 3 Day Rolling Pivot Range below current price levels the bias is shifting to the upside. However we need further confirmation before entering a buy position to go long the market.
The key resistance is at the Weekly Pivot Range high which coincides with the ‘A’ up line and the 6 Day Rolling Pivot Range high. Moving Averages turning up is bullish.
The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low and the profit targets stated below.
Entry Price: 7480
Stop Loss: 7365
Profit Targets: First profit target 7640. Second profit target 7890. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 150 points behind until second profit target is reached or stopped out.
The key resistance is at the Weekly Pivot Range high which coincides with the ‘A’ up line and the 6 Day Rolling Pivot Range high. Moving Averages turning up is bullish.
The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low and the profit targets stated below.
Entry Price: 7480
Stop Loss: 7365
Profit Targets: First profit target 7640. Second profit target 7890. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 150 points behind until second profit target is reached or stopped out.
Order cancelled
The price never traded at our level or above for 15 consecutive minutes. Hence our entry rule was not met and we stayed out of the market. Important to remember, not getting in the market at the wrong time is as important as getting in the market at the right time. They are flip sides of the same coin.
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