This trade recommendation is setting up quickly and requires prompt attention
With the price trading above the Daily Pivot Range (blue dots) the daily bias is to the upside. Therefore this level is key support for today. We have seen sentiment turn slightly bullish for the near term, however beware of the major trend which is still bearish. Look to temper our appetites for large moves and grab some modest gains.
The Daily Pivot Moving Averages (red,yellow, white lines) are now pointed up, so this is a sign the market wants to turn bullish. Buy on confirmation of the market breaching the recent swing high, and also closing above the ‘A’ up line which coincides with the 3 Day Rolling Pivot Range high line.
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: 404.5
Stop Loss: 398.6
Profit Targets: First profit target 421. Second profit target 446. 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 15 points behind until second profit target is reached or stopped out.
Disclaimer: The writer owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.