This trade recommendation is setting up quickly and requires prompt attention
This is a short term trade but with good risk reward ratio. The bias remains to the upside for the short term with the price trading above the Daily Pivot Range (blue dots), therefore this level is key support.
The Daily Pivot Moving Averages are flat to up and mildly bullish.
The Monthly Pivot Range low is at 1070.25 so expect significant resistance at this level.
The action to take is to place a buy stop entry order to enter the market long if the market trades at or slightly above the green recent high line on a 60 minute chart. Place the stop loss at the Opening Range low and the profit target stated below.
Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.
Entry Price: 948.00
Stop Loss: 922.00
Profit Targets: First profit target 1065.00. Second profit target 1244.00 is a long shot with the Monthly Pivot Range resistance at 1070.25 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 25 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.
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