BTC/USD Forex Signal - 8 March 2018

Thursday, 8 March 2018 10:14

Yesterday’s signals were not triggered as there was no bullish price action at $9,886.

Today’s BTC/USD Signals

Risk 0.75% per trade.

Trades may only be entered until 5pm Tokyo time, during the next 24-hour period.

Long Trades

  • Go long after a bullish price action reversal on the H1 time frame following the next touch of $9,375.

  • 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.

  • 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.

Short Trades

  • Go short after a bearish price action reversal on the H1 time frame following the next touch of $10,131 or $10,696.

  • 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.

  • 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

I wrote yesterday that the price was looking most likely to continue downwards to an area below $10,000, so I had a bearish bias. The price did move down, invalidating the first support level but leaving intact the level at $9,374. The price is rising at the time of writing, testing the resistance at $10,131 which is showing initial signs of holding. I have only a slight bearish bias as the buying is quite bouncy near the support level at $9,375, but it would not be a surprise if the resistance at $10,131 holds.BTCUSD

There is nothing due regarding the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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