remain intact without being broken in a meaningful way.
The Daily Pivot Moving Averages are turning up so they are beginning an upward bias.
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.
Note: This recommendation is good until the end of the session. 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: 729.50
Stop Loss: 720.83
Profit Targets: First profit target 768.00. Second profit target is 815.00. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 20 points back as market moves higher to safeguard profits or until second profit target is hit.
Disclaimer: The writer owns Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.