BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The rule is to wait for the close above the A or C value lines. However we do not have A or C value levels to determine an entry point with BTCUSD . Hence we are using the Pivot levels to determine validity of the trade to enter, in this case a close above the Pivot high level.
Comment: The Pivot high level is the blue dot line at 4359.2.
Comment: Adjust stop up to 4387, just under today's Pivot low price and just below our entry level.
Comment: I would take half profit at this point and raise the stop loss to just under today's Pivot low of 4508.
Comment: Exit price on half the position is 4580. We will continue to trail the stop loss as the trade progresses.
Comment: Set a second partial profit target of 4675, just under 4680 resistance. Take 1/4 of position off the table at this level.
Comment: The second partial profit target for 1/4 of the position has now been reached at 4675. I will wait for the end of the final 1 hour bar to complete to see what the pivot levels are for the new trading day. A logical price level to trail the stop loss would be the previous profit target price of 4675, however we will await the next set of pivot points to make a decision as to where to place our trailed stop loss.
Comment: With the start of a new trading session of Oct. 10 our new Pivot low level is 4703 (see chart Pivots, blue dots). I will trail the stop loss to 4695 on the remainder of the position, just under the 4700 handle. Current price is 4804.
Comment: This chart will show the indicators, primarily the Pivots, which are hidden on the current chart from the point of entry of trade.
Comment: Raising the stop loss to 4839, just below today's Pivot high level and the recent support of the last 14 hours.
Trade closed: stop reached: The trailed stop loss at 4739 was hit on the pullback. Note, the handle price was off in the previous comment, should be 4739 not 4839. So we booked profits on the remaining position. Which is about a risk:reward of $8 profit to $1 risked.
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