In brief, and due to the drawn at the chart, my stop loss would be set right below the . A more conservative strategy would be to exit if Bitcoin drops below $415, which was the low of the (almost) printed on November 14.
Finally, if you opt to day trade Bitcoin and use the breakout for setting your stop loss, I would trade out 33% or 50% of my position if Bitcoin hits $470 and another 33% at $500 (round number and pullback's range - from $450 to 400).
Here's how you should calculate your risk/reward ratio, based on a trading you could have made during the recent Bitcoin breakout:
Best of luck if you are trading Bitcoins today!
I'm really interested in getting started on the technical side of trading.
Could anyone recommend a good place to start learning about charting/indicators etc...?? (books, sites, videos anything)
Have only just found tradingview.com today and it's excellent to have all your explanations and forecasts right there on the chart.
Any help is appreciated,
The information may seem a bit overwhelming in the beginning, so try focusing on basic stuff, like trendlines or support and resistance. Avoid indicators when you start and study more about money management.
Also, be sure to join popular trading forums, like EliteTrader, Traders Laboratory, Big Mike's trading forum and Trade2Win boards.