BTCUSD Futures trade - OKCOIN

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
813 6
BTCUSD futures showing bullish inclinations, short term target is 439.16 in 7 days or less.

If price fails to reach that target in 7 days, bias would turn bearish and a short position could be initiated.
Likewise, if price were to retest 371.03, a reverse order would be opened, per the chart.

For now, target 1 is 395 and target 2 is 439.16 with a stop at 371.03.
I'd reccomend moving stops to break even after 1 ATR profit, and considering closing half the contracts at 395, roughly.
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Stopped out in profit with 2 contracts, 1 contract stopped for break even. Still good. I converted my BTC to usd for now, I'll reasess the situation or just trade btcusd with that for now.
timwest IvanLabrie
Good job.
+1 Reply
Can you describe what the "bullish inclinations" are?
Sure, I have a chart describing my take on a BTCUSD index of sorts, taken from quandl data.
The volume in the OKCOIN futures increased dramatically, and trading there implies holding BTC.
The weekly chart shows no new lows, and new highs every 5 bars, same as the daily, where you can see an acceptance of value in gradually higher levels.
Per your methodology, there is a downtrend failure in the futures chart as well as a new mode breakout signal, but you can't see all the historical data in the tradingview chart.
Now I see there's support at a previous inside bar mid point level, and the price is moving up nicely, so I'll just ride this one with break even stop for the time being.
+1 Reply
Moving stops to break even.
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