With the market settling down after this week’s route, it could be time for a retracement.
We will need to see the price move above the Daily Range (blue dots), as well as the Opening Range high which marks the ‘A’ up level.
With a significant formation this is a key .
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 and the profit targets stated below.
Note: If triggered, look for the trade to play out over a period of 48 hours and if no significant move after 6 hours, exit the trade. Keep in mind the 6 hours is not a rule but a guideline as you will want to use discretion when managing the trade.
Exchange: Bittrex // Buy above: 65.00006// Stop-loss: 62.90 // Take-profit: 72.62/ 76.37
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.