OMGUSDT Go Long in break out zone - Prudence
There is key support with the Daily Pivot Range, 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range, including the Monthly Pivot Range. This setup cannot be more supportive. With the price trading in breakout mode at the moment of writing the need to act is now to go long the market.
The action to take is to place a buy order to enter the market long within the buy zone area but with a limit of 15.65 or close to this level. This gives us a good risk reward ratio within a high probability setup with all this support. With the breakout this will confirm the market wants to move higher. Place the stop loss at the Opening Range low and the profit targets stated below.
Exchange: Bittrex // Buy at: 15.65 limit // Stop-loss: 14.89 // Take-profit: 17.95 / 20.40
Once price reaches the first profit target raise the stop loss to breakeven (entry level); then if the market follows through to higher levels manage the trade further by using a trailing a stop loss 1.00 points behind until second profit target is reached or stopped out.
The action to take is to place a buy order to enter the market long within the buy zone area but with a limit of 15.65 or close to this level. This gives us a good risk reward ratio within a high probability setup with all this support. With the breakout this will confirm the market wants to move higher. Place the stop loss at the Opening Range low and the profit targets stated below.
Exchange: Bittrex // Buy at: 15.65 limit // Stop-loss: 14.89 // Take-profit: 17.95 / 20.40
Once price reaches the first profit target raise the stop loss to breakeven (entry level); then if the market follows through to higher levels manage the trade further by using a trailing a stop loss 1.00 points behind until second profit target is reached or stopped out.