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MarkLudgate
Jan 20, 2017 11:44 AM

Bitcoin/Euro Long on break of daily highs - XBT/EUR Long

Bitcoin / EuroKraken

Description

Entry:
We have a sort of consolidation happening, if we break above that we could get a nice pop up.

Stoploss:
We want to get the stoploss as tight as possible while still being reasonable. If we break the blue trendline the chances are we are heading down. Having a tighter stop will give a better risk to reward. The idea here is to take a slightly higher risk on a smaller stop but for that to be payed for in the long run by the much higher reward that is possible on these bitcoin moves.

Exit:
We will move a stop-loss up under the swing lows of the 4H timeframe. The idea is to ride the trend as long as possible.

Things I'm considering:
- We have an overall uptrend on bitcoin right now.
- On the 4H timeframe we are consolidating and holding above the moving averages.
- We have already broken higher above the last consolidation - breaking the structure of the downward move.
- A break about the consolidation would create a reversed head and shoulders pattern.

Mark
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