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Trade Recommendation: GBPJPY

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With the price trading inside the Daily Pivot Range (blue dots) this nullifies the Pivot for today. However the bias remains to the upside for the short term with the price trading above the 3 Day Rolling Pivot Range (RPR). This level provides the near term key support range.

With the Daily Pivot Moving Averages (red,yellow, white lines) turning upward this is further confirmation of the upward bias.

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.

Note: This recommendation is good until the end of the session. If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

Entry Price: 147.60
Stop Loss: 147.16
Profit Targets: First profit target 148.18. Second profit target is 148.73. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 20 pips behind to safeguard profits or until second profit target is hit.

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 78 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: Basic Attention Token

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Basic Attention Token (BAT/BTC) may look bearish at first glance. However, a quick look at the longer time frames shows that the market is bullish.

BAT/BTC registered a 2018 low on September 12, 2018 when it dropped to 0.00002056. At that point, the market printed a double bottom pattern on the weekly chart. With a durable bottom in place, bargain hunters and bottom pickers started buying heavily. This ignited a strong rally that saw BAT/BTC climb to as high as 0.00005992 on November 8. Although the market has been correcting since, this gives us the chance to buy the dip.

Technical analysis shows that BAT/BTC may be establishing a bullish higher low setup of 0.0000335. This view comes after the market has managed to stay above this support for over two months despite numerous selloffs. During this period, bears have repeatedly attempted to breach 0.0000335. Their inability to do so has taken a toll on their momentum. As a result, the sell volume has significantly declined over the last two months.

With 0.0000335 holding, bottom pickers and bargain hunters have started to accumulate positions at this level. You can see this on the 12-hour RSI. This indicator is printing a large bullish divergence showing how the market is starting to gain momentum.

Lastly, 0.0000335 used to be a heavy resistance for BAT/BTC. With bulls defending this level, we are witnessing the flipping of 0.0000335 resistance into support. This is good bullish price action.

The strategy is to buy as close to 0.0000335 as possible. As long as bulls hold this support, they will likely ignite a rally to the range high of 0.00004523.

The process may take a month.

12-hour Chart of Basic Attention/Bitcoin on Binance

As of this writing, the Basic Attention Token/Bitcoin pair is trading at 0.00003421 on Binance.

Summary of Strategy

Buy: As close to 0.0000335 as possible.

Target: 0.00004523

Stop: 0.0000327

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.8 stars on average, based on 311 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: Bread

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We’ve been watching Bread (BRD/BTC) ever since it bottomed out around the support of 0.00004525. At that point, we knew that the market has transitioned from markdown to accumulation. The smart money accumulated positions as the market range traded between 0.00004525 and 0.00006314.

While there were several instances when Bread breached the range high of 0.00006314, every single move was taken as an opportunity to lock in gains. As a result, the market always returned to our range. Nevertheless, we believe that it is only a matter of time before Bread finally breaks out of the range.

Technical analysis shows that BRD/BTC is almost ready to start a bull run. This view comes after the market gave us several bullish signals.

First, Bread established a bottom using a triple bottom structure. This is a very convincing pattern to show market participants that the price won’t like to fall any further than the range low of 0.00004525.

With this pattern, bulls started to gain some momentum. They first established a bullish higher low setup on November 20, 2018 when the market dropped to as low as 0.00004886. This was a clear signal that bargain hunters and bottom pickers were ready to buy positions at a higher price.

This enabled the market to finally claim the range midpoint of 0.00005413 on January 18, 2018. At that point, Bread has been in accumulation for over 170 days. The length of accumulation time plus the move to the range midpoint convince us that the market’s next step is to take out the range high and trend higher.

The strategy is to buy as close to 0.00005413 support as possible. As long as BRD/BTC stays above this level, it will likely gather the momentum to rally to our target of 0.00006314. Take that out and the next target is 0.0000762.

The process may take less than a month.

Daily Chart of Bread/Bitcoin on Binance

As of this writing, the Bread/Bitcoin pair is trading at 0.00005552 on Binance.

Summary of Strategy

Buy: As close to 0.00005413 as possible.

Targets: 0.00006314 and 0.0000762.

Stop: 0.00005225

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.8 stars on average, based on 311 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: HyperCash

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HyperCash (HC/BTC) is giving us bullish price action. It dropped to as low as 0.0001714 on December 8, 2018. At that point, the market was in danger of breaching support of 0.000175. Bulls struggled for a few days to keep the market above the support. Fortunately on December 11, market participants finally felt that a durable bottom was in.

With a bottom in place, HyperCash ignited a massive rally that enabled the market to take out multiple resistances and climb as high as 0.000553 on January 12, 2019. While the market is currently pulling back, this gives us the opportunity to buy the dip.

Technical analysis shows that HC/BTC is likely to establish a bullish higher low setup of 0.00029. This view comes after the market gave us two solid resistance to support flips.

The first one was on January 15 when the market wicked down to 0.0002502. The strong rejection of lower prices indicates the presence of buyers at that price level. In addition, the 100-day moving average also acted as support and helped to keep the price from falling any further.

The second one was on January 18 when the market wicked down to 0.0002897. The price rejection doesn’t look strong so it is very likely that HyperCash revisits 0.00029 soon.

The market also appears ready to break out from a bullish pattern. Lastly, the market is approaching the apex of a large falling wedge on the 1-hour chart. With sellers losing steam, we expect the market to break out of this pattern once it revisits 0.00029.

The strategy is to buy on dips as close to 0.00029 as possible. As long as HyperCash stays above this level, it will likely gather the momentum to break out of the falling wedge and rally to our target of 0.000366.

The process may take less than a month.

1-Hour Chart of HyperCash/Bitcoin on Binance

As of this writing, the HyperCash/Bitcoin pair is trading at 0.000306 on Binance.

Summary of Strategy

Buy: As close to 0.00029 as possible.

Target: 0.000366

Stop: 0.00028

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.8 stars on average, based on 311 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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