Trade Recommendation: OmiseGo

This trade recommendation is setting up quickly and requires prompt attention

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. 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.

Entry Price: 15.65
Stop Loss: 14.89
Profit Targets: First profit target 17.95. Second profit target 20.40. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 1.00 points behind until second profit target is reached or stopped out.

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

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I 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.