Trade Recommendation: Omisego

Although we have had a difficult period today with the major selloff in Cryptoland there are some bright spots of hope. The Omisego chart has shown us a short term bias shift to the upside with the Daily Pivot Range beneath our current price. This is our support level for the near term with good upside to the 6 Day Rolling Pivot Range (RPR).

This is a good risk reward buy trade with the narrow Opening Range (white background range). This gives us a reasonable stop loss that is close with solid support. You can see the lower set of blue dots that will be our key near term support which corresponds exactly with the Opening Range low.

Using the 60 minute chart we will want to buy at the current level of approximately 11.0000. Place the stop loss just below the Daily Pivot low and Opening Range low and place the profit targets as stated just around the 6 Day RPR.

Entry Price: 11.00000
Stop Loss: 10.64000
Profit Targets: First profit target 12.13000. Second profit target 12.38000.

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.

Featured image courtesy of Shutterstock.

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.