So there we go. Another week pretty much complete, and it’s been a big one for many reasons. Trump is heading to the White House, the bitcoin price has made a series of fresh highs, and sentiment seems to be on the up. We’re expecting this sentiment to maintain throughout the weekend and into next week, so 800 is looking more and more of a possibility. Yes, we’ve got $80 or so to go before we crack this level, but we’ve seen bigger moves over a couple of days, and we’re going to be optimistic.
So, with this in mind, let’s get to our strategy and see if we can bring things together heading into the weekend.
As ever, take a quick look at the chart below to get an idea of what happened overnight, and where we are looking at getting in and out of the markets according to our intraday strategy.
As the chart shows, the range we are focusing on for this morning’s European session is defined by in term support to the downside at 719, and in term resistance to the upside at 724. We’ve actually got our line a little lower than 724, but for the sake of simplicity, we’re going to put it there.
So, breakout strategy only right now, with a view to expanding out into our intrarange approach if things tighten up.
If we see price break above resistance, we are going to watch for a close above this level to get in long towards an immediate upside target of 730. A stop loss on this one somewhere in the region of 720 flat works well to keep risk defined.
Looking short, if we manage to get a close below resistance, we will get in short towards 710. This one’s a little more aggressive, and we can widen out our stop a little as a result. Somewhere in the region of 723 looks good.
Happy Trading!
Charts courtesy of SimpleFX