Bitcoin Price Watch; Riding Out The Storm

BitsPlan

So we are now closing in on the end of the week, and we’ve managed to eek out a couple of good entries, and, in turn, a couple of nice profits on action in the bitcoin price. Things haven’t been exactly at we’d have liked, however. Action has been a little flat, and when we don’t get much volatility, it translates to some difficult trading conditions. Specifically, we often see lots of choppy action, and this choppy action makes it tough to place risk parameters without being overly lenient in an attempt to avoid a chop out on a bias reversal. To make matters even more awkward, when we want to place wide stop losses in order to avoid chop outs, we normally like to also widen out our reward parameters (i.e. place our take profit a little bit higher, or lower, depending on the direction of the trade, than we normally might). With out any sustained momentum, like the situation in which we have found ourselves this week, this isn’t really an option.

Anyway, let’s not dwell on it. We are in a relatively good position considering action to date, and it looks as though we’re going to head into the

Read more ... source: NewsBTC USA

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