The bias remains to the upside for the short term with the price trading inside the Daily Pivot Range (blue dots). The key level of the 3 Day Rolling Pivot Range low (RPR, green and yellow dots) was breached with a strong move up. This suggests there is more room to the upside with the bias shifting to bullish.
With a current retracement underway, this offers an opportunity to get long. The price is close to a test of the RPR which is a healthy pullback. We are also above the ‘A’ up line which gives a buy signal according to our rules of entry of specific amount of time trading above this level.
The Daily Pivot Moving Averages are flat so they are neutral for the moment.
The action to take is to place a buy order to enter in the buy zone on the chart. Place the stop loss at the Opening Range low and the profit targets stated below.
Note: 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: .00004740
Stop Loss: .00004300
Profit Targets: First profit target .00005119 / second profit target .00005315. Once the market reaches the first profit target bring the stop loss to breakeven (entry level); then manage the trade further by using a trailing a stop loss 150-200 points behind as the market runs higher.
Disclaimer: The writer owns Stellar, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.