Did you take our call on Friday? | The Gold Forecast

Did you take our call on Friday?

October 5, 2020 - 7:38pm

 by Joseph M. Wagner II

Did you take our low-risk trade recommended Last Friday? If you did you would have made a small profit of $220 per BTC contract with no leverage. If you wanted to participate but the call to action was not clear enough for you don’t panic! We will soon be adding a proper action column on our Bitcoin page.

As of 6 PM Est Bitcoin futures basis, the most active October futures contract on the CME (BTC V20) is trading up $260 (+2.46%) for the day and is currently fixed at $10,810. Those who have taken our call on Friday to enter from the long side at the market which was sitting at $10,580 would have exited the market by now either by establishing a limit order to sell at $10,800 which would have been filled taking you out of the trade or by manually selling at the above-mentioned price which we stated on Friday’s report. So, for those who took our call, you should essentially be flat with no active trades in BTC.

 For those who are not convinced this upswing is done understand that my goal is simply to make you profitable trades with the least amount of risk and although I don’t firmly believe the market will retrace tomorrow the direction of its move is not as clear now as BTC is sitting right in the middle of its trading range and I believe there are almost equal chances of it going higher or lower tomorrow. If you disagree with this assumption and want to remain exposed, we recommend that you at least sell a leg or a portion of your BTC, say 50% and continue doing so if pricing continues to climb and the rest or at least another 25% of BTC holdings if and when we hit $11,000. For traders following these riskier guidelines, we recommend placing your stop at $10,350.

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