Ready to see a simple yet profitable bot setup?
Ok, let’s first lay a foundation.
You do need to know a bit about candlesticks on the chart. To help you out, here’s an image:
Ok, so a bullish candle means the price opened lower and closed higher.
A bearish candle means the price opened higher and closed lower.
Wicks (thin lines) show how high and low prices got during a given period.
Now, the candles are the same in every time frame. So if you’re looking at a 5-minute chart, each candle represents 5 minutes of data. (same for hourly, 4 hours, etc.)
Ok, understand? Good to go? (If not, a quick YouTube video will set you straight)
Now, let’s get into the system:
1. Market needs to make a low
2. Market then needs to go below that low
3. Market then needs to close above the low it previously went below.
When that happens, we now have an opportunity to start our bot. Here’s what it looks like:
This setup is incredibly powerful yet also extremely simple.
The only thing I would recommend is that you look for this opportunity on higher time frames such as 4 hours and above.
Using it on a smaller time frame for a bot may not be the best if you’re looking to keep the bot open for a while.
Ok, let’s park it here for now.
In the next article, I will give you a few tips to help you pick coins you can profit from when using bots.
See you then!
Here’s part #1 if you missed it: https://vergehunter.com/the-world-of-crypto-trading-bots-explained-day-1/
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