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 bullish candle means the price opened lower and close higher.
Bearish candle means price opened higher and closed lower.
Wicks (thin lines) show how high and low price got during a given time period.
Now, the candles are the same on every time frame. So if you’re looking at a 5 minute chart, then each candle represents 5 minutes of data. (same for hourly, 4 hour, 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 a 4 hour 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 post, I’m going to give you a few tips to help you pick coins you can profit with when it comes to using bots.