Trading Bitcoin and other Cryptocurrencies from the comfort of your home is a dream job that needs a powerful strategy.
The Cryptocurrency trading strategy is designed to provide you with powerful buy and sell trade setups.
It works for Bitcoin and any other Cryptocurrency pair that is available for trading on the Metatrader 4 platform. Learn how to buy and sell below:
MetaTrader4 Indicators: RSO.ex4 (default setting), Sadukey.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, 1-Day
Recommended Trading Sessions: Any
Preferred Cryptocurrencies: Bitcoin (BTC/USD), Litecoin/Bitcoin (LTC/BTC), Ethereum/USD (ETH/USD), Ethereum/Japanese Yen (ETH/JPY)
Forex Pairs: Any
Buy Trade Example
Long Entry Rules
Initiate a buy entry if the following indicator or chart pattern gets displayed:
- If the red shaped boxes of the Sadukey.ex4 custom indicator gets aligned somewhat below the candlesticks as seen on Fig. 1.0, price is said to be taken higher i.e. a signal to buy the cryptocurrency of focus (BTC/USD).
- If the dodger blue line along with the lime and red histogram of the RSO custom indicator break above the 0.00 level as illustrated on Fig. 1.0, the price of BTC/USD pair is said to be driven higher, hence a buy is advised.
Stop Loss for Buy Entry: Place stop loss below support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions take precedence:
- If during a buy signal, the box shaped Sadukey.ex4 custom indicator turns blue, it is an indication of weaning bulls power, hence an exit or take profit is duly recommended.
- If the dodger blue line of the RSO custom indicator breaks below the 0.00 level when holding buy position(s), it is an indication that price is taking a turn away from its earlier bullish stance. An exit or take profit will suffice.
Sell Entry Rules
Enter a sell order if the following holds true:
- If the blue shaped boxes of the Sadukey.ex4 custom indicator gets aligned somewhere above the price bars as shown on Fig. 1.1, price is said to be driven lower i.e. a signal to sell the cryptocurrency of interest (BTC/USD).
- If the dodger blue line along with the red and lime histogram of the RSO custom indicator align below the 0.00 level as depicted on Fig. 1.1, the price of BTC/USD pair is said to be pushed to the downside, hence an indication to sell the cryptocurrency of interest.
Stop Loss for Sell Entry: Place stop loss above resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following takes center stage:
- If the blue box shaped Sadukey.ex4 custom indicator turns red when a sell signal is running, it is an indication of weaning bears power, hence an exit or take profit is duly advised.
- If the dodger blue line of the RSO custom indicator breaks above the 0.00 level when holding sell order(s), the bearish sentiment is said to be diminishing under such conditions, as such an exit or take profit will do.
Sell Trade Example
About The Trading Indicators
The RSO or Relative Strength Oscillator custom indicator is an oscillator type of RSI, with its 20s and -20s level depicting overbought and oversold regions respectively.
The Sadukey is a trend following indicator that is designed to detect trend via blue rectangular dots that suggests sell alerts while the red colored rectangular dots are meant to define bullish signals.