its possible. Put your stop-limit buy order at a 30 minute candle high. So even if youre sleeping, it executes the order.
16500 is admittedly a visual/eyeballed choice. It’s roughly close, yet above to the peak price inside the triangle mid-way through (about the 7:45PM CST candle). The idea is that if we break to the upside and we also break above that local peak, then we have confirmation that the price can go higher.
I don’t always set it quite that high, though. Just depends on if I’m setting a limit order right before walking away for the day (i.e. overnight setup like this was) or if I’m around where I can keep an eye on trades.
I see, you mean put it a X where X = 30 minute candle high. I thought you were trying to use a bot of literally some 30 minute candle in the future.
Great question! Honestly, I don’t know. However, I don’t recall one ever failing to trigger and fill, even in a pump and dump scenario. But then, I’m also typically posting these setups on “quiet” volumes, so they’re typically filling before the actually really heats up. I don’t have a set percentage or anything. I just eyeball the typical candle open/close height and make a rough estimate from that.
And speaking of P&D, this is the one scenario where trade setups for while you’re sleeping can backfire, so I only do it on coins in the top 25 or so on Binance volume-wise.
I have had them fail to trigger on a quick BTC move.
Presumably you went to sleep with no stop loss.
For bigger trades, it’s better to make the plays on stronger/safer confirmations. I have trading bots to try to be greedy with. In this case, looks like the bots bought in around 1:15AM CST and around 2:18AM CST. But bot trading is a whole 'nuther ballgame and @Mike_Fishy has a thread or two going for that discussion.
Yup, I sure did. I guess the difference is indeed the trade setup scenarios. I don’t think I’ve tried setting any sort of limit orders on BTC/USDT, but I can definitely see challenges filling these puppies there where prices move suddenly and swiftly by $1,000 or more without warning.
@mwlang as you also use bots then you don’t have to worry about a stop-loss but us noob, manual traders do.
Doesn’t have to be $1000 movement with BTC, just a quick movement will stop the fill if you don’t put a big enough spread between trigger and target. I had a missed fill within the last week and the spread was probably $50 (on BTC).
@Blynker, I still do my biggest trades manually, so I do still deal with stop/losses. In a case like EOS just now, first thing I did when I got up and saw the order was filled was to set a stop loss limit order approximately 3 x ATR below current market price, which it looks like it worked out to roughly 1% spread here and coincidentally also happens to be +1% profit should it stop out as it’s very close to doing now.
@mwlang I think I would leave the bigger trades to the machines
If my quantum computer hadn’t blown a fuse this morning you would have been completely rekt with your huge 10 EOS trade.
No need to advertise what levels I’m really trading.
All my trading is done with a bot, but it only trades a small amount.
The rest is on Trezors in full HODL mode!
While I do like trading and building rules into the bots, it is a risky game, so my only advice is to trade with what you can afford to loose and HODL a good amount for safe keeping.
Having said that, my bot can still average 2 BTC a day, so what a small amount is for some maybe isn’t so small for others, but I count it as lost until I move a portion of it to a Trezor. So far, I am yet to move anything back to fiat, I just feel like that’s a step backwards
If you are interested in the bot thread, it is here:
Damn, Fishy 2BTC a day keeps the Doctor of Doom away…
We shall need those miners working overtime to keep pace…
I guess I have just gone Tiny…
Well Done Buddy!
Wow! Nice hit! Did u just see potential here because follow the dip it took and figured it was going to pop? Or is there a method to this madness?
I never used bots, it sounds so easy to just let a bot do your trades
But I assume you have to check the bot very often? And tweak it accordingly?
Haven’t really checked your thread in detail, probably have to do that before asking questions
Yes, every day I tend to tweak it LOL
Bots are not a fire-and-forget technology, they are just a tool to make life easier.
Computers work for you, not the other way around.
Give it a few more months and the rule sets will be good enough that it requires a lot less attention.
My Forex bot needs hardly any attention anymore, but Forex bots don’t translate well to CDA trading.
To gain 2 BTC per day are you reading 2,000 BTC at a time?
No, the bot only plays with 20 BTC, it is pretty easy to get 10% a day.
The bot makes many trades with small amounts, but overall it is up based on it’s current strategies.