thetradingparrot
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Market doing some potentially promising bounce back up and updates on MC and Lambo
🕑 Added 2021-05-24 13:08:01 +0000 UTC
The chart shows TOTAL2 breaking above the this 1 hour descending wedge, first time since we started the downtrend. We have not yet confirmed we won't enter the wedge again.
In order for me to start actually feeling bullish I'd like to see the price do as the green line shows in the chart, basically I like to see the price re test the top of the wedge and then push up. That'd increase the bullish potential. It's never guaranteed, as any breakout can be a false one. But in terms of probabilities, re testing and staying above is promising. I'm planning to start switching some extra bots once I see confirmation of this.
In the meantime I'm still only running very extreme bots which are not opening any deals as the market sentiment today is bullish.
The reason I still don't run them is because I want some extra confidence from the conditions I described.
We have bounced back up from the 34 weekly EMA and even managed to break above the 21 too, which is also great.
The horizontal yellow line at 835 billion is a strong level of support/resistance which if we also manage to breakout would provide extra levels of bullish confidence.
Lambo update
I've been running Lambo on paper trading for two days with changes based on this month's correction. You can follow it here:
https://3commas.io/bots/4441802/shared_show?secret=383415ee6b
This DCA bot uses new settings, I have changed most of them for bearish market.
Yesterday it was full of red bags, and today it closed 99% of the deals thanks to the bounce in the market. I'm starting to gain some confidence to consider using this DCA configuration (SO/SOs and all settings are bearish) for a bearish market. Remember bearish bots are not the same as catastrophe/extreme bots. A bearish market is a market that is on a slow downtrend, maybe losing 30 to 40% or market cap in a month or two, a catastrophe is losing 1.4 Trillion in 9 days, no bot can survive that without taking any bullets!
Consider copying it ONLY on paper trading, you can amend the VIP form and send signals to your paper trading bot.
Futures Market Cipher
I'm not running myself any of the futures market cipher signals yet. Unfortunately it's not possible on paper trading. But back tests are showing that CB/CS combinations (conservative DCA bot template & conservative MC signal) would have closed any deal by now which is really promising. Then why I'm not running it yet? I might miss some great trades, yes. But I really want to start with the right foot with good confirmations we are heading in the right direction.
My MC futures bots are receiving signals which is great, it means that the technical issues have been solved apparently, but as the bot is off it only shows as deal received but not deal is being placed.
As you can see in the charts below even BNB and ADA which had the toughest time yesterday managed to close using the CB/CS combination.
It is very promising but don't get me wrong, I'm not aiming to build a bot that we will want to run on catastrophic market price movements, I'm trying to build something that if the price moves that fast, it still gives us some room to go and switch off the bot BEFORE it's too late.
The green-red indicator at the bottom of each chart shows the effectiveness of the market protection code: red means "do not trade" and green "you can trade". I really like how it prevented MATIC to buy at the top
On paper it's all looking good but I'll keep my eyes on the charts to find a better entry.
