Strategy for intraday bot
The intraday bot automates and minimizes work with dynamic lines.
The intraday bot has two main strategies:
- Breakout
- Support
The "Breakout" strategy
There is a breakout of both the dynamic and horizontal lines.
How it works
The bot's task is autonomous tracking of the price and the line on which the bot is. The bot activates at the right moment and executes an order according to a set config. Then the bot places a take-profit order, and in case of a price reverse down, the bot trails up a stop loss from a buy level or a dynamic line. When the price touches one of these, the bot executes the stop loss automatically.
Extra tips:
- Standard templates suits for testing but not for trading, each asset should have individual activation and buy parameters.
- Stop loss and take-profit orders are very different and should be set individually for a traded asset.
- Breakouts have more chances to occur on a compressed (at an acute angle) pattern.
The "Support" strategy
There is as well a breakout of both the dynamic and horizontal lines.
Dynamic (or a trend) line takes shape at an early stage of trend formation.
After having a line on two extremes, we can expect a rebound when a price touches the line next time. Prediction of this event is impossible, so in any case, The bot buys on the line automatically.
The horizontal line can serve both as a resistance level during a breakout and as a support level.
Following the example of an image on the left, the first step is to buy in a breakout, start the bot on the same line and use the "support" strategy to retest the breakout and expect further growth.
- Also, the intraday bot's "support" strategy (an image on the right) can replace the fibo bot.
The intraday bot can perform the "Aftershock" strategy. Only not with a grid but with a separate bot on each of the levels.
- This technique requires training and understanding of work with levels.
- The advantage of the bot is higher profitability when keeping to P&L (profit and loss statement) in trade.
How it works
The "support" strategy works by analogy with the "breakout" strategy.
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