As we’d learned earlier in our Forex introduction articles, Forex only works 24 hours a day, 5 days a week – Monday to Friday.
However, Brokers like Olymp Trade have created an opportunity for traders to continue making money on weekends.
Of course with the addition of bitcoin and other cryptocurrency assets (Basic Altcoin index, Bitcoin, Dash, Ethereum, Ethereum Classic, Litecoin, Ripple, and Zcash) continue to create such money-making opportunities even during the weekends.
In today’s post, we will explain cryptocurrencies, how they work, how different they are from other assets, and why you should trade them on weekends.
Not to mention that like all the other assets traded in Olymp Trade, you will need a working strategy to make consistent profits on this platform. The Predatory look trading strategy goes a long way for crypto assets.
First things first,
What are cryptocurrencies?
Cryptocurrencies are digital assets designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Over the years cryptocurrencies have grown from having only the most popular asset – Bitcoin as a singular digital currency to now 5,000 plus projects. But of course, Bitcoin, Ethereum, and Ripple still dominate as major players.
In Olymp Trade though, you can only bet on 9 cryptocurrencies daily and earn up to 80% return on your investment. When you win.
How to Trade Bitcoin and Other Cryptocurrencies on Olymp Trade.
- To Trade Bitcoin and the 8 other cryptos in Olymp Trade, you will need to log in to your trading account.
You can create a trading account here if you aren’t already registered.
2. Now choose an asset to trade.
You can do this by following the directions shown in the image below.
Don’t strike that trade. Hold it there while we introduce our trading strategy for trading bitcoin.
The Predatory Look Strategy.
This is a trend strategy that uses time frames of between 5 minutes and 1 hour to give accurate signals. Perfect for trading on weekends when you have all the time in the world to scalp.
As a rule of thumb, the trade time should be 2 times more than the time frame to get better results.
For example, if you choose a time frame of 5 minutes, set the trade time for 10 minutes, etc.
Which Indicators/Oscillators is the Predatory Look Strategy Based on?
The strategy is based on the “Alligator” and Awesome Oscillator indicator.
How to set up this strategy.
Check that you have picked Bitcoin as the preferred asset as shown above.
Confirm that the time frame is set to 5 minutes and the trading time set to 15 minutes as shown above.
Now add the “Alligator” and the Awesome Oscillator to your chart. You can do that by selecting the indicator button and clicking on the Alligator indicator and the Awesome oscillator once to activate them.
There is no need to change the indicator settings.
If your chart isn’t showing japanese candlesticks, change it as shown below.
Now that we have all the settings in place, here’s how to trade on winning directions.
How to use this strategy to place up trades in Olymp Trade.
Before opening an UP TRADE, ensure that your predator look strategy has these two signals: –
- Make sure that the Alligator’s green line has crossed the blue one from bottom to top.
- And that a green bar has appeared on the Awesome Oscillator bar chart, and it is higher than the previous one.
How to use the Predatory Look strategy to place Winning Down trades in Olymp Trade.
Open a down trade when the chart has the following 2 signals.
- The Alligator’s green line has crossed the blue one from top to bottom.
- A red bar has appeared on the bar chart, and it is lower than the previous one.
How not to lose money while trading with this strategy on the weekend.
Do not use this strategy in a sideways trend and at a time when there is a release of important economic news.
You can combine “Predatory look” with support and resistance levels or trend indicators to get a confirmation of the signals.
Is this the Best Strategy for Trading Bitcoin and Other Cryptocurrencies on the Weekend?
Because no economic news gets released on the weekend and since all other assets are on a lock-down until Monday; cryptocurrencies are bound to be more volatile making this strategy just as OK to trade with as the trio trading strategy is to other assets.