Receive daily trading signals on Exness Mobile App

For traders who are looking for valuable trading signals, Exness has added a new feature to the mobile app for free.

Now you can see intraday trading signals of a variety of markets including Bitcoin on Exness’s mobile app.

To take advantage of the feature, you just need to go to “markets” and then “trading signals” in the mobile app.

These intraday trading signals are useful for traders who wish to conclude the trade in a day without carrying it to the next day.

Especially for the Bitcoin market which has great volatility in market price movement.

Bitcoin market is great for Scalping and Day trading strategies. And by combining with Exness’s trading signals, you can possibly have quality trades without missing upcoming opportunities.

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Timeframe to use when trading on daily

Successful long-term Bitcoin trading requires a time-tested trading strategy.

This is a certain set of rules for opening orders for the buy or sell of assets, and subsequently closing these orders upon reaching a certain Take Profit or on a Stop Loss order.

Depending on the timeframe, strategies can be short-term and long-term.

The latter include daily trading options with a D1 time period.

They are less profitable compared to short-term ones, however, they require much less time spent at the trading terminal, while the trader is stress-free.

Exness’s mobile app supports chart timeframe from 1 minute to 1 day.

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Price Action – daily strategy without indicators

One of the old and proven trading methods is the daily Price Action strategy.

Literally, it means “price behavior”. In other words, the trader monitors the behavior of the price and the reaction of the market to its changes.

Basically, all decisions to enter into trades are made depending on how the price behaves near the support and resistance levels.

Indicators for making the most important trading decisions are not used.

This can be a useful strategy, especially for Bitcoin because Cryptocurrency market is very new comparing to Forex market and not many fine indicators have been developed for Cryptocurrency trading yet.

Price patterns play a cardinal role, they allow the investor to enter the market at the very beginning of an emerging trend, and not in its middle.

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Features of trading using Price Action

There are several features of trading using Price Action:

Investors should take into account that on the D1 timeframe, the number of signals for entering the market is not very large (although they are considered more reliable), so you can trade several assets at once.

The daily period allows you to ignore the size of the spread, therefore, it can be neglected.

That is also a good thing for markets like Bitcoin which tends to have a wide spread (trading cost).

Due to the fact that open positions can exist for a long time, and this increases the negative swap, it is prudent to open a swap-free account of the Swap-free type like the ones offered by Exness.

Price Action trading should be carried out in the direction of the prevailing trend – to sell in a bear market and buy in a bull market.

Important price support and resistance levels are highlighted on the chart by drawing horizontal lines connecting most of the asset’s highs and then its lows.

To determine the most optimal entry point into a trade near horizontal levels, various patterns are used.

One of the most common is the Pin Bar. This is a three candlestick reversal pattern.

The middle candle has a small body and a long shadow. The pattern can be bearish or bullish.

In the “bearish” – the shadow of the middle candle is directed upwards.

To the left of it is a bullish candle, and to the right is a bearish one.

In the second option, the long shadow of the middle candle is directed downwards. On the left is a bearish candlestick, on the right is a bullish candlestick.

A trade should be concluded if the following conditions are met:

• The small body of the middle candle is in the range of the previous one.
• The tail of a pin bar is significantly different from those near it.

The figure shows an example of a bearish pattern.

The trade should only be entered with a pending sell order. It is set just below the body of the pin bar on the next bearish candle.

Safety Stop Loss – just above the tail of the pin bar.

The “bullish” version of the pin bar suggests a similar buy entry with a pending Buy Stop order. Stop Loss in this case should be placed just below the shadow of the middle candle.

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The7 strategy is a profitable channel trading system

The7 strategy is unique in that it allows the trader to catch a major trend move at the very beginning of it.

Potential profit from trading using this method is several times greater than the potential loss.

The trading system is quite simple even for a novice trader.

The7 is a universal strategy suitable for trading any asset including Bitcoin.

You can trade only once a day after the close of the daily candle. To do this, 2 indicators are installed on the asset chart:

• EMA 5 applied to the highest points of the High.
• EMA 5 applied to the lowest points of the Low.

“Buy” should be when the daily “bullish” candle, starting outside the channel formed by the curves, closes inside it.

Stop Loss is placed just below the signal candle. You can trade until a sell signal appears.

“Sell” ​​should be immediately after the “bearish” candle, which began outside the channel and ended inside it.

Stop Loss is placed just above the signal candle. You can trade until a buy signal appears.

A signal to buy or sell can be pin bars that close inside the range between the curves, the tails of which go beyond the channel.

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Day Trading Strategy “Ruler”

This strategy provides for opening a trading position no more than once a day.

Trading can be carried out on any currency pairs. Although there are not so many signals when trading on daily timeframes, by opening more than a dozen charts of various assets, an investor can always find a sufficient number of opportunities to enter the market.

Before opening an order to buy or sell, you should wait for the indicated candle.

The Ruler strategy is based on the competent use of support and resistance levels, as well as simple moving averages with periods of 10 and 20 days – SMA 10, SMA 20.

Summarizing the trading methodology for this strategy, it can be noted that it is a simplified form of Price Action strategy.

Using the “Ruler” strategy, before opening the next position, you should carefully analyze the current situation on the market, taking into account certain prerequisites and rules:

• Enter the market only on rebounds from horizontal levels. Using support, the investor should only buy. Using resistance, you should only sell.
• The order is opened when the price crosses the SMA 10 without fail. The candlestick must close clearly after this crossover (higher or lower).
• Even if the above conditions are met, but another support/resistance/SMA 20 level is close to the trend movement, then you should not open the position, since there is no profit potential.

The figure shows a sell order after a clear crossing of SMA 10.

Stop Loss is placed above the resistance level. The nearest support level should be considered as the target.

The buy entry is carried out in the same way. It is recommended to enter a trade with two orders.

The first one, upon reaching a profit of 100 points, can be closed, and the Stop Loss of the second one can be transferred to breakeven.

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“Three candles” – an effective daily strategy

This strategy is universal for any pairs.

It can also be used on intraday timeframes, but assets with low volatility should not be used.

This trading method is based on the Third Candlestick pattern. It is also called a reversal bar.

Its essence in a bull market is three candles towering over each other. High or Low of the latter will be the maximum.

On the “bearish” market, three candles falling one after another. High or Low of the latter will be the minimum.

This trading method uses the Stochastic indicator. Conditions for opening deals are:

• The order is opened on the third candle after the second candle is closed.
• The entry of a position occurs only with favorable readings of the Stochastics indicator (buy or sell, respectively).
• With the minimal sizes of the 1st and 2nd candles, positions are not opened, since the entire logic of the pattern is lost – the price practically does not change.
• It is obligatory to take into account important news events when trading intraday. It is better to refrain from trading during these moments.
• The risk of tradings should not exceed 2-3% of the deposit amount.

The figure shows favorable moments for entering positions.

The indicator points with “arrows” to the 2nd candle of the pattern (at the moment of entry).

However, entry is possible when the readings of the Stochastic indicator at the same time correspond to buy or sell.

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What are the advantages of Bitcoin? Why trade Bitcoin?

Going back to the basics of Bitcoin, let’s revisit the features of the first Cryptocurrency.

By reviewing the following sections, you may find Bitcoin as a worthy market to invest in.

Freedom of payments

With Bitcoin, you can instantly send and receive any amount of money to and from anywhere in the world, at any time. No banks with schedules. Without Borders. No imposed limits. Bitcoin users always have complete control over their money.

Very low commissions

Bitcoin payments are currently processed with little or no fees. Users can include a fee in their transactions to receive priority processing, resulting in faster confirmation of transactions by the network. In addition, merchant processors are there to assist merchants with transaction processes, converting Bitcoins to fiat currency and depositing funds directly into the merchant’s bank account on a daily basis. As these services are based on Bitcoin, they are offered at much lower charges than those offered by PayPal or credit card networks.

Lower risks for traders

Bitcoin transactions are secure, irreversible and do not contain personal or private customer data. This protects merchants against losses due to fraud or fraudulent chargeback, and PCI compliance is not required. Also, merchants may operate in new markets where credit cards are not available or fraud levels are too high. This leads to better commissions, larger markets and less administrative costs.

Security and control

Bitcoin users have complete control over their transactions. It is impossible for merchants to force unwanted or detected charges, as can happen with other payment methods. Bitcoin payments can be made without being associated with personal information. This offers a high level of protection against identity theft. Bitcoin users can also protect their money with backup and encryption.

Neutral and transparent

All information about the supply of Bitcoin is available on the blockchain for anyone who wants to verify and use it. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. Bitcoin can be trusted to be completely neutral, transparent, and trustworthy.

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Why are Bitcoins valuable and worth investing?

Bitcoins have value because they are useful as currency.

It has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on mathematical properties rather than relying on physical properties (like gold and silver) or relying on centralized authorities (like fiat currencies).

In short, Bitcoin is backed by mathematics and cryptography.

With these attributes, all this class of money needs to maintain its value is trust and adoption.

In the case of Bitcoin, we can measure it with its growth in users, merchants, and startups.

Like any currency, the value of Bitcoin is obtained only and directly from the people who want to accept it as payment.