pf news thumbnail weekly october 1-7 2020

Trading Signal Results October 1-7, 2020

Hey there ProfitFarmers!

Here is the latest trading signals statistics update covering October 1-7, 2020!

Watch the breakdown
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Headline Numbers

Our algorithms generated over 35 signals in 7 days across the various strategies.

That’s an average of 5 seed signals closing every single day for every ProfitFarmer out there.

We looked at the win rate and saw 66% of them hitting at least target 1!

That’s 23 out of 35 signals offering up at least some profit potential! Only 12 of our signals generated and vetted by the experts went directly to stop-loss.

Why are the amount of signals much lower recently?

ProfitFarmers has a keen focus on quality over quantity. Bitcoin and the Cryptocurrency market in general have been on a great run but more recently the market has cooled off.

We are updating the algorithms to account for this, one result of this so far is that the system is more cautious. This is due to the fact that the market is close to resuming an overall downtrend, in which case we will need to flip towards signals that ask you to ‘go short’ (sell) rather than ‘go long’ (buy). Another result is that all the hundreds of altcoins we normally trade currently look unappealing as it is better to ‘do nothing’ right now.

Our experts are working on the algorithms to ensure that any signals we create during this time are of the highest quality, right now, anything less than the best is very risky.

Let’s talk a little more about that…

bitcoin-usdt-pair-char

If you pull up a Bitcoin chart you will notice a triangle shaped sideways pattern indicating the market is indecisive. Sometimes it really is best to just wait rather than risk taking losses. All of this ‘chop’ results in most altcoins moving in very unpredictable ways generally designed to hit stop losses.

When the triangle breaks (up or down) and then shows continuation we will have a much better time trading as we can follow the trend!

Bitcoin Dominance chart

Bitcoin Dominance has been rising since making a local ‘double bottom’, and altcoins are struggling across the board as a result of this. The vast majority of signals recently have been for these altcoins, but they are very risky to trade when the market begins to bleed back into Bitcoin.

total Cryptocurrency Market Cap

The total Cryptocurrency Market Cap is also cooling off and looking to find support nearby. If not, everything could dump.

Due to all of these reasons, the algorithms are not spotting many clear opportunities. Trading anything right now is high risk vs waiting a little while longer for things to show some direction.

Of course some of you will feel the urge to trade and try to recoup your membership costs, but keep in mind that you can make it back in 1 decent trade! Despite the lower frequency recently we are still closing 5 per day on average. Keep in mind this could continue or even be lower depending on the market. Remember…

Back to the statistics….

Our favourite trade over this period came in at the 5th of October thanks to SCRTBTC.

Look at the Chart

 

best-trade-october-1-7-2020-scrtbtc-trade-chart

This is a fairly new coin in Binance, which might explain the extreme volatility. The coin spiked near T1 many times while in the entry zone before achieving profits when it hit targets 1 and 2. Shame it couldn’t reach T3 and T4 but it managed to stay above the entry zone for some time before crashing down. (Don’t worry though, we’ve set the Breakeven stoploss button to ON by default)

Fortunately for our members who managed to follow this trade, this signal reached 21% gain in only 1 day!

Target spread and profit per target

We broke down the winners to discover which targets were being hit. This is what we saw:

october-1-7-2020-final-target-hit-spread

51% of all the signals hit target 2, 3 or 4!

Well the average profit from each entry looks like this:

october-1-7-2020-average-profit-per-target

Check it out!

  • 14% of signals had an average profit of 5%!
  • 37% of signals had an average profit of 7%!
  • 11% of signals had an average profit of 8%!

Trades

top 10 trades october 1-7-2020

We’ve listed out the other top 10 trades over the period for you too.

If you’ve noticed, many of our trades this week took only 1 day to finish, as most of them were hitting targets 1 and 2 just before the market goes down (which activates the breakeven stop loss) thus closing the trades early.

In the process of upgrading our trades we still managed to generate good signals for you.

SCRTBTC gained 21% in only 1 day while it only took RENBTC and ZECBTC a few hours before achieving a profit of 15% and 11% respectively.

Let’s stay optimistic for next week!

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Disclaimer

Past results do not guarantee future performance. Only trade with money you can afford to lose.

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