Optimize Your Investment Strategy with Scorehood App! Follow our step-by-step guide to effectively utilize the app’s features.
1. Start by checking if the primary player is Bitcoin, with the momentum score above 70 and preferably accompanied by a bullish signal.
2. Assess the overall market condition by examining the bear/bull signal ratio. For instance, if out of 36 coins, 25-30 coins show a bullish signal, it indicates an upward trend, while 3-5 coins with bull signals might imply a downward trend. Choosing a favorable market environment can enhance success rates.
3. After confirming Bitcoin’s suitability and the market outlook, consult the “bull list’ within the scorehood app. This list arranges coins with bullish signals based on their momentum scores, from highest to lowest. After reviewing the news feed from internet (considering negative news that could impact prices independently), select a coin for investment.
4. Now that you’ve selected a coin and are ready to invest, enter the detailed page of the chosen coin to review its past signal performance. If possible, opt for a coin with a high success rate. Enter buy orders at support levels. Simultaneously, set stop-loss orders at values below 5% of the order value to protect your investment. Monitor the bear/bull signal status, updated every 4 hours. Don’t forget that transitions from bullish to bearish signals, aside from stop levels, indicate a potential decline in performance.
5. Place profit-taking orders at resistance levels. This approach allows gradual profit realization. During extreme and sudden price drops, support levels might entirely lie above the current price. This situation creates hidden resistance points, and profit-taking levels should also consider support levels.
6. Patiently await profit points and remain composed in case of stop triggers. Monitor bear/bull signal transitions vigilantly. Continuously assess the market’s general state, as outlined in the initial steps. Signal updates occur every 4 hours, while support and resistance levels are refreshed every 3 days.
7. The information provided is not investment advice. This guide serves as a tool to optimize your use of the app for making informed decisions.