Our Orchestrator signal is a great tool to help reminding you when you are taking a high risk by potentially being on the wrong side of the market.
MarketCipher is an amazing TA tool to poke you in the shoulder when the risk is too high.
No ORC neither any TA signals that has ever been created by anyone should ever be treated as the single source of truth to go all in to use it to make your investing or trading decisions.
But it’s a huge privilege to have these TA tools on our side to flag the risk and allow us to decide based on our own risk profile to stop trading, sell all at market price, switch to other strategies or at least to make a conscious decision on what’s next.
Not taking a stop to take a breath and decide what to do with the extra risk the tools are finding as the price action prints new clues of a potential change is a huge disadvantage that other traders with more experience will certainly take to dump on you.
The original Orchestrator is a signal that consists of many TA indicators. It might sound funny but the orchestrator has a human orchestrator. I personally take the time to frequently look at the market and decide to switch ON/OFF each of the signals. Sometimes I adjust the parameters to match what I’m seeing in the market.
For example, I know QFL 1H is a great exit strategy but only once we are very overextended in a bull market. On the other side, in a bear market when there’s a reversal back to bull many SELL signals turn into false positives. And that’s why I tend to keep those switch off during the bear market. Examples like this there are plenty all based on observing the same signals live for 2 years and looking at the full lifespan of BTC in backtests.
MarketCipher represents massive opportunities to flag great BUY and SELL signals but it still comes with constrains and as any other TA no matter how accurate there is ALWAYS exceptions to the rule where TA just seems to act as a broken watch.
Last week there was a MC BUY signal and in this article I wanted to review the past performance of these signals and also understand the timing of each. How long it took to play out, how much was the downside from triggered, etc.
On the 2nd of July 2021 there was a first BUY at 33K which had a drawdown of almost 10% before shooting to almost 69K.
One the 15th of January 2022 we had another BUY a bit too early at 43K with a downside to 33K before heading for almost 48K.
The latest BUY signal from MC was last week at around 29.5K.
One interesting thing to notice is that each BUY signal is using divergences which means that it forecast a change in trend direction. Each immediate purple signal from MC seems to be in a more accurate timing than the green divergence signal. We use the divergence-green signals as they have less false positives but the price to pay is that they don’t find the actual bottom, they only forecast it might be coming soon. It’d be great to see a purple signal in the upcoming month just like in previous instances. Notice that when this happens usually BTC has already started moving up.
When using that interpretation and expectation we could say that the past 2 signals were correct and then if historic price action has any indication of what can repeat again then at least we should then expect some downwards price action and potentially a purple BUY signal from MC before actually heading up.
As far as I recall there should be plenty of free implementations of MarketCipher pine scripts on TradingView. Our version is based on a free implementation but we added backtesting, repainting issues solved and alert support to the version we offer to all VIP and higher tiers.
Even though Observers don’t have access to the indicator on TradingView they can still use BAQL to subscribe the BUY and/or SELL signals by adding statements like the following to your bots.
BAQL:ORC:ORIG:BUY_STT !@
BAQL:ORC:ORIG:SELL_STP !@
BAQL:ORC:ORIG:BUY_STT&SELL_STP !@You can instruct your bots to start, stop, sell at market price whenever receiving a BUY or a SELL from the original orchestrator.
Once you have an Observer tier open the BotAssistant app from 3Commas and connect it to your TTP account. Get in touch with our moderators via Discord to help you get the whole setup up and running. We offer a TEST orchestrator signal that switches on and off your bot to make sure everything is ready for when you need the ORC the most.