3 similar setups within a few days

3 similar setups within a few days 300 169 Minimalist Trading – Best Trading Indicators for TradingView

3 similar setups within a few days

◷ Last updated

Introduction

Today we’re looking at another trading setup using our technical indicators, which are considered to be among the best indicators for TradingView. In particular, we’re using the Bottoms Tops Signal in combination with the Levels and Zones, and the RSI Exhaustion.

Our indicators, combined with rigorous chart analysis, suggest that we have a very clear sell opportunity which is almost identical to another one which occurred yesterday. In between, there was a third trading opportunity, this time to the upside. I’d call this heaven for a full time forex trader because within a day this forex pair is offering plenty of opportunities which can significantly help in growing the trading account.

Trade setup – 24 Mar 2020

3 similar setups within a few days Setup 1

We have a nice trading opportunity on this USDCAD TradingView chart and it’s the third valid setup within a few days on this pair!

The setup is valid because:

    1. There’s a divergence between the price, which is pretty much flat, and the RSI Exhaustion which is falling significantly
    2. The RSI Exhaustion is bullish exhausted, which means that the price doesn’t have too much room to move any higher
    3. We have a confirmed top

We set the stop loss a bit higher than the most recent highest price, and we set the target all the way down to the major support level displayed by the Levels and Zones, because we know from past experience that the price likes to test multiple times these major levels and so, if we expect it to fall, then there is a very high chance that it will, at least, touch the support level at the bottom.

Trade update – 24 Mar 2020

3 similar setups within a few days Setup 2

After some time, the price is now moving lower.

Trade update – 25 Mar 2020

3 similar setups within a few days Setup 3

The price is now even lower, and it has formed a bottom. However, such bottom is not sustained by any technical evidence so it should definitely not be a concerning bottom.

Trade update – 25 Mar 2020

3 similar setups within a few days Setup 4

The price just keeps moving down.

Trade closed – 25 Mar 2020

3 similar setups within a few days Setup 5

Target reached!

Just as we predicted, the price eventually moved significantly lower allowing us to close a winning trade for a total profit of 2.7x. Absolutely not bad considering this forex pair offered 3 similar setups within a few days. It’s the perfect demonstration that the market is always there constantly offering great opportunities. It just comes down to us, full time traders, to exploit them with a clear technical analysis and with an easy forex strategy.