Don’t miss great short setups like this one

Don’t miss great short setups like this one 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Don’t miss great short setups like this one

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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 and, if you are a full time forex trader, and you have such evidence you don’t want to miss great shorts setups like this one. The only concerning thing is that we’re sitting above a support but if the price breaks down, as we are expecting, then the support will turn into a resistance level which should play in our favor.

Trade setup – 15 Apr 2019

Don't miss great short setups like this one Setup 1

We have a potentially great short setup because:

    1. The price is moving sideways  (it’s pretty much at the same level), while the RSI Exhaustion is going down. It means that we have divergence and the current price level is not sustainable.
    2. The RSI Exhaustion is bullish exhausted (colored green), which means that, considering the overall setup, the price doesn’t have too much room to move higher.
    3. We have a confirmed top, which is a sell signal

We just need to pay attention to the fact that the price is currently above a support level, but it looks rather weak because it started as a resistance and, moreover, it was previously an even higher resistance. This means that the price is actually getting pushed down.

The target will be all the way down to the major support level at the bottom of our TradingView chart.

The setup is clear and the trade is a high probability trade.

If we got it right than the return is going to be 6x so we must remember to stay rational throughout the whole trade because it might get long, considering the big target.

Trade update – 16 Apr 2019

Don't miss great short setups like this one Setup 2

The price has moved lower and, most importantly, below the support, which has now turned into a resistance as we initially assumed.

Trade update – 17 Apr 2019

Don't miss great short setups like this one Setup 3

The price kept moving lower until we got a bottom, signaled from the Bottoms Tops Signal.

This bottom, however, is not sustained by any technical evidence and so we can ignore it because, probably, it’s not going to be a major bottom.

Trade update – 18 Apr 2019

Don't miss great short setups like this one Setup 4

The price is now lower and the RSI Exhaustion just became slightly oversold.

Considering it’s just slightly oversold and not even bearish exhausted we can expect that the downward movement in the price can continue without any big issue.

That’s because the RSI Exhaustion can now become way oversold and exhausted and remain in such condition for a prolonged period of time and, at the same time, the price can continue to fall.

Trade update – 21 Apr 2019

Don't miss great short setups like this one Setup 5

The RSI Exhaustion is now moving a bit higher and the price is moving kind of sideways.

Nothing major, but for the sake of safety, and to maximize our profit, we moved the breakeven level lower.

Trade update – 23 Apr 2019

Don't miss great short setups like this one Setup 6

The price went even lower and we can now expect it to ultimately reach the target.

Trade update – 23 Apr 2019

Don't miss great short setups like this one Setup 7

A new major support level appeared which could prevent us from reaching the target.

We decided to stay in the trade but moved the breakeven even lower so that we will maximize the profit should the price continue to move against our target.

Trade closed – 23 Apr 2019

Don't miss great short setups like this one Setup 8

In the end, the price went straight down and reached our target.

Just as we initially predicted, the price eventually moved significantly lower allowing us to close a winning trade for a total 6x profit, which is absolutely excellent. This forex trade took a little bit of time which, however, was justified by the fact that we were aiming for a rather big target. We just had a bit of concerning price movements towards the end, with the formation of a new support level which, however, got broken down quite rapidly. In any case, we traded safely throughout the whole trade by progressively moving down our breakeven level as the price moved down.