If you want to earn Trading Profits consistently, you need to have a clear Trade Setup.
At least, this is the beginning.
And once you have a clear Trade Setup, the Trading Profits will come and increase with time.
So, where to start?
In today’s live trade on our TradingView chart (you can re-watch it below), you can learn exactly this.
In fact, you are guided step-by-step through the trade, from the TradingView chart analysis, to the identification of the Trade Setup, and to the actual trade until its conclusion.
Trade setup – 26 Mar 2020
The price is in a major downtrend but it’s now forming what could be a very clear buy setup.
Let’s wait and see we get it and it gets confirmed by the indicators.
Trade update – 26 Mar 2020
The setup is confirmed because:
-
- The price broke up the consolidation that we identified
- The breakup candle is green (colored by the Breakout Pivotal Bars)
- The Sentiment Index broke up its trend line as well
We can now expect an upward movement at least of the same size as the previous impulse.
So, we use our past experience to set both the Stop Loss and the Take Profit levels.
If you are uncertain where you should set a Stop Loss, you can learn it in this trade.
Similarly, if you are unsure where you should set a Take Profit, you can have a look at this other trade.
Trade update – 26 Mar 2020
The price keeps moving higher as we expected.
Trade closed – 27 Mar 2020
Ultimately, the price reached our target, even if it barely touched the level a couple of times before.
The key thing is that we closed another winning trade.
As we expected, the price made a new impulse to the upside.
Actually, it initially moved very quickly and then slowed down to the point that the trade got a little bit frustrating because it barely touched our Take Profit level twice.
This is the time that a full-time forex trader must learn to put emotions aside and stick to the evidence.
Once you do that, you will start earning Trading Profits consistently.
Today for us it was a 2.66x trading profit.
Do you have a clear setup?
And are you able to earn Trading Profits on a consistent basis out of it?
Let us know by leaving your comment on the YouTube video above!
