Have a clear setup to get a simple return

Have a clear setup to get a simple return 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Have a clear setup to get a simple return

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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 Breakout Pivotal Bars in combination with the Levels and Zones, and the Sentiment Index.

After performing the usual technical analysis on our TradingView chart, we identify a likely upward movement for the price. Probably, it’s not going to be the beginning of a major uptrend, but it’s very likely that the price will move higher from our entry price.

Trade setup – 26 Mar 2020

Have a clear setup to get a simple return Setup 1

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

Have a clear setup to get a simple return Setup 2

The setup is confirmed because:

    1. The price broke up the consolidation that we identified
    2. The breakup candle is green (colored by the Breakout Pivotal Bars)
    3. 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 and so, we use this experience to set both the stop loss and the take profit levels.

Trade update – 26 Mar 2020

Have a clear setup to get a simple return Setup 3

The price keeps moving higher as we expected.

Trade closed – 27 Mar 2020

Have a clear setup to get a simple return Setup 4

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 target 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 and you use to a clear and simple fx strategy, then you can win many forex trades like this one which, in the end, made us a 2.66x return.