How you can trade these bottoms

How you can trade these bottoms 300 169 Minimalist Trading – Best Trading Indicators for TradingView

How you can trade these bottoms

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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 just two indicators: the Bottoms Tops Signal in combination with the RSI Exhaustion.

Our trend reversal indicators clearly show on the TradingView chart that we have a big trade opportunity to the upside. The Bottoms Tops Signal is the single best indicator to identify trend reversal, and when it’s combined with the RSI Exhaustion then you’re on the best path on how to read forex charts like a pro, in fact, they show that the market is forming bottoms and the continuous downward movement is not sustainable. Without using such indicators, it’s almost impossible to identify this opportunity and actually understand how you can trade these bottoms.

Trade setup – 6 May 2020

How you can trade these bottoms Setup 1

The pair is in a downtrend but the combination of our trading indicators clearly shows a buy setup.

In particular, without the Bottoms Tops Signal and the RSI Exhaustion it would be technically impossible to spot this trading opportunity.

The buy setup is confirmed because:

    1. There’s a divergence between the price, which goes down, and the RSI Exhaustion, which goes up
    2. The RSI Exhaustion is bearish exhausted, meaning that the price doesn’t have too much room to move any lower
    3. We have a confirmed bottom

We set the stop loss to be a bit below the most recent lowest price, and the target to be at a level where we identify some structure.

Trade update – 6 May 2020

How you can trade these bottoms Setup 2

The current price movement doesn’t seem to be a problem because it looks like a retest.

In particular, if we extend the RSI Exhaustion trend line, we can see that it has fallen about there, which means that it’s a retest.

Of course, should the RSI Exhaustion fall further, then it might become a problem.

Trade update – 7 May 2020

How you can trade these bottoms Setup 3

As anticipated, the price made a retest, actually two, but the RSI Exhaustion never fell down, below its trendline.

Now the price is rising significantly.

Trade closed – 7 May 2020

How you can trade these bottoms Setup 4

Target reached without any major issue. The RSI Exhaustion has been a key indicator in this trade.

Well, we can say that we used a very profitable forex strategy because we earned an almost 4x profit with these two TradingView indicators for forex trading. Moreover, the technical analysis and the information given by these trend reversal indicators during the trade, suggested that we shouldn’t close the trade even if the price was moving against us. Thanks to this, we were able to stay true to our profitable trading strategy.