Learn how to read the chart correctly

Learn how to read the chart correctly 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Learn how to read the chart correctly

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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. we’re using the Breakout Pivotal Bars in combination with the Levels and Zones, and the Sentiment Index.

The technical analysis suggests that we might get a second setup identical to another one which concluded recently. What we should expect is a new impulsive movement to the upside and our forex indicators for TradingView are confirming such chart analysis.

Trade setup – 19 Mar 2020

Learn how to read the chart correctly Setup 1

It looks like the price is about to offer a second trading opportunity very similar to one that recently took place.

Trade update – 19 Mar 2020

Learn how to read the chart correctly Setup 2

The setup is confirmed and it’s perfect because:

    1. The price broke up the consolidation that we draw
    2. The breakup candle is green (colored by the Breakout Pivotal Bars)
    3. The bullish Sentiment Index broke its trend line at the same time

We can now expect a new upward movement at least of the same size as the previous one.

We then set the stop loss and the target accordingly, as we usually do.

Trade update – 19 Mar 2020

Learn how to read the chart correctly Setup 3

The price is moving up nicely.

Trade update – 19 Mar 2020

Learn how to read the chart correctly Setup 4

The price kept rising and now retraced a little bit.

In the meantime, we moved our stop loss to breakeven so that we’re now in a risk-free trade.

Trade update – 19 Mar 2020

Learn how to read the chart correctly Setup 5

A new resistance appeared which might compromise our trade.

However, this is the time when most beginner traders get emotional and ultimately take impulsive decisions.

We don’t, since we are at breakeven and since we know from past experience that these trading setups are very likely going to reach their targets.

Trade update – 19 Mar 2020

Learn how to read the chart correctly Setup 6

The price went down further and then started back its upward movement. It’s now trying to break up the resistance level.

Trade update – 19 Mar 2020

Learn how to read the chart correctly Setup 7

The resistance is broken, and since it’s now a support, we should definitely reach the target.

Trade closed – 19 Mar 2020

Learn how to read the chart correctly Setup 8

Target reached and trade closed.

As we expected, we ended up closing another profitable trade for a 3.5x profit even if its management required some trading psychology skills because novice traders might have easily compromised the trade result. If your concern is how hard is forex trading, you should realize that it’s not that hard granted the fact that you learn to master the tips from examples like this one where you typically see the best forex strategies revealed.