Remember to always read the price action

Remember to always read the price action 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Remember to always read the price action

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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.

Before even looking at the indicators, we can clearly identify a possible short setup on the TradingView chart just by looking at the price action and the most recent price structure. Of course, we then use the indicators to look for the confirmation, not only of a trading setup, but also of a high probability trade. In this case, both the Bottoms Tops Signal and the RSI Exhaustion (RSI 14), confirm our technical analysis and so we enter into the trade.

Trade setup – 30 Mar 2020

Remember to always read the price action Setup 2

Our TradingView indicators confirm that we have a sell setup on EURUSD. That’s because:

    1. There’s a divergence between the price, which keeps rising, and the RSI Exhaustion, which is pretty much flat
    2. The RSI Exhaustion is bullish exhausted, which means that the price doesn’t have too much room to move any higher
    3. We have a confirmed top

Since we have a sell setup, we then set the stop loss (a bit higher than the most recent highest price) and the take profit (down where we identify some price structure).

Trade update – 1 Apr 2020

Remember to always read the price action Setup 3

The price is moving lower.

Trade closed – 3 Apr 2020

Remember to always read the price action Setup 5

Target reached.

The price went down to target without creating any big concern, for a total profit of more than 2.6x. If you’re looking for a way on how to trade eurusd or, more generally, how to make money on foreign exchange and maybe you want to become a full time forex trader, then you should understand how critical it is to be able to conduct a clear and simple technical analysis by combining the price action analysis with consistently reliable indicators like the ones that we use here.