See how the Stop Loss saved this trade

See how the Stop Loss saved this trade 300 169 Minimalist Trading – Best Trading Indicators for TradingView

See how the Stop Loss saved this trade

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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 Bottoms Tops Signal in combination with the Levels and Zones, and the RSI Exhaustion.

By performing the cryptocurrency technical analysis on our TradingView chart we identify a high probability trade to the downside so we decide to short bitcoin and set the target all the way down to where the major support level is. We know from multiple years of real trading experience that these bitcoin indicators are a fundamental help in how to day trade crypto profitably and so we can be very confident in getting involved in the trade.

Trade setup – 19 Feb 2020

See how the Stop Loss saved this trade Setup 1

We can clearly identify a simple short setup, in fact:

    1. There is a divergence between the price, which is moving sideways, and the RSI Exhaustion, which is falling
    2. The RSI Exhaustion is bullish exhausted (colored in green)
    3. We have a confirmed top

Moreover, the price is just below a major resistance level identified by the Levels and Zones indicator. This should put significant downward pressure.

We set the stop loss, higher than the highest price level in this sideways movement, and we set the target all the way down to where the major support is.

We set the take profit so low because we know from past experience that the price likes to test the major levels identified by the Levels and Zones multiple times so, if we expect the price to move lower, that it is very likely that it will reach at least that level.

Trade update – 19 Feb 2020

See how the Stop Loss saved this trade Setup 2

The price moved sideways and then tried to break the resistance to the upside.

It looks like that we’ve been saved by the stop loss that we carefully set by making the price action analysis.

Now, it seems like the attempt is over and the price should move lower because, in the end, we just got an even better short setup.

Trade update – 19 Feb 2020

See how the Stop Loss saved this trade Setup 3

The resistance has been retested and now the price is moving a bit lower.

In general, by considering the price action and reading our indicators, the outlook is extremely bearish.

Trade closed – 19 Feb 2020

See how the Stop Loss saved this trade Setup 4

It was evident that the price would have eventually moved lower and it actually did extremely impulsively.

Good for us, since we were able to close another winning trade.

After entering into the trade the price moved into our stop loss area but eventually moved down, and it’s amazing to see how the stop loss saved this trade. This to demonstrate that cryptocurrency technical analysis is always essential, so find the best bitcoin indicators that work for you and combine them with a simple price action analysis in order to isolate only the best opportunities, the high probability trades. Because we were able to make a clear and simple analysis we ultimately made a more than 3x profit.