See this amazing NIFTY trade

See this amazing NIFTY trade 300 169 Minimalist Trading – Best Trading Indicators for TradingView

See this amazing NIFTY 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.

We perform our nifty technical analysis on the nifty 50 index chart on TradingView and we clearly see that our technical indicators are suggesting that the current downtrend is not sustained and rather a big upward movement should take place soon. Of course, these same trading indicators work just as great on all nifty 50 stocks, but the opportunity that we have today on the nifty 50 chart is very great so we get involved in the one.

Trade setup – 24 May 2018

See this amazing NIFTY trade Setup 1

We identify a very steep and constant downtrend on this TradigView chart, which is typically not sustainable.

What makes the difference, though, is that our trading indicators clearly suggest a buying opportunity.

In particular, the three following required conditions to have a setup are met:

    1. The price and the RSI Exhaustion are in divergence (in fact, the price goes down, while the RSI Exhaustion goes up)
    2. The RSI Exhaustion is bearish exhausted (in fact, it is red)
    3. There is a confirmed top

When these three conditions happen together, there is a high chance of being in front of a great opportunity so we decide to take the trade and set the stop loss and the take profit.

In particular, we place the stop loss just below the most recent lowest level, while we exploit the major resistance drawn by the Levels and Zones, to set our target.

Trade update – 25 May 2018

See this amazing NIFTY trade Setup 2

The price started to move higher rather quickly and since a new major support appeared, we already moved our stop loss to breakeven.

This means that, even if the price comes back down, we won’t lose any money but rather make a tiny profit.

See how powerful this fx strategy can be? In the worst case, we make a tiny amount of money, and in the best case, we make a 4.5x profit.

Trade update – 28 May 2018

See this amazing NIFTY trade Setup 3

The price keeps moving higher rapidly. The RSI is now bullish exhausted but it’s not even overbought so it might continue to stay exhausted for a prolonged period of time and become overbought as well, and at the same time the price should continue to rise.

Trade update – 29 May 2018

See this amazing NIFTY trade Setup 4

The Bottoms Tops Signal signaled a top, the price went down and the RSI went down as well.

Generally speaking, it’s not something really concerning because it’s only one top and there is no divergence at all between the price and the RSI Exhaustion.

Moreover, we are at breakeven, which means that we are extremely safe and so we stay in the trade. There’s simply no technical evidence to close the trade.

Trade closed – 31 May 2018

See this amazing NIFTY trade Setup 5

The price went even lower but then made a second upward movement and reached the target that we initially identified.

Ultimately we got a very profitable trade with a 4.5x return which was possible by performing a very simple yet rigorous chart analysis and then executing the trade using what are considered to be among the best technical indicators for stock trading and index trading as well.