This trade took longer than expected

This trade took longer than expected 300 169 Minimalist Trading – Best Trading Indicators for TradingView

This trade took longer than expected

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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 Breakout Pivotal Bars in combination with the Levels and Zones, and the Sentiment Index.

Except for a rather weird movement on the last candle of the impulse, by conducting our chart pattern analysis we see a very interesting price consolidation suggesting that the price should continue to move lower making yet another downtrend. Moreover, all our indicators confirm the same analysis and so, as soon as the trading setup comes, we get involved in this trade.

Trade setup – 23 Apr 2018

This trade took longer than expected Setup 1

The setup that is forming is clear even if it’s a bit masked by the weird price action towards the end of the first impulse.

Anyway, the Sentiment Index clearly suggests that the bearish sentiment is getting compressed and so it could well break to the downside and probably offer us a trade setup to the downside.

Trade update – 24 Apr 2018

This trade took longer than expected Setup 2

Here comes the setup that is confirmed by the fact that:

    1. The price breaks down the consolidation that we identified
    2. The breakdown candle is red (colored by the Breakout Pivotal Bars)
    3. The Sentiment Index breaks down its trendline as well

We set the stop loss above the breakdown candle and the target, all the way down where the projection of the first impulse ends.

Trade update – 25 Apr 2018

This trade took longer than expected Setup 3

It’s currently almost halfway into the target and we moved the stop loss to breakeven, which means that we are now in a risk-free trade.

Trade update – 26 Apr 2018

This trade took longer than expected Setup 4

The price continued to go down and barely touched the target before retracing a little bit. We must be patient because we know from experience that, when we have similar setups, there is a very high probability that the price ultimately reaches the target.

Trade closed – 30 Apr 2018

This trade took longer than expected Setup 5

Well, it took quite some time, but eventually, it reached the target and we closed another winning trade.

If you want to become a full time forex trader you must learn how to trade forex even if a trade takes longer than expected like in this case. It is in a similar situation when the real pro traders show all their skills and psychological strength by keeping rational throughout the whole trade. Unfortunately, most novice traders end up getting emotional and making irrational decisions contradicting their fx strategy.