This trading setup happens daily

This trading setup happens daily 300 169 Minimalist Trading – Best Trading Indicators for TradingView

This trading setup happens daily

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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.

The current trading setup offers a great opportunity to learn how to read forex and apply a very easy forex strategy which happens daily across all assets and timeframes. Basically, we look for a breakout (in this case, a breakdown) of a consolidation within a bigger trend and we look at our indicators for confirmation of our trading analysis. By doing so, we maximize the chances of being correct because we exploit long-validated technical indicators and we get into a trend continuation.

Trade setup – 9 Apr 2018

This trading setup happens daily Setup 1

In the coming hours or days, we might get an interesting setup on this forex pair. What we are interested in is a trend continuation to the downside if our indicators will confirm the setup.

First of all, we need a breakdown of the consolidation that we’ve identified, then we can check what the indicators tell us.

Trade update – 9 Apr 2018

This trading setup happens daily Setup 2

We have the setup and it’s confirmed both by the Breakout Pivotal Bars, which broke the consolidation down with a red candle, and the Sentiment Index, which broke down its trendline at the same time.

We set the stop loss just above the current candle because we’re expecting an impulsive move to the downside, so the price should not come back up from the current level.

To set the target, instead, we simply project the previous impulse to the downside, starting from the highest point in the consolidation which just got broken.

Trade update – 10 Apr 2018

This trading setup happens daily Setup 3

The price is just moving down nicely without any issue whatsoever.

Trade closed – 10 Apr 2018

This trading setup happens daily Setup 4

After just one more candle we were able to close the trade for an almost 2.3x return.

As we expected, we ended up closing another profitable trade that played out very smoothly until the price reached our target. Once you learn how to trade breakouts in forex with this fx strategy, then you realize that the market offers very similar trading opportunities each and every day.