A Trade Setup that appeared 3 Times (Within a Few Days)

A Trade Setup that appeared 3 Times (Within a Few Days)

A Trade Setup that appeared 3 Times (Within a Few Days) 300 169 Minimalist Trading – Best Trading Indicators for TradingView

The most recent price action offered not a single Trade Setup, but three almost identical Highest Probability Trading Setups.

And guess what?

As soon as we saw this recurring trend reversal pattern, we exploited it by opening a profitable trade that we discuss below.

By re-watching below the live trade that we took on TradingView, you can learn an easy Trade Setup that appears each day on any asset and timeframe.

In fact, we use this Trade Setup since many years and it has been extremely profitable in the long-run.

Trade setup – 24 Mar 2020

3 similar setups within a few days Setup 1

We have a nice trading opportunity on this USDCAD TradingView chart and it’s the third valid setup within a few days on this pair!

The setup is valid because:

    1. There’s a divergence between the price, which is pretty much flat, and the RSI Exhaustion which is falling significantly
    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 (displayed by the Bottoms Tops Signal)

We set the Stop Loss a bit higher than the most recent highest price.

And we set the Trading Target all the way down to the major support level displayed by the Levels and Zones.

Why do we set the Trading Target there?

Because we know from past experience that the Price Action likes to test multiple times these major support and resistance levels.

So, if we expect the Price to fall, then there is a very high chance that it will, at least, touch the support level at the bottom.

Trade update – 24 Mar 2020

3 similar setups within a few days Setup 2

After some time, the price is now moving lower.

Trade update – 25 Mar 2020

3 similar setups within a few days Setup 3

The price is now even lower, and it has formed a bottom.

However, such bottom is not sustained by any technical evidence so it should definitely not be a concerning bottom.

Trade update – 25 Mar 2020

3 similar setups within a few days Setup 4

The price just keeps moving down.

Trade closed – 25 Mar 2020

3 similar setups within a few days Setup 5

Target reached!

The price eventually moved significantly lower allowing us to close a winning trade for a total profit of 2.7x.

Not bad considering this Forex pair offered not one Trade Setup, but three very similar Highest Probability Trading Setups within a few days.

It’s the perfect demonstration that if you wanna trade the market tomorrow or any other day of the week, the Market will always be there offering great opportunities.

It comes down to us, full-time traders, to exploit them with a clear Trade Setup, just like the trend reversal setup that we used here.

Do you have a Trade Setup that consistently works?

Or maybe do you switch between multiple profitable trading setups depending on the specific situation?

Share your experience with fellow traders by commenting on the YouTube video above!