When a sell setup gets confirmed

When a sell setup gets confirmed 300 169 Minimalist Trading – Best Trading Indicators for TradingView

When a sell setup gets confirmed

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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.

With the Bottoms Tops Signal and the RSI Exhaustion, we are able to identify what appears to be a very interesting opportunity. Moreover, the Levels and Zones indicator says that we are sitting just above a support. This might pose a problem in the initial phases of our fx strategy execution, however, if the price moves lower (as we are expecting) then, such support will turn into a resistance and so will play a huge role in pushing the price significantly down. As long as we play this forex trading setup safely, then we’re good to go.

Trade setup – 16 Dic 2019

When a sell setup gets confirmed Setup 1

We have an interesting sell setup because:

    1. The price is moving higher, while the RSI Exhaustion is moving lower.
    2. The RSI Exhaustion is bullish exhausted (colored green).
    3. We have a confirmed top

We set our stop loss slightly above the most recent highest price level while we set the target all the way down to the major support level identified by the Levels and Zones at the bottom.

The initial risk in this setup is that the price is currently above a support, but it started as a resistance and, considering our analysis above, it should turn again into a resistance soon.

Trade update – 16 Dec 2019

When a sell setup gets confirmed Setup 2

The price is moving lower as we expected.

Trade update – 17 Dec 2019

When a sell setup gets confirmed Setup 3

The price is still moving lower and the RSI Exhaustion goes down as well.

Trade update – 18 Dec 2019

When a sell setup gets confirmed Setup 4

The indicators and the price action are still all looking good.

We should definitely be able to reach the target, which is now close.

Trade closed – 19 Dec 2019

When a sell setup gets confirmed Setup 5

Towards the end, it got frustrating because the price almost reached the target twice, before ultimately touching it the third time.

Well, it turned out to be a very nice trade with a 4x profit. It took a few days but without any significant concern except for a slightly frustrating price movement towards the end. If you were looking for some forex strategies revealed, then you can see how well this played out for us and how our trend reversal indicators helped us in making a clear and simple analysis of this currency chart.