Why and how you can move the target

Why and how you can move the target 300 169 Minimalist Trading – Best Trading Indicators for TradingView

Why and how you can move the target

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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.

By performing our forex technical analysis we identify a simple setup that can be traded with the Breakout Pivotal Bars and the Sentiment Index. These two indicators alone are one of the best forex indicator combination, because they allow us to have a very clear understanding of the chart analysis and the overall market sentiment.

Trade setup – 25 Jul 2019

Why and how you can move your target Setup 1

The setup is very clear and simple.

We have an impulse down, followed by a consolidation which we both highlighted with the blue lines.

Now the price has just broken down the consolidation, and it did so on a red candle (colored by the Breakout Pivotal Bars).

Moreover, the bearish Sentiment Index at the bottom has broken down its trend line as well, right on the same candle.

This indicates that it is very likely that the price will continue to go down and make a second impulse at least of the same size as the previous one.

Trade update – 26 Jul 2019

Why and how you can move your target Setup 2

The price is moving down nicely, and we moved the stop loss to breakeven so that we’re now in a risk-free trade.

This means that, in the worst scenario, if the price comes back up, we’ll get out of the trade without losing any money.

But considering that there’s no major technical evidence for the price not to go significantly down, we also lowered a little bit the target so that the profit would now be 4.5x.

It is something we typically don’t do but this trade seems to offer the right opportunity to do so.

In any case, we’ll play it safe by lowering the breakeven level should that be required.

Trade update – 29 Jul 2019

Why and how you can move your target Setup 3

The price just continues to go down, and it is forming the second impulse as we anticipated.

Trade closed – 29 Jul 2019

Why and how you can move your target Setup 4

Target reached without any big issue.

The price went down quite gently and as it was coming down we decided to move the target a little bit lower because we were confident in our technical setup and because the major support at the bottom was probably attracting the price even lower than our initial target. In fact, it did because we made a final profit of 4.5x which is a really solid return that, once again, proves that we are using probably the best forex strategy for consistent profits.