You might want to always sell this one

You might want to always sell this one 300 169 Minimalist Trading – Best Trading Indicators for TradingView

You might want to always sell this one

◷ Last updated

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 our three indicators, which for us is the best forex indicator combination, we are able to identify a very great short opportunity on this forex pair. It is also very safe because the setup forms just below a major support which usually plays a huge role in pushing the price down and allows us to set a rather strict stop loss.

Trade setup – 22 Apr 2020

You might want to always sell this one Setup 1

This sell setup is very clear and simple and all the required conditions are met. In particular:

    1. There’s a significant divergence between the price, which is pretty much flat, and the RSI Exhaustion, which is falling
    2. The RSI Exhaustion is bullish exhausted, which means that the price has a limited room to move higher
    3. We have a new confirmed top

We then exploit the Levels and Zones indicator to set the stop loss and the take profit levels.

In particular, the take profit level is all the way down to the major support because, in between, there’s no major structure that could stop the price. Essentially, if the price starts to move lower, it should be a free fall.

Trade update – 22 Apr 2020

You might want to always sell this one Setup 2

The price is moving down and the RSI Exhaustion is falling as well.

Trade update – 22 Apr 2020

You might want to always sell this one Setup 3

The price has formed two bottoms, and the RSI Exhaustion is moving slightly higher.

For the sake of safety, we moved the stop loss to breakeven so that we’re now in a risk-free trade.

That said, as we anticipated, it’s pretty much a free fall so these bottoms should not create any major issue.

Trade update – 22 Apr 2020

You might want to always sell this one Setup 4

We got a third bottom, but the price keeps falling.

Trade update – 23 Apr 2020

You might want to always sell this one Setup 5

There’s some weird price movement that’s going on. It is essentially moving sideways, even if there’s not major structure.

In any case, we’re at breakeven so we are not concerned at all.

Even if we still expect the price to move lower, we must accept the fact that the price can always do whatever it wants, whenever it wants.

Trade update – 23 Apr 2020

You might want to always sell this one Setup 6

The price now moved significantly lower and it’s almost down at our target.

Some new contrary signals have emerged, but again, it’s a free fall.

Trade closed – 23 Apr 2020

You might want to always sell this one Setup 7

Target reached and another winning trade closed.

Our traditionally profitable forex strategy let us win another trade for a 4.4x profit. Isn’t this the best fx strategy ever? Even if, during the downtrend we got opposite setups which might have compromised the final result of the trade, we just stuck to the rational evidence, which was that there was no major price structure between our entry price and the target. In fact, even if the price got somewhat slowed down during the downtrend, it eventually went all the way down to our target at the very bottom of the TradingView chart where the major support drawn by the Levels and Zones indicator is.