You want to sell this setup

You want to sell this setup 300 169 Minimalist Trading – Best Trading Indicators for TradingView

You want to sell this setup

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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.

We frequently come across very similar chart setups like this one, and all of them should be traded pretty much in the same way. We only need to decide where to set the stop loss and the target, but even this activity is rather simple because we can exploit the Levels and Zones indicator and/or the previous price action. In this case, we use both.

Trade setup – 2 Feb 2018

This forex setup on the TradingView chart is very clear:

    1. The price and the RSI Exhaustion are in divergence
    2. The RSI Exhaustion is bullish exhausted
    3. There is a confirmed top

Additionally, the price is currently just below a major resistance level, so the chances that it will move lower are extremely high.

We just need to set a safe stop loss slightly above the resistance indicated by the Levels and Zones and then pick a high probability target.

To do so, we look at the most recent price action and identify an interesting level, right at the bottom of the current upward movement.

Trade update – 2 Feb 2018

You want to sell this setup Setup 2

The price is moving down quite rapidly and since it’s already almost halfway into the target, we move the stop loss to breakeven.

This means that from now on we’re in a risk-free trade.

Trade update – 5 Feb 2018

You want to sell this setup Setup 3

The price continues to move lower and the Bottoms Tops Signal just displayed a bottom.

Even if it’s a confirmed bottom, by reviewing our technical analysis we cannot find any confirmation for it to be a major bottom.

Moreover, since we are already well protected by the breakeven level, we maintain the trade open and we still expect the price to move lower.

Trade closed – 5 Feb 2018

You want to sell this setup Setup 4

The bottom turned out to be a minor bottom, as it looked like by the technical analysis, and after moving sideways for some time, the price made it’s final move down and reached our target for a 4.5x profit.

The initial technical analysis said it was going to be a clear trade to the downside and by simply applying our tested fx strategy we ultimately closed a very profitable trade.