Strong Bearish Signal:
The price continued falling and now is trading nigh the support level. The move was supported by the large volume, which means that the smart money pushed the price down. Moreover, it is necessary to mention a strong local downtrend.
Volume Zones:
We have to point out an important level of support 0.7224 - 0.7234, which contains the large volume. The price is currently testing this mark.
Sentiment:
This indicator shows that 76% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b25/2109/cd/5f994be62028.png
Consider Short Positions:
Given all these factors, we may regard a breakdown of the support level, which will entitle us to open sales. The movement must be rapid, keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
Around 100 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price continued falling and now is trading nigh the support level. The move was supported by the large volume, which means that the smart money pushed the price down. Moreover, it is necessary to mention a strong local downtrend.
Volume Zones:
We have to point out an important level of support 0.7224 - 0.7234, which contains the large volume. The price is currently testing this mark.
Sentiment:
This indicator shows that 76% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b25/2109/cd/5f994be62028.png
Consider Short Positions:
Given all these factors, we may regard a breakdown of the support level, which will entitle us to open sales. The movement must be rapid, keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
Around 100 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.