Strong Bullish Signal:
The price tested the resistance, but could not break it out and corrected downwards. However, given the presence of the strong uptrend which was supported by the large volume, we still should consider that the smart money are pushing the price up.
Volume Zones:
We need to point out the resistance level 1.2155 - 1.2170, which contains the large volume. The price is still trading nigh this mark.
Sentiment:
This indicator shows that 84% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b15/2012/8c/6b3543b90286.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The rise must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 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 tested the resistance, but could not break it out and corrected downwards. However, given the presence of the strong uptrend which was supported by the large volume, we still should consider that the smart money are pushing the price up.
Volume Zones:
We need to point out the resistance level 1.2155 - 1.2170, which contains the large volume. The price is still trading nigh this mark.
Sentiment:
This indicator shows that 84% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b15/2012/8c/6b3543b90286.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The rise must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 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.