Strong Bearish Signal:
The pair showed an abrupt drop and broke through the previous level of support, which is a good bearish signal.
Volume Zones:
Unfortunately, the fall was on the small volume, so that we can't point out any new volume level or zone.
Sentiment:
This indicator shows that 81% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img921/4296/SIjb29.png
Consider Short Positions:
Given the breakdown of the support, we still may give preference to short positions. However, we may enter the market after a continuation of the sink on the large volume. It will be a more reliable and accurate signal for entering the market. A stop loss may be placed above the beginning of this movement.
Profit Potential:
Our first target is the level 1.1180.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The pair showed an abrupt drop and broke through the previous level of support, which is a good bearish signal.
Volume Zones:
Unfortunately, the fall was on the small volume, so that we can't point out any new volume level or zone.
Sentiment:
This indicator shows that 81% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img921/4296/SIjb29.png
Consider Short Positions:
Given the breakdown of the support, we still may give preference to short positions. However, we may enter the market after a continuation of the sink on the large volume. It will be a more reliable and accurate signal for entering the market. A stop loss may be placed above the beginning of this movement.
Profit Potential:
Our first target is the level 1.1180.
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.