Strong Bearish Signal:
The pair continued falling yesterday, so we may state that the local downtrend is going on.
Volume Zones:
The drop was on the average volume, which is a good bearish signal, but we can't point out any new volume levels or zones.
Sentiment:
This indicator shows that 80% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img921/9754/bvkFLt.png
Consider Short Positions:
Given all these factors, we still may consider short positions. We can enter the market after the resumption of the drop, but the move must be supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed above the beginning of this fall.
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 continued falling yesterday, so we may state that the local downtrend is going on.
Volume Zones:
The drop was on the average volume, which is a good bearish signal, but we can't point out any new volume levels or zones.
Sentiment:
This indicator shows that 80% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img921/9754/bvkFLt.png
Consider Short Positions:
Given all these factors, we still may consider short positions. We can enter the market after the resumption of the drop, but the move must be supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed above the beginning of this fall.
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.