Strong Bullish Signal:
The price has already resumed rising after a short downward correction of the price. The growth totally absorbed the sink, which shows the weakness of sellers. Hence, the pair is testing the new resistance level now. Moreover, we should point out the sharp growth of the price last week.
Volume Zones:
We need to allocated an important level of resistance 1.1120 - 1.1130, which contains the large volume.
Sentiment:
This indicator shows that 80% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b23/2006/84/196d995f8246.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 growth must be sharp and supported by the large volume, which will be a more reliable 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 has already resumed rising after a short downward correction of the price. The growth totally absorbed the sink, which shows the weakness of sellers. Hence, the pair is testing the new resistance level now. Moreover, we should point out the sharp growth of the price last week.
Volume Zones:
We need to allocated an important level of resistance 1.1120 - 1.1130, which contains the large volume.
Sentiment:
This indicator shows that 80% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b23/2006/84/196d995f8246.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 growth must be sharp and supported by the large volume, which will be a more reliable 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.