Strong Bullish Signal:
The price demonstrated an abrupt fall and tested the support, but the price did not break it down and then showed an abrupt surge. The pair has totally absorbed the downward correction, which shows that sellers are weak at the moment. Moreover, there is a significant local uptrend.
Volume Zones:
It is necessary to point out the new level of support 1.2171.
Sentiment:
This indicator shows that 83% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a05/2105/7b/004aa46a26fc.png
Consider Long Positions:
Given all these factors, we may reckon long positions after a smooth downward correction, in order to get a better entry point. A stop loss may be placed below the new support level.
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 demonstrated an abrupt fall and tested the support, but the price did not break it down and then showed an abrupt surge. The pair has totally absorbed the downward correction, which shows that sellers are weak at the moment. Moreover, there is a significant local uptrend.
Volume Zones:
It is necessary to point out the new level of support 1.2171.
Sentiment:
This indicator shows that 83% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a05/2105/7b/004aa46a26fc.png
Consider Long Positions:
Given all these factors, we may reckon long positions after a smooth downward correction, in order to get a better entry point. A stop loss may be placed below the new support level.
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.