Strong Bullish Signal:
The price demonstrated an abrupt growth after the support level test. The rise totally absorbed the previous downward correction, which shows the weakness of sellers. Moreover, an increased positive delta shows that buyers are dominating the market at the moment.
Volume Zones:
We need to allocated an important level of support 1.2565 - 1.2585, which contains increased volume and has already been tested.
Sentiment:
This indicator shows that 75% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b40/2007/d6/c5229793da7e.png
Consider Long Positions:
Given all these factors, we may give preference to long positions. We may enter the market after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 150 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 growth after the support level test. The rise totally absorbed the previous downward correction, which shows the weakness of sellers. Moreover, an increased positive delta shows that buyers are dominating the market at the moment.
Volume Zones:
We need to allocated an important level of support 1.2565 - 1.2585, which contains increased volume and has already been tested.
Sentiment:
This indicator shows that 75% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b40/2007/d6/c5229793da7e.png
Consider Long Positions:
Given all these factors, we may give preference to long positions. We may enter the market after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 150 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.