Strong Bearish Signal:
The price continued falling last week. Yes, the further sink was stopped after the creation of the new support level. Nevertheless, the strong downtrend still inclines us to give preference to short positions.
Volume Zones:
We need to point out the new support level 105.10 - 105.30, which contains the large volume. The price did not show any sharp reaction and is testing it now.
Sentiment:
This indicator shows that 94% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d16/2003/fb/0fcdbb73f71d.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We can enter the market after a sharp breakdown of the support level. The movement must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 110 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 continued falling last week. Yes, the further sink was stopped after the creation of the new support level. Nevertheless, the strong downtrend still inclines us to give preference to short positions.
Volume Zones:
We need to point out the new support level 105.10 - 105.30, which contains the large volume. The price did not show any sharp reaction and is testing it now.
Sentiment:
This indicator shows that 94% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d16/2003/fb/0fcdbb73f71d.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We can enter the market after a sharp breakdown of the support level. The movement must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 110 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.