Strong Bearish Signal:
The price demonstrated a huge drop supported by large institutional volumem, hence, we may state that the local downtrend is going on. Yes, the price corrected upwards, however, it has already resumed sinking, which shows a weakness of buyers.
Volume Zones:
It is necessary to point out the new support level 102.64, which contains the large volume. The price is currently trading near it.
Sentiment:
This indicator shows that 78% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a42/2101/d2/883eeef6dd23.png
Consider Short Positions:
Given all these factors, we should consider a scenario of the support level breakdown. The slump must be abrupt, confident and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 110 points.
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 a huge drop supported by large institutional volumem, hence, we may state that the local downtrend is going on. Yes, the price corrected upwards, however, it has already resumed sinking, which shows a weakness of buyers.
Volume Zones:
It is necessary to point out the new support level 102.64, which contains the large volume. The price is currently trading near it.
Sentiment:
This indicator shows that 78% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a42/2101/d2/883eeef6dd23.png
Consider Short Positions:
Given all these factors, we should consider a scenario of the support level breakdown. The slump must be abrupt, confident and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 110 points.
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.