Potential Bullish Signal:
The price carried on rising and is currently trading near the level of resistance/upper boundary of the local consolidation.
Volume Zones:
There is a crucial level of resistance/local maximum 112.00. The large volume is concentrated in it, so we can admit that some institutional players have positions in it.
Sentiment:
This indicator shows that 97% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img921/5323/g4KpVq.png
Consider Long Positions:
Given all these factors, we may consider a scenario of a continuation of the sruge and a breakout of the resistance, which will be a great bullish signal. The move must be abrupt 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 carried on rising and is currently trading near the level of resistance/upper boundary of the local consolidation.
Volume Zones:
There is a crucial level of resistance/local maximum 112.00. The large volume is concentrated in it, so we can admit that some institutional players have positions in it.
Sentiment:
This indicator shows that 97% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img921/5323/g4KpVq.png
Consider Long Positions:
Given all these factors, we may consider a scenario of a continuation of the sruge and a breakout of the resistance, which will be a great bullish signal. The move must be abrupt 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.