Bullish Opportunity:
The price continued rising and now is trading near the level of resistance. Yes, the move was on the increased volume and neutral delta, which does not allow us to understand who is pushing the price up. However, the increased volume during the growth is a good signal.
Volume Zones:
The level of resistance 112.00 is the most crucial for the Yen as it contains the large volume and has been already tested.
Sentiment:
This technical indicator shows that 96% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img923/5268/oTDtbV.png
Consider Long Positions:
Given all these factors, we may consider a scenario of a breakout of the resistance level 112.00. It will be a strong bullish signal and will allow us to open long positions. The surge must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 100 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 continued rising and now is trading near the level of resistance. Yes, the move was on the increased volume and neutral delta, which does not allow us to understand who is pushing the price up. However, the increased volume during the growth is a good signal.
Volume Zones:
The level of resistance 112.00 is the most crucial for the Yen as it contains the large volume and has been already tested.
Sentiment:
This technical indicator shows that 96% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img923/5268/oTDtbV.png
Consider Long Positions:
Given all these factors, we may consider a scenario of a breakout of the resistance level 112.00. It will be a strong bullish signal and will allow us to open long positions. The surge must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 100 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.