Strong Bullish Signal:
The price demonstrated a sharp growth and broke out the previous resistance level. The move was on the large volume, so that we may assume that the smart money pushed the price up. It increases the possibility of the further surge.
Volume Zones:
We need to point out the new level of support 104.04 - 104.08, which contains the large volume.
Sentiment:
This indicator shows that 71% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d12/2101/e0/94509ff6bee5.png
Consider Long Positions:
Given all these factors, we should prefer long positions. We may enter the market after a smooth downward correction, in order to get a more profitable entry point. A stop loss may be placed below the new support level.
Profit Potential:
Our first target is 50-55 points, the second one - 120 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 sharp growth and broke out the previous resistance level. The move was on the large volume, so that we may assume that the smart money pushed the price up. It increases the possibility of the further surge.
Volume Zones:
We need to point out the new level of support 104.04 - 104.08, which contains the large volume.
Sentiment:
This indicator shows that 71% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d12/2101/e0/94509ff6bee5.png
Consider Long Positions:
Given all these factors, we should prefer long positions. We may enter the market after a smooth downward correction, in order to get a more profitable entry point. A stop loss may be placed below the new support level.
Profit Potential:
Our first target is 50-55 points, the second one - 120 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.