Strong Bullish Signal:
The pair showed a sharp growth and tested the level of resistance. The price did not break it out and corrected downwards. However, the fall was on the small volume and is still trading near it.
Volume Zones:
We need to allocate an important level of resistance/local maximum 19.25 - 19.35.
Sentiment:
This indicator shows that 66% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a15/2007/01/8a0ece95e316.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The rise must be keen 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 80 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The pair showed a sharp growth and tested the level of resistance. The price did not break it out and corrected downwards. However, the fall was on the small volume and is still trading near it.
Volume Zones:
We need to allocate an important level of resistance/local maximum 19.25 - 19.35.
Sentiment:
This indicator shows that 66% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a15/2007/01/8a0ece95e316.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The rise must be keen 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 80 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.