Strong Bullish Signal:
The price resumed rising after the test of the support level, which is a good signal for further continuation of the local uptrend. Moreover, the bounce was pretty sharp and confident.
Volume Zones:
We need to point out an important level of support 1889.50 - 1894.70, which contains the large volume.
Sentiment:
This indicator shows that 68% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d37/2106/85/bc34ced34c33.png
Consider Long Positions:
Our previous scenario remains the same: we can open purchases after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 400 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 resumed rising after the test of the support level, which is a good signal for further continuation of the local uptrend. Moreover, the bounce was pretty sharp and confident.
Volume Zones:
We need to point out an important level of support 1889.50 - 1894.70, which contains the large volume.
Sentiment:
This indicator shows that 68% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d37/2106/85/bc34ced34c33.png
Consider Long Positions:
Our previous scenario remains the same: we can open purchases after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 400 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.