Strong Bearish Signal:
Gold showed a huge sink supported by large institutional volume and broke through the previous support level, which is a great bearish signal.
Volume Zones:
It is necessary to allocate the crucial support level 1283.10, which contains the large volume.
Sentiment:
This indicator shows that 60% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img924/9224/PYlZuu.png
Consider Short Positions:
Given all these factors, we may regard exceptionally short positions. We may enter the market after a keen and confident breakdown of the support level. The move must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 150 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
Gold showed a huge sink supported by large institutional volume and broke through the previous support level, which is a great bearish signal.
Volume Zones:
It is necessary to allocate the crucial support level 1283.10, which contains the large volume.
Sentiment:
This indicator shows that 60% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img924/9224/PYlZuu.png
Consider Short Positions:
Given all these factors, we may regard exceptionally short positions. We may enter the market after a keen and confident breakdown of the support level. The move must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 150 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.