Strong Bullish Signal:
The price tested the support level, but could not break it down and then demonstrated an abrupt growth. Given that the pair totally swallowed the previous fall, we may state the weakness of sellers. Moreover, the large volume during the rise shows that the smart money is in long positions.
Volume Zones:
We need to allocated an important level of support 1760.80 - 1765.00, which contains the large volume.
Sentiment:
This indicator shows that 73% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a33/2007/59/75e59cc19088.png
Consider Long Positions:
Given all these factors, we may consider long positions after a smooth downward correction of the price. It will give us a better entry point to the market. A stop loss may be placed below the support level.
Profit Potential:
More than 300 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price tested the support level, but could not break it down and then demonstrated an abrupt growth. Given that the pair totally swallowed the previous fall, we may state the weakness of sellers. Moreover, the large volume during the rise shows that the smart money is in long positions.
Volume Zones:
We need to allocated an important level of support 1760.80 - 1765.00, which contains the large volume.
Sentiment:
This indicator shows that 73% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a33/2007/59/75e59cc19088.png
Consider Long Positions:
Given all these factors, we may consider long positions after a smooth downward correction of the price. It will give us a better entry point to the market. A stop loss may be placed below the support level.
Profit Potential:
More than 300 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.