Strong Bullish Signal:
The strong uptrend with gold is going on. Nevertheless, the further rise was stopped by the new resistance level.
Volume Zones:
We need to allocated a new level of resistance 1638.80 - 1647.80. This mark contains the large volume, however, the pair did not show any sharp reaction after its creation. Now the price is trading near it. Hence, we may state that it is not a reversal signal.
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/a38/2002/47/701335059656.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 growth must be sharp 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 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 strong uptrend with gold is going on. Nevertheless, the further rise was stopped by the new resistance level.
Volume Zones:
We need to allocated a new level of resistance 1638.80 - 1647.80. This mark contains the large volume, however, the pair did not show any sharp reaction after its creation. Now the price is trading near it. Hence, we may state that it is not a reversal signal.
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/a38/2002/47/701335059656.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 growth must be sharp 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 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.