Strong Bullish Signal:
The price demonstrated an abrupt growth and broke out the previous resistance level. However, the price corrected down after the creation of the new one. Nevertheless, the pair has already resumed rising, which shows a weakness of sellers. Moreover, we should highlight a presence of the strong local uptrend.
Volume Zones:
We need to point out an important level of resistance/local maximum 1881.10 - 1886.40. This level contains the large volume.
Sentiment:
This indicator shows that 62% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d18/2105/13/2cef8728e4ca.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 400 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 demonstrated an abrupt growth and broke out the previous resistance level. However, the price corrected down after the creation of the new one. Nevertheless, the pair has already resumed rising, which shows a weakness of sellers. Moreover, we should highlight a presence of the strong local uptrend.
Volume Zones:
We need to point out an important level of resistance/local maximum 1881.10 - 1886.40. This level contains the large volume.
Sentiment:
This indicator shows that 62% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d18/2105/13/2cef8728e4ca.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 400 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.