Strong Bullish Signal:
The price demonstrated an abrupt growth supported by the increased volume. As a result, the previous resistance level has been broken out. Besides it, the large positive delta shows that buyers are dominating the market.
Volume Zones:
The volume was evenly scattered throughout the rise, so we can't allocate any new volume level or zone.
Sentiment:
This indicator shows that 76% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d23/2007/b1/2144453efbaf.png
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may enter the market after a smooth and slight downward correction, in order to get a better entry point. A stop loss should 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 price demonstrated an abrupt growth supported by the increased volume. As a result, the previous resistance level has been broken out. Besides it, the large positive delta shows that buyers are dominating the market.
Volume Zones:
The volume was evenly scattered throughout the rise, so we can't allocate any new volume level or zone.
Sentiment:
This indicator shows that 76% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d23/2007/b1/2144453efbaf.png
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may enter the market after a smooth and slight downward correction, in order to get a better entry point. A stop loss should 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.