Strong Bullish Signal:
The price corrected downwards, but the fall was smooth and on the small volume. Moreover, given the recent sharp growth supported by the large volume, we still may reckon an imbalance of purchases.
Volume Zones:
We need to allocated an important level of support 1.2626-1.2645. The price tested it, but could not break it down and resumed rising.
Sentiment:
This indicator shows that 75% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b07/2006/33/b36260f90504.png
Consider Long Positions:
Given all these factors, we still should give preference to long positions. We may enter the market after a resumption of the sharp rise, supported by the large volume. It will be a strong signal of further continuation of the uptrend. A stop loss should be placed below the support level.
Profit Potential:
More than 150 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price corrected downwards, but the fall was smooth and on the small volume. Moreover, given the recent sharp growth supported by the large volume, we still may reckon an imbalance of purchases.
Volume Zones:
We need to allocated an important level of support 1.2626-1.2645. The price tested it, but could not break it down and resumed rising.
Sentiment:
This indicator shows that 75% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b07/2006/33/b36260f90504.png
Consider Long Positions:
Given all these factors, we still should give preference to long positions. We may enter the market after a resumption of the sharp rise, supported by the large volume. It will be a strong signal of further continuation of the uptrend. A stop loss should be placed below the support level.
Profit Potential:
More than 150 points.
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.