Strong Bullish Signal:
The pair demonstrated an abrupt sharp growth after the creation of the new support level. The movement was supported by the huge volume, which means that the smart money propelled the price upwards.
Volume Zones:
We need to allocated an important level of support 16.91 - 17.03, which contains the large volume.
Sentiment:
This indicator shows that 54% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b05/2005/cb/29b1fb2f9ba5.png
Consider Long Positions:
Given all these factors, we should prefer a scenario of opening long positions. We may enter the market after a smooth downward correction of the price, in order to get an acceptable entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 100 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The pair demonstrated an abrupt sharp growth after the creation of the new support level. The movement was supported by the huge volume, which means that the smart money propelled the price upwards.
Volume Zones:
We need to allocated an important level of support 16.91 - 17.03, which contains the large volume.
Sentiment:
This indicator shows that 54% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b05/2005/cb/29b1fb2f9ba5.png
Consider Long Positions:
Given all these factors, we should prefer a scenario of opening long positions. We may enter the market after a smooth downward correction of the price, in order to get an acceptable entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 100 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.