Strong Bullish Signal:
The correction of the price was stopped after the formation of the new level of support, which contains the large volume. It means that the smart money opened their positions in this area. Moreover, the local uptrend supports a scenario of opening long positions.
Volume Zones:
We need to allocate the volume level of support 1.3320 - 1.3342.
Sentiment:
This indicator shows that 77% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b11/1912/aa/0697ad47caae.png
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may open long positions after a smooth and slight downward correction of the price, in order to get a better entry point. A correction must be on the small volume. A stop loss should be placed below the support level with a little margin.
Profit Potential:
Around 120 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The correction of the price was stopped after the formation of the new level of support, which contains the large volume. It means that the smart money opened their positions in this area. Moreover, the local uptrend supports a scenario of opening long positions.
Volume Zones:
We need to allocate the volume level of support 1.3320 - 1.3342.
Sentiment:
This indicator shows that 77% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b11/1912/aa/0697ad47caae.png
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may open long positions after a smooth and slight downward correction of the price, in order to get a better entry point. A correction must be on the small volume. A stop loss should be placed below the support level with a little margin.
Profit Potential:
Around 120 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
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