Strong Bullish Signal:
The price corrected down, but the move was smooth and on the small volume, so we can;t regard it as a reversal signal. Moreover, the presence of the local uptrend and the recent sharp growth supported by the large volume, we may still give advantage to long positions.
Volume Zones:
We need to highlight the new volume level of support 1.2060, which has been already tested and the price restarted its growth exactly from this mark.
Sentiment:
This indicator shows that 78% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b35/2104/d6/74ac5af12998.png
Consider Long Positions:
Given all these factors, we may ponder long positions after a stoppage of the correction and a resumption of the keen growth, supported by the large volume. It will be a more precise and secure signal for entering the market. A stop loss may 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 price corrected down, but the move was smooth and on the small volume, so we can;t regard it as a reversal signal. Moreover, the presence of the local uptrend and the recent sharp growth supported by the large volume, we may still give advantage to long positions.
Volume Zones:
We need to highlight the new volume level of support 1.2060, which has been already tested and the price restarted its growth exactly from this mark.
Sentiment:
This indicator shows that 78% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b35/2104/d6/74ac5af12998.png
Consider Long Positions:
Given all these factors, we may ponder long positions after a stoppage of the correction and a resumption of the keen growth, supported by the large volume. It will be a more precise and secure signal for entering the market. A stop loss may 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 -
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