Strong Long Signal:
The pair resumed rising and now is trading near the level of resistance at the moment. The move was on the large volume + positive delta, which is a great bullish signal.
Volume Zones:
We need to point out the strong resistance level 1.3463, which contains the large volume.
Sentiment:
This indicator shows that 94% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imageshack.com/i/poZyJSHwp
Consider Short Positions:
Given all these factors, we may consider a scenario of a breakout of the resistance level, which will allow us to open long positions. Moreover, the breakout move must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 100 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The pair resumed rising and now is trading near the level of resistance at the moment. The move was on the large volume + positive delta, which is a great bullish signal.
Volume Zones:
We need to point out the strong resistance level 1.3463, which contains the large volume.
Sentiment:
This indicator shows that 94% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imageshack.com/i/poZyJSHwp
Consider Short Positions:
Given all these factors, we may consider a scenario of a breakout of the resistance level, which will allow us to open long positions. Moreover, the breakout move must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 100 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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