Strong Bearish Signal:
The price demonstrated a huge drop supported by the large institutional volume, which means that the smart money pushed the price down. Hence, we may suppose that the probability of the further fall is quite high.
Volume Zones:
We need to point out the new volume support level 1.0790 - 1.0800. However, the price did not indicated any sharp reaction and is currently testing it.
Sentiment:
This indicator shows that 94% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c01/2002/39/5c11c05c7e1c.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. However, we may enter the market only after the keen breakdown of the new support level. The sink must be supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed above the breakdown volume bar.
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 demonstrated a huge drop supported by the large institutional volume, which means that the smart money pushed the price down. Hence, we may suppose that the probability of the further fall is quite high.
Volume Zones:
We need to point out the new volume support level 1.0790 - 1.0800. However, the price did not indicated any sharp reaction and is currently testing it.
Sentiment:
This indicator shows that 94% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c01/2002/39/5c11c05c7e1c.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. However, we may enter the market only after the keen breakdown of the new support level. The sink must be supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed above the breakdown volume bar.
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 -
