Strong Bullish Signal:
The pair demonstrated a sharp surge and tested the level of resistance. The price did not break it out, but is still trading near it. The move was supported by the large volume and positive delta. It implies that there is a significant purchases imbalance at the moment.
Volume Zones:
We need to point out an important level of resistance 1.1796 - 1.1800, which contains the large volume.
Sentiment:
This indicator shows that 59% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d03/2108/27/cdf8270b2b56.png
Consider Long Positions:
Given all these factors, we may ponder a breakout of the resistance level, which will consent us to open long positions. The surge must be keen and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
Around 90 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 demonstrated a sharp surge and tested the level of resistance. The price did not break it out, but is still trading near it. The move was supported by the large volume and positive delta. It implies that there is a significant purchases imbalance at the moment.
Volume Zones:
We need to point out an important level of resistance 1.1796 - 1.1800, which contains the large volume.
Sentiment:
This indicator shows that 59% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d03/2108/27/cdf8270b2b56.png
Consider Long Positions:
Given all these factors, we may ponder a breakout of the resistance level, which will consent us to open long positions. The surge must be keen and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
Around 90 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
