EURUSD 1H Volume Zone Oscillator Strategy Long Trade

OANDA:EURUSD   Euro / U.S. Dollar
Install Volume Zone Oscillator & 50sma to your chart.
Find in Indicator Search (type VZO) - Public Library - GMAN indicator
Change levels from 30 to 40
Change 0 level & VZO line to blue colored line
If price is above 50sma bullish bias for long trades, below then short trades.

How to Use Volume Zone Oscillator?
We’re going to reveal how to interpret the volume zone readings.
A move above the centerline will give us a bullish reading. And, a move below the centerline will give us a bearish reading.
The most important volume zones are "+60", "+40", “0", “-40", and "-60".
Additionally, traders also use the “+5”, and “-5” volume zone readings.
Here is how to use VZO in your trading decisions.
Here are the four main volume zones to keep an eye on:
When VZO rises above and maintains the 5% level, it marks the early phase of an uptrend. Conversely, when VZO falls below the -5% level, it marks the early phase of a downtrend.
Oscillations between 5% and 40% volume zones mark a bullish trend zone. Conversely, a reading between -5% and -40% volume zones mark a bearish trend zone.
An overbought signal is generated when we have a reading above the 40% volume zone. Conversely, an oversold signal is generated when we have a reading below the -40% volume zone.
Reading above the 60% volume zone is an extremely overbought reading that can signal a bearish reversal. While a reading below the -60% volume zone is an extremely oversold reading that can signal a bullish reversal.
Let’s see what trading tactics we can use with the volume-based indicators.
During bullish trends, volume rises with rising prices. The same is true in reverse for bearish trends.
This is basic 101 uptrend volume psychology.
For this purpose, let’s examine again the EUR/USD chart.
We’re in a clear, strong bullish trend . The VZO is above the centerline signaling buying pressure. The volume zone reading between 5% and 40% also indicate a sustained uptrend zone. A buy signal is generated when we cross above the centerline.
The EUR/USD chart above demonstrates how during bullish trends, the VZO has the tendency to stay in the higher volume zone fluctuating between 0 and 40.
This is a good method to identify the direction of the trend and trade with the trend.

Go to our TSG website - then blog - find volume oscillator article for complete strategy instructions.
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