Strong Bearish Signal:
The price corrected upwards after the test of the support level, however, the pair is still trading nigh this mark. Moreover, we have to allocate a strong local downtrend.
Volume Zones:
We need to point out the support level/local minimum 1.3106, which has already been tested by the price.
Sentiment:
This indicator shows that 81% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b29/2010/5c/0af9ba8a8dd3.pnghttps://b.radikal.ru/b29/2010/5c/0af9ba8a8dd3.png
Consider Short Positions:
Given all these factors, we may ponder a breakdown of the support level, which will allow us to open short positions. The breakdown move must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may 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 corrected upwards after the test of the support level, however, the pair is still trading nigh this mark. Moreover, we have to allocate a strong local downtrend.
Volume Zones:
We need to point out the support level/local minimum 1.3106, which has already been tested by the price.
Sentiment:
This indicator shows that 81% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b29/2010/5c/0af9ba8a8dd3.pnghttps://b.radikal.ru/b29/2010/5c/0af9ba8a8dd3.png
Consider Short Positions:
Given all these factors, we may ponder a breakdown of the support level, which will allow us to open short positions. The breakdown move must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may 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 -
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.