USDCAD LONG on Order Flow - Follow the smart money!
Strong Bullish Signal:
The price demonstrated an abrupt growth supported by the large volume, which implies that the smart money pushed the price up. Moreover, there is strong uptrend.
Volume Zones:
It is necessary to allocate the new resistance level 1.2789 - 1.2796, which contains the large volume. The price is trading near this mark, which means that sellers don't have power to propel the price down.
Sentiment:
This indicator shows that 78% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c22/2111/14/280d46e306bd.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The growth must be sharp 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:
More than 90 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 an abrupt growth supported by the large volume, which implies that the smart money pushed the price up. Moreover, there is strong uptrend.
Volume Zones:
It is necessary to allocate the new resistance level 1.2789 - 1.2796, which contains the large volume. The price is trading near this mark, which means that sellers don't have power to propel the price down.
Sentiment:
This indicator shows that 78% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c22/2111/14/280d46e306bd.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The growth must be sharp 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:
More than 90 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
