USDCAD LONG on Order Flow - Follow the smart money!
Strong Bullish Signal:
The price continued growing after another one test of the support level. The movement was sharp and confident. Also, we should point out the the test was on the large volume, but given that later the price grew up, it means that buyers had bought out the fall and pushed the pair up.
Volume Zones:
We need to allocated an important level of support 1.3215, which has been already tested a couple of times.
Sentiment:
This indicator shows that 84% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d27/1911/6f/08fa3f3bb74f.png
Consider Long Positions:
Given all these factors, we should give preference to a scenario of opening long positions. We may enter the market after a smooth downward correction, in order to get a better entry point. A stop loss should be placed below the support level.
Profit Potential:
Around 100 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price continued growing after another one test of the support level. The movement was sharp and confident. Also, we should point out the the test was on the large volume, but given that later the price grew up, it means that buyers had bought out the fall and pushed the pair up.
Volume Zones:
We need to allocated an important level of support 1.3215, which has been already tested a couple of times.
Sentiment:
This indicator shows that 84% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d27/1911/6f/08fa3f3bb74f.png
Consider Long Positions:
Given all these factors, we should give preference to a scenario of opening long positions. We may enter the market after a smooth downward correction, in order to get a better entry point. A stop loss should be placed below the support level.
Profit Potential:
Around 100 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
