Strong Bullish Signal:
The price corrected down after FOMC meeting, however, it was immediately bought out and the price resumed rising. It shows that buyers are dominating the market and are interested in pushing the price up. Besides it, there is a strong local uptrend.
Volume Zones:
It is necessary to allocate the resistance level/local maximum 109.19. The price is testing this level once again.
Sentiment:
This indicator shows that 86% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b14/2103/41/1e16fbeee2e6.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 rise must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 110 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 corrected down after FOMC meeting, however, it was immediately bought out and the price resumed rising. It shows that buyers are dominating the market and are interested in pushing the price up. Besides it, there is a strong local uptrend.
Volume Zones:
It is necessary to allocate the resistance level/local maximum 109.19. The price is testing this level once again.
Sentiment:
This indicator shows that 86% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b14/2103/41/1e16fbeee2e6.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 rise must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 110 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
