Strong Bullish Signal:
We need to allocate the presence of the strong local uptrend with the Yen. Moreover, the current demand for a "safe haven" instruments only supports further continuation of this tendency.
Volume Zones:
We need to allocated an important level of resistance/local maximum 111.46. It contains the large volume + has been tested a couple of times. On the other hand, the pair did not show any sharp reaction and is still trading near it. Hence, we may state that sellers don't have enough strength to push the price farther down.
Sentiment:
This indicator shows even percentage of sellers and buyers within retail traders. Hence, there is no clear signal for us and we have to wait for further changes of this indicator, especially in case of the resistance level breakout.
https://b.radikal.ru/b14/2003/81/216a27c2b7b0.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 120 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
We need to allocate the presence of the strong local uptrend with the Yen. Moreover, the current demand for a "safe haven" instruments only supports further continuation of this tendency.
Volume Zones:
We need to allocated an important level of resistance/local maximum 111.46. It contains the large volume + has been tested a couple of times. On the other hand, the pair did not show any sharp reaction and is still trading near it. Hence, we may state that sellers don't have enough strength to push the price farther down.
Sentiment:
This indicator shows even percentage of sellers and buyers within retail traders. Hence, there is no clear signal for us and we have to wait for further changes of this indicator, especially in case of the resistance level breakout.
https://b.radikal.ru/b14/2003/81/216a27c2b7b0.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 120 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
