Strong Bullish Signal:
The price resumed rising and totally swallowed the previous fall, which shows an inability of sellers to push the pair farther down. Moreover, the strong uptrend is a good signal for the further rise.
Volume Zones:
We need to point out the resistance level/local maximum 0.7176. The price is testing this mark at the moment.
Sentiment:
This indicator shows that 85% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d34/2007/2d/7c6e27417794.png
Consider Long Positions:
Given all these factors, we may reckon a scenario of the resistance breakout, 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 70 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 resumed rising and totally swallowed the previous fall, which shows an inability of sellers to push the pair farther down. Moreover, the strong uptrend is a good signal for the further rise.
Volume Zones:
We need to point out the resistance level/local maximum 0.7176. The price is testing this mark at the moment.
Sentiment:
This indicator shows that 85% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d34/2007/2d/7c6e27417794.png
Consider Long Positions:
Given all these factors, we may reckon a scenario of the resistance breakout, 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 70 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
