Strong Bullish Signal:
The price demonstrated a sharp growth and tested the resistance level. The pair could not break it out, but is still trading near it. It means that sellers don't have enough power to propel the price down. Besides it, we need to point out the presence of the local uptrend.
Volume Zones:
We need to allocate an important level of resistance/local maximum 0.7755. The price is currently testing this mark.
Sentiment:
This indicator shows that 89% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c42/2102/0a/351ae2fdba5f.png
Consider Long Positions:
Given all these factors, we may ponder a scenario of the resistance level breakout, which will entitle us to open long positions. The rise must be abrupt and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
Around 60 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 a sharp growth and tested the resistance level. The pair could not break it out, but is still trading near it. It means that sellers don't have enough power to propel the price down. Besides it, we need to point out the presence of the local uptrend.
Volume Zones:
We need to allocate an important level of resistance/local maximum 0.7755. The price is currently testing this mark.
Sentiment:
This indicator shows that 89% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c42/2102/0a/351ae2fdba5f.png
Consider Long Positions:
Given all these factors, we may ponder a scenario of the resistance level breakout, which will entitle us to open long positions. The rise must be abrupt and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
Around 60 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
