Strong Bearish Signal:
The price restarted falling and absorbed the current downward correction of the price, which means that buyers don't have enought power to push the price further up. Besides it, there is a strong downtrend with USD/CAD.
Volume Zones:
We have to allocate the level of support/local minimum 1.2270. The price is currently trading nigh this mark.
Sentiment:
This indicator shows that 90% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b27/2105/97/744bd7f56d8d.png
Consider Short Positions:
Given all these factors, we may ponder a breakdown of the support level, which will allow us to open short positions. The drop must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 100 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 restarted falling and absorbed the current downward correction of the price, which means that buyers don't have enought power to push the price further up. Besides it, there is a strong downtrend with USD/CAD.
Volume Zones:
We have to allocate the level of support/local minimum 1.2270. The price is currently trading nigh this mark.
Sentiment:
This indicator shows that 90% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b27/2105/97/744bd7f56d8d.png
Consider Short Positions:
Given all these factors, we may ponder a breakdown of the support level, which will allow us to open short positions. The drop must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 100 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
