Strong Bullish Signal:
THe price resumed rising after the support level test. Hence, we may state that the uptrend is going on, which is a great bullish signal. Now the price is trading above this new volume zone.
Volume Zones:
It is necessary to point out the new support level 1.2228 - 1.2236, which contains the large volume and has been already tested by the price.
Sentiment:
This indicator shows that 78% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b06/2012/f7/b90895ca1651.png
Consider Long Positions:
Given all these factors, we should prefer a scenario of opening long positions. We may enter the market after a resumption of an abrupt surge supported by the large volume and the breakout of the local maximum. It will be a more precise signal of the further continuation of the local uptrend. A stop loss may be placed below the new support level.
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 resumed rising after the support level test. Hence, we may state that the uptrend is going on, which is a great bullish signal. Now the price is trading above this new volume zone.
Volume Zones:
It is necessary to point out the new support level 1.2228 - 1.2236, which contains the large volume and has been already tested by the price.
Sentiment:
This indicator shows that 78% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b06/2012/f7/b90895ca1651.png
Consider Long Positions:
Given all these factors, we should prefer a scenario of opening long positions. We may enter the market after a resumption of an abrupt surge supported by the large volume and the breakout of the local maximum. It will be a more precise signal of the further continuation of the local uptrend. A stop loss may be placed below the new support level.
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 -
