Strong Bullish Signal:
The pair corrected down yesterday, but the movement was smooth and on the small volume, so that we can't consider short positions at the moment. Moreover, the price is still trading near the resistance level now.
Volume Zones:
We need to allocated an important level of resistance 1.1342. It contains the large volume, which enhances its importance.
Sentiment:
This indicator shows that 79% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b21/1906/d9/fab42070f06f.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 rise should be sharp 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:
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 pair corrected down yesterday, but the movement was smooth and on the small volume, so that we can't consider short positions at the moment. Moreover, the price is still trading near the resistance level now.
Volume Zones:
We need to allocated an important level of resistance 1.1342. It contains the large volume, which enhances its importance.
Sentiment:
This indicator shows that 79% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b21/1906/d9/fab42070f06f.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 rise should be sharp 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:
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 -
