Strong Bullish Signal:
The pair showed a sharp growth supported by the increased volume, which means that the smart money pushed the price up. Moreover, we need to mention the presence of the local uptrend.
Volume Zones:
We need to allocate an important level of resistance/local maximum 0.7800.
Sentiment:
This indicator shows that 81% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d15/2102/dc/5a595ed34207.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 growth must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 70 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 showed a sharp growth supported by the increased volume, which means that the smart money pushed the price up. Moreover, we need to mention the presence of the local uptrend.
Volume Zones:
We need to allocate an important level of resistance/local maximum 0.7800.
Sentiment:
This indicator shows that 81% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d15/2102/dc/5a595ed34207.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 growth must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 70 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
