Strong Bullish Signal:
The price is still trading near the local maximum. Given the strong local uptrend, we still should give preference to long positions.
Volume Zones:
We need to point out an important level of resistance/local maximum 1.3135-1.3165.
Sentiment:
This indicator shows that 66% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c11/2008/53/e0aa957247d2.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 150 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 is still trading near the local maximum. Given the strong local uptrend, we still should give preference to long positions.
Volume Zones:
We need to point out an important level of resistance/local maximum 1.3135-1.3165.
Sentiment:
This indicator shows that 66% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c11/2008/53/e0aa957247d2.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 150 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
