Strong Bullish Signal:
The price continued rising yesterday. The movement was keen and supported by the large volume, which means that there is a significant purchases imbalance. Besides it, we need to point out the local uptrend with this currency pair.
Volume Zones:
We have to allocate the new support level 103.63. The price started its sharp growth exactly from this mark.
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://a.radikal.ru/a06/2101/50/78cf58dfcc33.png
Consider Long Positions:
Given all these factors, we may consider long positions after a smooth downward correction, which will give us a more profitable entry point. A stop loss should be placed below the support level.
Profit Potential:
More than 110 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price continued rising yesterday. The movement was keen and supported by the large volume, which means that there is a significant purchases imbalance. Besides it, we need to point out the local uptrend with this currency pair.
Volume Zones:
We have to allocate the new support level 103.63. The price started its sharp growth exactly from this mark.
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://a.radikal.ru/a06/2101/50/78cf58dfcc33.png
Consider Long Positions:
Given all these factors, we may consider long positions after a smooth downward correction, which will give us a more profitable entry point. A stop loss should be placed below the support level.
Profit Potential:
More than 110 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
