Strong Bearish Signal:
The price demonstrated a huge drop supported by large institutional volume, which means that the smart money pushed the pair down. Moreover, we need to point out the presence of the strong local downtrend.
Volume Zones:
We need to point out the new level of support 0.6705. The price is testing this mark at the moment.
Sentiment:
This indicator shows that 96% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a32/2001/62/ef26f506aee0.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We may enter the market after a keen breakdown of the support level. The drop must be supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 80 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 demonstrated a huge drop supported by large institutional volume, which means that the smart money pushed the pair down. Moreover, we need to point out the presence of the strong local downtrend.
Volume Zones:
We need to point out the new level of support 0.6705. The price is testing this mark at the moment.
Sentiment:
This indicator shows that 96% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a32/2001/62/ef26f506aee0.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We may enter the market after a keen breakdown of the support level. The drop must be supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 80 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
