USDCAD LONG on Order Flow - Follow the smart money!
Strong Bullish Signal:
The pair showed a sharp growth and broke out the previous resistance level, which shows the weakness of sellers. Moreover, the move was supported by the large volume and positive delta, which means that buyers are dominating the market now.
Volume Zones:
We need to allocate the new support level 1.2554 - 1.2563, which contains the large volume.
Sentiment:
This indicator shows that 63% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d41/2108/ed/27b632066774.png
Consider Long Positions:
Given all these factors, we may regard long positions after a smooth downward correction of the price in order to obtain a better entry point. A stop loss may be placed below the new support level.
Profit Potential:
More than 110 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 and broke out the previous resistance level, which shows the weakness of sellers. Moreover, the move was supported by the large volume and positive delta, which means that buyers are dominating the market now.
Volume Zones:
We need to allocate the new support level 1.2554 - 1.2563, which contains the large volume.
Sentiment:
This indicator shows that 63% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d41/2108/ed/27b632066774.png
Consider Long Positions:
Given all these factors, we may regard long positions after a smooth downward correction of the price in order to obtain a better entry point. A stop loss may be placed below the new support level.
Profit Potential:
More than 110 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
