USDCAD SHORT on Order Flow - Follow the smart money!
Strong Bearish Signal:
The price tested the resistance level and resumed falling. The move was sharp, although on the average volume. However, given the strong downtrend, we should consider it as a good bearish signal.
Volume Zones:
It is necessary to point out an important level of resistance 1.2400, which contains the large volume.
Sentiment:
This indicator shows that 92% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c38/2110/43/d301d8064cee.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We can enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss may be placed above the new resistance.
Profit Potential:
More than 100 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 tested the resistance level and resumed falling. The move was sharp, although on the average volume. However, given the strong downtrend, we should consider it as a good bearish signal.
Volume Zones:
It is necessary to point out an important level of resistance 1.2400, which contains the large volume.
Sentiment:
This indicator shows that 92% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c38/2110/43/d301d8064cee.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We can enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss may be placed above the new resistance.
Profit Potential:
More than 100 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
