GBPUSD SHORT on Order Flow - Follow the smart money! Strong Bearish Signal:
The price resumed falling and now is testing the support level. Yes, the price has already done that and did not break it down, on the other hand, it did not show any sharp or significant correction or bounce up. It shows a weakness of buyers as they can't propel the price up. Moreover, there is a strong downtrend, which is also a good bearish signal.
Volume Zones:
It is crucial to highlight the level of support 1.3220 - 1.3245,which contains the large volume and has been already tested. Nevertheless, the price is still trading near it.
Sentiment:
This indicator shows that 72% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
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Consider Short Positions:
Given all these factors, we may regard a breakdown of the support level, which will open the road for the further fall. The move must be keen and 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 150 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
