The price had grown up and broke out the previous . It shows the weakness of sellers. Furthermore, the movement was keen and supported by the large . Besides it, the huge positive delta during the rise shows the significant dis-balance of purchases now.
It is necessary to point out the new 1.2277 - 1.2287, which contains the large .
This indicator shows that 70% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
Consider Long Positions:
Given all these factors, we should consider exactly long positions. We may enter the market after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the with a little margin.
Around 140-150 pips.
To learn more about order flow based trading, sentiment analysis and trading against the retail crowd see the educational article below -