Hi all,
Would like to ask you what kind of sentiment indicators you may use in order to gauge the overall bias of the market.
I am following the COT, i keep an eye on Oanda's open position ratios and I find useful also FXCM's SSI indicator.
Do you know other than the ones mentioned?
I find COT providing very useful information (also read an FF post called I thin "COT charts, great info") but the overall bias it gives is for long term - months maybe and I am interested into somewhat shorter timeframe - i.e. days, maybe weeks (although I think I only kept a position or two over one week).
FXCM's SSI also is interesting and based on the assumption that over a long period of time, most retail traders lose, then if the retail has moved to an extreme (or even takes one side with either more than 50% or lower than 50% threashold of all open position), then my bias is opposite.
For Oanda, I cannot make my mind. It seems the retail sometimes gets things right and therefore the info is somewhat confusing (maybe Oanda has a greater, more informed, more knowledgeble customer base, I don't know).
Oanda also provides the latest two weeks of data so if you don't save the charts daily, you will have a "blank" memory three weeks from now.
I am interested in your opinions about this "contrarian" retail approach so please respond if you are also interested.
All the best,
Bogdan.
Would like to ask you what kind of sentiment indicators you may use in order to gauge the overall bias of the market.
I am following the COT, i keep an eye on Oanda's open position ratios and I find useful also FXCM's SSI indicator.
Do you know other than the ones mentioned?
I find COT providing very useful information (also read an FF post called I thin "COT charts, great info") but the overall bias it gives is for long term - months maybe and I am interested into somewhat shorter timeframe - i.e. days, maybe weeks (although I think I only kept a position or two over one week).
FXCM's SSI also is interesting and based on the assumption that over a long period of time, most retail traders lose, then if the retail has moved to an extreme (or even takes one side with either more than 50% or lower than 50% threashold of all open position), then my bias is opposite.
For Oanda, I cannot make my mind. It seems the retail sometimes gets things right and therefore the info is somewhat confusing (maybe Oanda has a greater, more informed, more knowledgeble customer base, I don't know).
Oanda also provides the latest two weeks of data so if you don't save the charts daily, you will have a "blank" memory three weeks from now.
I am interested in your opinions about this "contrarian" retail approach so please respond if you are also interested.
All the best,
Bogdan.
