Signals: trading against sentiment

In this thread i am going to publically test my new strategy, which is based on traders' sentiment index + a little bit technics. First I'll try to identify in which direction is open traders' net position and then try to find a proper entry point according to technical analysis. Strategy is based on assumption, that most traders do not use stop losses, but close their profits early. Soon we will see is it a vial strategy or not.

GBP/USD: according to myfxbook community outlook, 87% are buying. After a possible short term correction, which I'am going to use to enter the market. In this case we will have shortr stop loss.

USD/JPY: According to myfxbook, currently 75% of the positions are on short. Looking for a possible correction to enter the market with a buy limit order with stop 102.357 and take profit 103.82 .

USD/JPY Update no.1:
The price worked exactly like it was said in the last analysis. Waiting for the take profit at 103.815, the unpacient ones can take the current points.

WTI:
I am expecting a correction in price. Patient traders should go for "buy limit 2", the others who are less agressive should definently aim for "buy limit".
Happy trading, updates coming soon.

EUR/USD: current trading recommendation

Short positions should be opened at the current price targeting 1.0985, 1.0950 with stop loss at 1.1040. Also you should keep in mind, that there's a chance for the price to bounce off from 1.0985.

USD/JPY: current trading recommendation

The uprising will most likely continue. Long positions can be opened from 104.16 aiming at 105.30, 106.11 and with stop loss at 103.78. Estimated implementation time -- 2-4 days.
Short positions can be opened from 102.84, aiming at 102.30, 101.44 and with stop loss at 103.16. Estimated implementation time -- 2-4 days.

Sorry, my bad, forgot to add the graph... /facepalm

USD/JPY Update:
The forecast worked out exactly like i thought it would, as you can see on the graph.
New updates coming soon

According to Myfxbook community outlook, 67% positions are currently on long. Looking for a possible correction to enter the market with stop loss at 1.19300.
Happy trading guys

Gold 4h chart shows possible correction model. We can try to enter during that correction at level 1256.80, stop loss is at 1246.90$, while take profit is at 1272.70. If it works out, there is a high possibility that gold will climb even higher, 1276$ at least, but I'm going to stay conservative.

eur/usd 1h:
Chart shows an interesting pattern which may lead to much higher levels even from current level. I have bought eur/usd at a current price 1.0895, one more buy limit is at 1.0881, stop loss is pretty short here - 1.0845, but take profit is at 1.0978. This trade has perfect risk/reward ratio, so good luck to us!

Do you remember my last gbp/usd update? I was expecting a slight movement to the south with a new local low to collect stop losses and sell stops - that's exactly what we saw today. Because of that gbp/usd may now go up to inflict even bigger losses to market participants. I didn't manage to buy during that spike, to be honest, I was expecting gbp/usd to go a little bit lower. But I will buy it now at a current price 1.2180, stop and take profit are shown on the picture. i recommend to use smaller volume, as stop loss is relatively big in this particular trade.
Will keep you updated!

Congratulations everybody! our last trade went pretty well, according to my plan I had two long positions - as shown on the picture. I was lucky that buy limit order also went into work. After that even without any drawndowns price went exactly towards target level. +~100 pips on each trade.

GBP/USD
Possible correction from those two price levels, with short stop loss in case I'am wrong. Take profit level is marginal here, high possibility of updating local high at 0.9025.

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Happy trading!

My last eur/gbp trade went well. According to previous picture, we had two buy limit levels with a stop loss at 0.8911. Our first buy limit was filled and today we got take profit. Congratulations with this short yet profitable trade.