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Trade Against The Retail Herd 31st Jan
What's new today?
We saw some strong selling in EURUSD on Friday, with continuation expected by most analysts, however this morning (GMT) the EUR has slipped into the long zone.
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Provided by Pivotfarm via the Technical Analysis Blog
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So, can we see some statistics or data that supports the claim that the herd is wrong.
These strong shorts don't seem very profitable.
Depends how you define profitable- I made $500 in 15minutes this morning. Works for me.
Ok, thanks. So you use it as a 15 minute tool. What did you trade?
I'm not trying to crap all over this guys "tool" I just thinks it's funny that pretty much day after day the strong sells go up more often than down.
A little more info to back up the claim that the herd is wrong would help.
I shorted USD to JPY/CHF/CAD. I bought shortly before NY opened and sold after about 5minutes in. I could have done much better, but I'm new at FX and got scared...took my profit and closed.
Open a demo account (I like FXCM) and play with it. I have not taken the 'tool' as an indicator for anything other than likely short term directional moves.
Queensland got hit by a small cyclone yesterday and now -
it is expected a massive cyclone may hit Queensland about Wednesday. This will make a further dent in GDP and exports.
http://www.bom.gov.au/products/IDQ65002.shtml
Nice comedy , when does the real show start .