It depends if the Sentiment strength is correctly displaying the actual market depth (IG) or just a token value…
You could use the Sentiment strength values as an Indicator… say, when over 70% display Short you SELL or 70% display Long, you place a BUY… or for those of us on the “Dark Side”, trade the very opposite of this strategy…
Well I guess you know which side I’m on - lol - That’s the only real problem I have with the GBPUSD trade - but again I suppose it depends “where their stops are” !
That’s what cator meant in his comments further up on post #20.
There have been one or two discussions (one quite recent) & live examples of that very option in play several times over on the thread he participates in with colleagues & likeminded posters.
It’s a cool tick-box add on to have at your disposal & works very successfully in the directional momentum model they advocate on there. I actually smiled when I tracked back & checked out those 3 dates on the GBPUSD from 4th quarter.
Not only could I quickly see why, as they have repeatedly explained, the short sentiment build at the retail shops was taking place, but the kicker was the fact that around those dates no further lower lows were playing out on those dips & consequently no follow through of previous weekly lows – a very important consideration when assessing the timing of stepping back into a dominant directional move via their favoured pullback/continuation set up.
Hi Corin, yes I now see what you are saying…Thanks… I would not have seen this if you didn’t point it out.
My “Indicator” comment was sort of in jest…but now I’m going to read that thread…Cheers.
gave up on GU short and closed it with -14.4 pips.
I always have a Currency Strength Meter running, you could see that the EUR was starting to weaken. The EURUSD has reversed down 75+ pips in the last 36 hours… The CSM gives some directional guidance.
You should go over and take a look at Trading the Trend with Strong Weak Analysis thread…
Yes I do look at @Dennis3450 thread regularly - it is very instructive. I haven’t seen a CSM available though.
Interesting that @ruilima22 should close out his GBPUSD bet for a loss, when his EURUSD has broken support and looks like a good trade.
I know the Brexit situation has weakened the £ in relation to the $ and the EUR, but i would expect if the EUR is showing weakness (or the $ strength), that the £ would follow it down.
It seems the £ is up around 3/4 cent against the Euro today alone.
Perhaps all this doom and gloom the “remainers” are blathering about is finally beginning to be seen as just that ?
Links below are both to FREE versions of a CSM for each platform… your welcome.
MT4 - Download the 'Advanced Currency Meter' Technical Indicator for MetaTrader 4 in MetaTrader Market
Ctrader - cTKit - cTrader Kit
The CSM displays a slither of Fundamental analysis… without the mental bit…
The GBP strengthened big time in the last 24 hours (12) so up the GBPUSD went…
Not being in Europe, we don’t hear about brexit a great deal… we have our own problems in the colonies…
pair is NZDUSD tf H4
entry is the M formation with the stochs divergence. the location is based on fibonacci expansion in D1 and fibonacci retrations in W1
SL 38 pips
TP 87 pips.
waiting for retrace on EU to try a short
GU may go up or down but i just don´t have confidence in the short anymore… in the future maybe
so far 3 trades = 3 losses
Hi Ruilima, the GBPUSD is ranging so there is no strong direction (slight SELL if any), so look at other majors such as the USDCAD or USDJPY (Both possible BUYS) as the USD has come back from last weeks weakness and now has some strength…
Don’t just take my advisement…always look at other pairs…
well my GBRUSD’s been running 6 days now and was coming into profit this morning (GMT) when there was a spike putting me back to slight loss again. I happened to be watching, so I took a short term “short” straight away expecting it to retrace in an hour or so. It fought all the way back down and I just closed at 1.3510 ask for 27 pips (I had my TP set at 1.3504 ask but spent hours watching 1,3505- 6- 7 -6 -5 -8 and eventually I just took the profit I couod pick up ! . Meanwhile the other 2 positions are in slight profit again.
One of the main problems I have is that I ALWAYS get “In to soon” and “out too soon”, but that bet was just an opportunist trade, so I’m content with the pips.
I’m fighting th einclination to close out the two positions, because I’m still happy with the potential - and like I said - "I always get “out too soon” - we’ll see.
I’m also very interested in the way GBPUSD is performing differently from EURUSD and I know if I came out of it - I’d stop watching that.
But so far 1 trade completed this year @ + 27 pips.
my nzdusd ended at SL with -38 pips.
4 losses so far this year in for trades.
waiting for a setup on GU long now… just observing for now
Well it does sit at 1.350* - numbers dn’t get much rounder than that ! and there’s that double top it might need to make yet !
Tempted to take an up here myself ! lol
Closed one of my GBPUSD positions for +79 pips @ 1.3472 - I may re-enter on retest of 1.3500 - we’ll see !
oK back in again, but switched to short on EURUSD at 1.2014 - SL 1.2135 - TP unknown (1.1822 on the “Autoclose” ) - may adjust either SL or TP depending on action.
[Edit - I may be overtrading here - tempted to close both - I’m going to sit on my hands for a while.]
[Edit 2 - another EURUSD short added at 1.2033 Same SL - ]
don´t overtrade falstaff. very bad habit
short in usdcad
chart is usdcad h4
M formation in a fibonacci retracement level from D1 down push. tp on a fibonacci expansion
SL is 76 pips (it may be too small in this case) and TP is 270 pips
long in GU
chart is gbpusd D1
it just seems like a really good bet on the long,
like Eurusd, but i don´t want to risk on both.
SL 83pips TP 252 pips on gu long
[Edit - another position added EURUSD at 12055Asian session) same SL - total risk now just over 1% A/c Total value. But atm - only interested in making Pips.]
Well, ,Clearly I was wrong !
It happens occasionally - 
So at the cost of 400 pips, I confirm the wisdom of one of my existing rules -
If you’re going to have a drink - switch the damn computer off !
[Edit - I assume that last trade of yours came good @ruilima22 - Well done mate ! ]
