Trading using community outlook
Aug 18, 2017 at 10:36
3,136 Views
16 Replies
Member Since Aug 17, 2017
2 posts
Aug 18, 2017 at 10:36
If the majority of traders that are represented in Myfxbook's community/outlook are trading in one direction, is that a good indicator that price will move that way? I'm looking to find out what the best way to utilize this data is.
forex_trader_451135
Member Since Aug 11, 2017
7 posts
Aug 20, 2017 at 07:04
Most of the traders in the community outlook are martingale. They open trades in the opposite direction of the trend and wait for price to return. It is best to trade in the opposite direction as the majority are doing. However, the outlook is NOT a timing tool. Wait for a trend to resume movement that is opposite the outlook data. I use the sentiment data available on dailyfx.com.
Member Since Aug 23, 2016
33 posts
Oct 27, 2017 at 09:32
I have designed a trading system using community outlook as a reverse indicator. I have been live trading it for a month after four months on a demo account. If you use this community outlook as an indicator you are certainly on the right path but it is important to remember it requires discipline and tight stops
https://www.myfxbook.com/members/Costarican96/pvm-myoutlook/2161736
https://www.myfxbook.com/members/Costarican96/pvmfx-live/2267351
https://www.myfxbook.com/members/Costarican96/pvm-myoutlook/2161736
https://www.myfxbook.com/members/Costarican96/pvmfx-live/2267351
Member Since Sep 23, 2019
1 posts
Apr 14, 2020 at 04:28
(edited Apr 14, 2020 at 04:37)
It is in fact possible to use it. I personally wait until it is above 93 percent going in a direction. I have alerts set. I then look to my charts and if it is a long sentiment I look for support about 50 to 100 pips or so below the current area. I have found that when more than 93 percent of folks are going in a direction the market rips in the opposite direction before then going in the direction of the consensus. This is done to stop out those folks and make the banks money. You can also wait for the rip, then ride it back in the right direction.
Apr 25, 2020 at 13:23
Just because many people are trading in one direction does not necessarily mean that they are right,. Maybe they are all headed in that direction because they are copying each other. Some are going to read this reply and then head the other direction. So what is what. That is all uo to you.Go in the direction you want to go.
Jun 21, 2020 at 14:26
You know, the point is that there are traders who trade against the trend and there are traders who trade against the trend. And both formats can be called working and efficient.
The other question is that most of the traders from these two groups use different methods of market analysis, choose different timeframes and even differently insure themselves in the market.
The other question is that most of the traders from these two groups use different methods of market analysis, choose different timeframes and even differently insure themselves in the market.
Member Since Feb 26, 2020
5 posts
Jun 23, 2020 at 09:00
it is very difficult for ordinary traders to influence the price in any way
Member Since Dec 20, 2019
20 posts
Jun 28, 2020 at 15:47
Sometimes I literally intuitively want to work in a different way than most traders do. Maybe it's some kind of intuition or something... But sometimes it really helps me to take money from the first step and make an effective trading session.
Member Since Jun 22, 2020
38 posts
Jun 29, 2020 at 08:08
An online trading community will provide you and all the other participants with a well defined structured method for trading, bartering, and selling goods and services worldwide.
These communities often provide you with an effective chatroom and forum sessions that are precisely designed to facilitate and develop an effective communication network among the members.
These communities often provide you with an effective chatroom and forum sessions that are precisely designed to facilitate and develop an effective communication network among the members.
Member Since Jul 23, 2020
696 posts
Oct 10, 2020 at 10:14
Jalath posted:I think it effect the price. So, trader should check trading volume before making a trade.
Just because many people are trading in one direction does not necessarily mean that they are right,. Maybe they are all headed in that direction because they are copying each other. Some are going to read this reply and then head the other direction. So what is what. That is all uo to you.Go in the direction you want to go.
Member Since Jul 09, 2020
30 posts
Oct 23, 2020 at 05:20
An online trading community can facilitate trading with a good outlook. It will also be very helpful and informative as it is a structured method of trading.
Member Since Oct 14, 2020
21 posts
Nov 06, 2020 at 13:07
By keeping a check of the trading volume, I get a better understanding of the market trend.
Member Since Oct 13, 2020
27 posts
Nov 26, 2020 at 07:29
When you interact with traders and discuss your trades, you get an expert viewpoint. You become a better trader by learning what you are doing wrong.
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