Very interesting chart, I'll have to take a proper look.Look at this chart, the retail tradesr are buying at the bottoms and shorting at the tops. This is realtime data. Sentimentrader guy is using weeks old data that is a snapshot from a moment in time or is a survey. It's pretty useless.
85% of retail traders short S&P
- Thread starter billyjoerob
- Start date
Look at this chart, the retail tradesr are buying at the bottoms and shorting at the tops. This is realtime data. Sentimentrader guy is using weeks old data that is a snapshot from a moment in time or is a survey. It's pretty useless.
Let's assume institutions, which make up 85-95% of the daily volume on the ES, have charts and metrics (coded data) which display retail intraday ES daytraders' positions at the 1-minute level or less. Would it not be logical to assume that price would move in a "max pain" direction to shake these traders out of their positions? Therefore price action is a dynamic study constantly in flux and dependent upon changing variables, it is most absurd and reckless to try to reify this into a concrete theory.
You speakee english?
You want your right to your opinion respected yet you want to ban Brooks' books. Do you see a flaw in your logic?
My biggest objection to Brooks' first book was that it should have been written in English or at least a language others speak beside him. He needed a real editor and did not have one. I was surprised Wiley actually published it. He also described trades where the R:R was upside down and given the suggested trades few could achieve the 80% success rate needed to make them work.
That said I think the book, to me, would have been real value at 100 or maybe even 1000 times its price. I'm sure to others it has had little value. If you are at exactly the right stage in your trading to be exposed to something you can adjust or build on then the information can be key to piecing together whatever aspect of the puzzle you are working on. I found Volman interesting as well but not quite as valuable to me. I wish I would have read him first.
For the record I'm not in favor of banning books. It is an astonishingly bad idea.
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all this really means is this market topped and something beside retailers has to carry it higher or there has to be a significant sentiment change
what has changed that we haven't known already? nothing
what has changed that we haven't known already? nothing
now up to 6.25 shorts to longs
This does fit the profile of a major top...I also had that time window for the turn...just a very consistent cycle in recent times...In a market as "binary" as this one, the "flows" can just reverse course and make it that much more difficult to get on the side of the trend (if it does emerge) from today's reversal...
Anybody watching the market right now? Feels like Jan-Feb again...just like that.
I'm pretty bearish. Oil is in freefall, if oil goes lower it will take rest of market with it. Everyone says "we've put in a bottom in oil" but I'm afraid they're going to have something put in their bottom. HA!
Look at October. Same strong uptrend. Worst case pullback should match 11/16/15, and it hasn't even broken the uptrend as of yet. Yes we're in a pb but it's unlikely to do more than trap some bears before new highs.