Happy Sunday!
Please take a look at the attached image.
I also suggest you read
this post. Read it one more time, if already have.
Let us revisit this idea <b>AGAIN</b>.
On <b>04.Feb.2010</b>, I checked for this statistic near the close of the day. The selling pressure was very high and the values were getting bullish(26%). So I jumped in. This number has been steadily rising which tells us the market is gaining bullish strength.
I was <b>NOT</b> 100% right, the market actually bottomed out a couple days later...this is trend that has been reoccurring, I need to investigate this some more, where the market actually bottoms out after selling exhaustion.
Never the less, it is always easier to look back, but on that very day at 3:55 PM I had to make a call in 5 min, I did and it turned out in my favor.
This was not a <b>FLUKE</b>, it was a calculated risk, where we got the probability in or favor.