While not an extreme SSI reading yet (which would be above 3.00)...the "longs" are piling into USD/JPY as it consolidates into either an ascending or symmetrical triangle.
See which way it breaks out.
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That triangle is on every pair I look. Enough already!
Alec, if you have something constructive to say...then by all means, say it.
This comment adds nothing.
Bring something to the table when you post.
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If you see many triangles...see what pairs they have in common: yen pairs, dollar pairs, etc.
For instance, I see this on USD/JPY right now. Many of the other yen pairs have a sideways range but not technically a triangle on the ones I'm seeing.
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Yes, they're still ranging. USDJPY Is the one still in the triangle. Others have broke them (triangles) but it seems too early to say they're breaking out.
Or maybe it was me, seeing too many triangles. Anyway, USDCAD is the one which 'broke formation' more clearly, getting close to the 1.0779 high. If the price breaks there we should probably expect further rise, right?
These are slow hours, waiting for Asia to kick in.
USD/CHF is at +2.78...so the traders are actually with the trend for once. That's rare.
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What is the reason behind such a huge interest in USD/CHF long positions compared to other pairs ? It is the only extreme SSI right now, there has to be a reason or news that sparked the surge. Thank you.
What is the reason behind such a huge interest in USD/CHF long positions compared to other pairs ? It is the only extreme SSI right now, there has to be a reason or news that sparked the surge. Thank you.
Not necessarily...the crowd just happens to gravitate towards certain pairs at certain times. Most of the time, it's because of something that's getting close to a former significant low or high and they are trying to pick a top or a bottom.
This one is definitely different because its not in a "bottom or top".
It's just come back up above its 200 day SMA. I like that about it.
But I hate being on the side of the SSI, knowing how often they are wrong...even though there are occasions where they get it right.
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Interesting...for once in a long time...the "retail crowd" isn't bucking the trend...they're embracing it.
They're long USD/CHF with an SSI +3.22 reading.
It does make me wonder though if it means we're in for a correction soon. I hope not.
I'm long but have covered my risk by moving my stop up into the profit zone. So either way, I'm fine. But I'd like to see my limit hit. We'll see.
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Guys...I'll be out of the office Monday - Wednesday. Going to do a TV shoot in West Palm Beach.
Others will be chiming in throughout those days. I'll be back on the forum boards on Thursday.
Will miss you guys...my trading buddies!
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No extreme readings today. USD/CAD's numbers have backed off, but only after traders being caught on the wrong side of the trade first (as SSI suggests).
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I was wondering what does the SSI open interest stand for (red and green line) in the dailyfx.com where the charts are updated once every thursday ?
I can't read it out since the open interest in dailyfxplus is represented in percentages and they are way bigger in numbers than in the chart. For example, if you look at the eurusd chart you see the open interest indicator scale to be between 0-7. What does that scale represent ?
I was wondering what does the SSI open interest stand for (red and green line) in the dailyfx.com where the charts are updated once every thursday ?
I can't read it out since the open interest in dailyfxplus is represented in percentages and they are way bigger in numbers than in the chart. For example, if you look at the eurusd chart you see the open interest indicator scale to be between 0-7. What does that scale represent ?
thanks a lot.
Thanks, I appreciate that.
One of the dailyfx analysts could better answer your question above though. I'm not 100% sure.
Honestly, I've effectively traded SSI for years now just trading off of readings that were above +3.00 or below -3.00 in a strong trending market. When I look for technical entries with the trend on the chart and against the SSI retail public number....I win most of the time. It's been great for me. But I literally keep it that simple. I don't look at any other piece of it. I just want to know if the retail public is trying to pick a bottom or a top in a strong trend. If they are, I'll stick with the trend on the chart. They will likely get stopped out, margin called out or scared out and it acts as "fuel to the fire" for my trade.
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