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Wisdom of The Crowd or Market Sentiment (Educational) for OANDA:EURUSD by khres

Hi all,

I am just new user. And, I found many good ideas in Tradingview to learn. Recently, I read article about market sentiment and trade against the crowd. Therefore, I try to educate myself and make an observation. This observation is for my personal note because the data is actually too little.

My objective to share: If anyone read this, hopefully kind enough to point me to another post in tradingview related to market sentiment.

A. Selected Pairs

The pair is picked with assumption to avoid double risk due to economic correlation between countries. The selected pairs are: EURUSD , GBPJPY , NZDCAD , AUDCHF .

B. Observation Methods

a. Compare opening prices and closing prices for one week duration (OANDA with no particular reason).

b. Record how ideas choosing “Buy/Long” and “Sell/Short”.

c. This observation will ignore Take Profit, Stop Loss.

Week Pairs Candle Open Close

10 – 14 May 2021 EURUSD Bearish 1.21632 1.21457

10 – 14 May 2021 GBPJPY Bullish 151.847 154.139

10 – 14 May 2021 NZDCAD Bearish 0.88307 0.87787

10 – 14 May 2021 AUDCHF Bearish 0.70637 0.70096

d. Number of Shared Ideas and Bias from 8 – 9 May 2021. I ignore shared ideas between 10 – 14 May 2021 because traders already had advantages from price moving.

Week Pairs Long Short

8 – 9 May 2021 EURUSD 70 (61%) 45 (39%)

8 – 9 May 2021 GBPJPY 20 (61%) 13 (39%)

8 – 9 May 2021 NZDCAD 8 (67%) 4 (33%)

8 – 9 May 2021 AUDCHF 5 (50%) 5 (50%)

e. If at that week, I took the trade right at Market Opening for those pairs (no stop loss), the result was expected as follow:

Pairs Follow The Crowd (Pips) Against Market Sentiment (Pips) Note
EURUSD -19 19
GBPJPY 225 -225
NZDCAD -53,9 53,9
AUDCHF Neutral

Total 152,1 -152,1

f. If we want to follow the crowd, follow the smarter of the crowd who has the wisdom. My (temporary) conclusion, I can follow the good people of Tradingview because most of them are experienced trader.

Cheers,

Khres

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