However, due to limitation, we are, at the moment, only able to provide coverage on 7 major Forex pairs namely… EUR/USD, GBP/USD, USD/JPY, GBP/JPY, USD/CAD, EUR/AUD, and USD/CHF. More Forex Pairs will be covered in the coming future.
How to use the Forex Community Outlook to Your Advantage
Depending on what type of trader you are, you can either use the Forex Community Outlook as a guide to gauge trend strength or to gauge if the trend is coming to an end. Form this chart alone, you will have a good understand of how many trader are long bias or short bias and how far are they willing to speculate by having a look an their average price away from current price.
If anything at all, we want to look for extremes and when we do find that extreme point, we know it’s time to go the opposite direction. But that’s just us as we do not like to follow the herd. Following the herd is a pointless strategy since we know for a fact that 96% of traders actually lose money. So if you follow the herd long enough, you know that it’s not going to be a winning strategy.
Use this Forex Community Outlook as a Trading Guide
If you have been trading long enough, you will know that nothing should be taken for granted and there is surely no sure thing as a sure fire strategy. There is only a strategy will higher probability and that’s probably the only thing we can try to have on our side to increase our chances of successful trades. This is a guide for you to ideas for your trading day and it’s a good outlook to have but never wise to use this alone to determine your entry or exit points.
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